I had some charting issues today, but I will be posting some charts now that my system is back up and running.
As for the action today, it is a prime example of a short covering driven rally in an ongoing bear market. I cautioned readers at the viciousness with which bear market rallies can exhibit. Besides, whom else do you think can buy with that type of reckless abandon?
Unfortunately, and as Carter Worth, the chief technician at Oppenheimer said succinctly yesterday, rallies like this is why we will continue to go down. Specifically, because the masses continue to hang on to their stocks, with the hope that each rally is 'the bottom' and the bull market born again.
I was stopped out of my short IBM position at $126.16 for a 3.5 pt loss on 1 unit.
I am also adjusting my stops on some positions as follows;
QID new stop at $42.86
SRS new stop at $96.84
SDS new stop at $66.89
HL new stop at $7.74
KGC new stop at $21.24
DAI new stop at $62.56
DRI new stop at $33.16
LEH new stop at $17.64
V news stop at $76.32
Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 3 units Ultrashort Dow DXD@ $50.12 stops $62.22/60.49/58.62
Long 1 unit Ultrashort Financials SKF @ $103.90 stop $161.72
Long 3 units Currencyshares Swiss Franc ticker FXF @ $97.35 stop at $93.82
Long 1 units Ultrashort ReEstate ticker SRS @ $88.95 stop $96.84
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop $66.89
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $7.74
Long 2 units Kinross Gold ticker KGC @ $18.93 stop at $21.24
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stop at $65.69
Short 1 unit Daimler AG ticker DAI @ $86.20 stop at $62.56
Short 2 units Brinker Int'al ticker EAT @ $20.07 stop at $19.64
Short 2 units Darden ticker DRI @ $36.35 stop at $33.16
Short 1 unit Lehman ticker LEH @ $43.70 stop at $17.64
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $93.37/88.34
Short 1 unit of Visa ticker V @ $86.25 stop at $76.32
Short 1 unit HSBC ticker HBC @ $83.23 stop at $80.53
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $29.43