Market was tired today, tried and failed to break out. The economy news were what bulls hoped. After the market closed, IBM and INTC met expectation, YHOO missed. Tomorrow let's see what's the market reaction. After hour, INTC was up and YHOO down.
- I sold rest of URZ and EMU today. Now I'm back on the short positions plus lot of cash.
- At the end of the day, URZ was down 7% to 7, EMU down 5% to 12.8. I should sell them all yesterday. Sometimes, when you're exiting, why use limit order? I expect further consolidation on uranium stocks. FRG down 4% today to 13.9.
- I'll add URZ,FRG or EMU when there are further correction on them.
- I should sell CNB and CFC put options last week, when I have good profit. Now CFC's puts are in red, CNB's put, I still got a decent profit, should sell it. Don't be too greedy on these two, last Friday or Thursday, both of them were in oversold conditions, why still wait for further down?
- RIMM was up 2 points early, could not hold, closed down to 131. Again showed bulls are exiting this stock and there is no much support left. If there are any bad news in the market or tech sector, I expect it to go to 200MA, which is 112.
- From now on, I should enter a trade carefully, and take profit quickly. I let lot of option profits go and turn winners into losers, like RIMM puts, QQQQ puts and now CFC puts. Remember this. In options, time is against you, unless there is a continued move on the stocks. But we all know what happens after Feb.27th, there is no follow through.
- Overall, think market is again at a critical point, if it can't break out with huge volume soon, it may have a sharp drop just like Feb.27th soon.
- PM stocks are overbought as well.
- As a matter of fact, most sectors are overbought now. Good news for bulls, they're all on the same page, bad news for bulls, if you can't overcome the new highs, a sharp drop due to profit taking is just ahead of us.
- I'm on the bear side and position accordingly.
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