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07-29-10 Stock Traders' Recap and Plan (read: How to Avoid Becoming Sausage)

by Patrick Hoog More from this expert: Articles Blogs Videos
Posted 2010/07/29 16:19:00, 0 Comments

Trust this market? Feel like sausage? You can play the game or stay in CASH like Blake is. I was CASH, mostly, for last 3 days. Played a little but am 73% CASH tonight. I don’t like it, don’t trust it.

Technicals? Weird. We called a dip to SPX 1093 almost on the button, but thought the technical levels were irrelevant with the jobs data on deck. That data was considered benign so technicals apparently took over…just like, snap, that.

Weirder? The IRA was up nicely. Took profit stop in AKAM and rode CF, CLF, CRUS PWER and ENTR to nice builds. pretty good stock picking longer term. But this is a sausage maker shorter term. Are we in an uptrend, downtrend counter rally reversal…yada yada yada. We’re in a sausage maker so I’m in CASH until we’re not.

We hold 1/3 to ½ position in ARBA, CRUS and ARMH; 1/5 position CF, CLF, BUCY, FFIV, SNDK,RVBD, TCK sold LNC and SKX for scalps with remnants on the sheets and a few other remnants, like LVS, TIE and VMW.

http://twitter.com/DontTakeLosses

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