26 March 2007

Easy Like Sunday Morning

Market rebounding a bit here as I type flirting with the 1800 handle...line in the sand is around 1810 so let them do whatever they want under that pivot...housing numbers released and as I posted I just hit the sell button with limit orders about 2 points under the bid getting a healthy fill...internals obviously flipped red quickly with A/D on the Naz now 1021-1823 and 2100-900 on the big board...up/down 2399-2693 in "techland" and 2678-1387 on the NYSE...watch for a middling trade into lunch and if my hunch is correct a push lower into the close with a spike down around 2 p.m....we'll look to close out our positions there...a higher bounce here into the 1808 area should be used to either "fatten up" your positions or use some leverage into some puts for a bigger payoff down the line into Wednesday or Thursday...jfg.

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