Once again watch for a close below the 1022 on the S&P today. So far the market did a great job at selling off the strength right from the start. The problem is the bulls just don’t want to go away. I still think there is going to be a push for the market to finish in the green on the day, so don’t be surprised if we see another intra-day reversal similar to that of yesterday.
Now if we do close below 1022, expect a few more short plays to come out on Monday morning. I’m just bidding my time and trying to be patient (the hardest of things to do). BBT and LSI continues to show strength by going against the market today, but if this market goes down hard, I don’t expect these two withstand the selling pressure. UNH continues to weaken and I am now profitable in this trade.
Hang in there all you shorts out there.
