Wednesday, January 2, 2013

Time for digestion

Wow, nice follow thru day today to begin the year. We have now have 60pts gain on SPY in 2 trading days. We gapped higher today and stayed flat from pretty much the entire day before SHORTS ran for their money and started to cover end of the day. Market looks set for  a rally mode. Would be good to get some minor pullback (re-test of 143-144 area) or sideways consolidation before the next  move higher. Hope you guys got a chance to profit from this rally. My swings in AAPL, GLD, SLV, GS, NEM,  KKD, CALL, YELP, NTES, QLGC, OXY, STLD, GMCR, SPLK all did fairly well. Although i would've been better off selling them at morning pop since most of them faded into the day. Still, closed some positions and pocketed nice gains. I only started one new position today in UPL, mainly because I hate adding positions when the market gaps up this big. Also initiated HLF short at 33.90 (already nicely in money) mainly as a hedge against my long positions and I think it has a decent chance of bear flag playing out. Few days of digestion and we would be set for a nice rally into earnings season.

Monster rally in Financials and Basic Material stocks today. Checkout GS, C, X, NUE.

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