Futures have dipped below the Monday lows of 1066 on the S&P already, and with options expiration day, who knows what we might see today. I am kicking myself a bit for the big hedge position I held overnight – it’ll definitely cost me some gains, no doubt about it.
I’ve refrained from giving a long position out this morning, mainly because I went through my charts and couldn’t find one I really liked. One stock though that has been impressive to me is McDonalds (MCD) which has been making new highs this week despite the bearish sentiments hitting the market. It is probably one of your better defensive plays right now.
SHORT: Linn Energy (LINE)