Thursday, June 25, 2009

Out of my shorts where I got in....

I sold FAZ and SRS for the price I paid for them... EEV for a bit less.

I also covered all my put shorts, most stocks were in the same place but I had over a week of time value that I lost which cost me a bit... I also added retail as a short a few days ago and that is the only one that really cost me to cover.... Lucky I covered PALM today as it is up 14% in the post market on their "Earnings".

We probably will pullback on Friday with all the bad news after hours but I didnt like the fact that we were pushing back toward my short 920 entry again going into the quarter end.

We could be making a head and shoulders top on the S&P but frankly I am tired of this market. The dollar looks to be breaking down yet again and the Fed extended most of the lending programs into 2010, both positives for this market.

I didn't want to be short if we were going to retest the highs at 956 or go even higher as I am tired of losing money shorting and wanted to get out before it got brutal again.

I said the last time I covered at 920 that I was taking a break but I am serious this time. I am not buying anything long as there is NOTHING I like here long but I am not shorting anything. It's hard to believe we have been in a narrow 30 point range on the S&P for almost 3 months now....

I realize they are probably just marking the market up for quarter end window dressing, like I said I am just weary of the whole thing at this point.

Futures are already off 30 dow points right now... here is to a down 300 point day on Friday for Dawgs. :)

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