Market Update

What's up everyone..futures are slightly weak but then again, they always seem weak at the open then gap higher, so who am I kidding....

As for my positions, I am net short in serious size; however, could change my mind any given moment. In my view, the market seems to have a strong bullish sentiment and the market may shoot up another 200 pts but I just don't feel comfortable buying with all of these negative variables. The best option is too have a few longs and tons of cash but of course I decided to be an idiot and load up on these shorts.

As for longs, I am regreting selling my CIEN as well as my HIG. I read an analyst piece on CIEN yesterday and he is calling for a $14.50 price target, based on the fact that ground wire projects have bottomed and his belief is that the firm can earn over $1.20 EPS in 2011. If it dips back to $10 or below, I will buy it. As for HIG, I will let it slide and look to accumulate LNC on dips.

As for the market, I am betting on the the oscillators (graphs shown yesterday) and as this has been the most overbought period this year. I don't believe in a drastic downturn but rather a nice 3-6% correction across the indices to help level out the oscillators.