I got crushed again today. The TLT and FAZ was the only green on my board but I am hoping for a bounce and a big earnings pop from FDO. It's a tough one but I hope it works. Frankly, this selloff was nasty but I wasn't too impressed. The volume was very light, the VIX was down, and when looking at the tape, it was not much short selling going on, just flat out profit taking. I raised some cash but held everything. I bought back FAZ, right after I sold it (50 at $17.20) just to keep a hedge. My other hedge is the TLT.
Look, I apologize because I straight botched today but I have to be honest I am bullish. Some technicals looks like we could hit 800 but I might buy the dip. Frankly, I plan on holding and selling some of my longs into strength, then buy others. My technicals indicators showed Thursday that we were overbought (getting toppy) but I think we have a chance of going higher. Bed Bath and Beyond and Ruby Tuesday's crushed earnings after the bell, who cares about Alcoa? Those two beating earnings look good to me, it shows signs the consumer has health. Alcoa is under pricing pressure because demand is slow, therefore, it's a risky bet; however, everyone knows the stock was going to report bad #'s.
I'll be back later...hang in there (I am trying myself)...if were net short today, congrats.
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