One very bullish day isn’t going to waver my belief and alter what I know the chart are showing, and that is more downside in this market. With that being the case, I used today as an opportunity to reload on some additional short positions. I was able, despite getting stopped out of DDS, to re-up my short commitment to 61% and expect that I will end up doing the same again tomorrow. My apologies for not posting more today, but as you know, today was a bit hectic from a market standpoint, and I spent most of the day looking at charts, and unsuccessfully trying to scalp the market.
One thing also worth mentioning is that the S&P tested both the 20 & 50 day Moving Averages on multiple occasions and was unable to push through those averages. So despite the major gains the market has seen today, there hasn’t been any real damage done to the charts.
Tomorrow’s jobless claims and Friday’s employment number could wipe out the gains the bulls have seen today should the numbers come in worse than expected.
I remain unhedged overnight.
SHORT: Cerner Corp. (CERN) – Entry: 75.58
SHORT: Petrohawk Energy (HK) – Entry: 15.48