Market Update

A little selloff today, not surprised at all. I still have short positions in IFN, AZMN, GMCR, AND BIDU. I haven't sold anything today and added a little STEM (breakout play) and GME. GME guidance was brutal but after looking at the books, it's way too low. In addition, my "sources" are telling me that Sony is talking about Play station price cuts across the board. If that is true, GME will benefit. I also like their international exposure. The risk is AMZN because they are selling games online, which will bring strong competition.

Oil seems like it will not break $60. The dollar just had a huge reversal (within the past 30 minutes), sending gold over $950 an oz and firming oil prices. The natural gas sell off it monsterous! I will wait until UNG gets a 12-13 handle and I will then dabble. I am more than convinced that oil is going to $70 and I believe crude will hit $65 in the next 2 weeks. I am looking at the triple long ERX under $30 as a play on more oil names.

As for buying, I will probably not make anymore buys today because I believe we will have this same action until Tuesday. I will keep my technical plays out because they can breakout anytime, anywhere. I have a 35% cash position and I am ready to deploy but patience rewards. I will buy alot of options soon, so you options players, get the trigger ready.