Heading into the open there is some bearishness persisting – but not much, nonetheless, it is something that doesn’t seem to happen much these days – so I’m thrilled! My short stake is getting a little bit bigger these days with my largest position being in Yahoo (YHOO). As it stands right now, I am about 57% vested. I may look to add another position to the portfolio today if the bearish dynamics persist.
Outside of a Home Sales report that is due out this morning, you also have the Fed beginning their two-day meeting that concludes tomorrow with the FOMC Statement at 2:15pm.
Keep a clear head out there, the market is bound to continue it volatile behavior in the coming days – embrace it – it is where a lot of profits can be made.
In case I didn’t mention it before, my stop-loss in gold (GLD) has been raised to 117.53.
Here are Today’s Trade Setups.
SHORT: Leucadia National (LUK)
SHORT: Stone Energy (SGY)