As i mentioned in my last post, we had rallied too far, too fast. It was time to take profits. I reiterate: WE ARE STILL IN A MASSIVE BEAR MARKET! I sold my last long SNE the same day at 49.50 to lock in a 18% profit. Its sold off $2 since then while the DOW has sold off 300 points since wednesday's post. If you have any profits on the long side better make sure you cash them in fast since this market can turn at the drop of a hat.
My only positions now are all shorts. I'm short MON, FSLR, RTH, RIMM. Oh, i did add DUG to my account yesterday (Its a short oil etf) so i'm short crude oil through that.
Happy Trading...i'm out for 2 weeks.
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