The market rebounded a bit as Fed injected more liquidity in the market, but I don't really see much in this bounce. I did make some small sales in positions that jumped very quickly to lighten up a bit on larger positions - CF, WNR, & PCR. Only took about 10-20% off of each position to offset purchases that were made very recently at much lower prices.
While I don't try to predict the market, the individual charts I am following don't look that great. Many stocks seem to have run into resistance at moving averages and short of an influx of buyers I just don't see them pushing through. With such a nervous market, I just don't see a rush of buyers coming in here in the last 2 hours ahead of the weekend. Hence will stay on the sideline for now.
(as an aside I sold a lot of trading positions in personal accounts for the same reasons; i.e. no longer long CROX)
Since this fund is run more conservatively I only lightened in a few positions that ran up quickly.
Friday, August 10, 2007
Some rebound
Posted by
TraderMark
at
2:34 PM
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Posted by
TraderMark
at
2:34 PM
Some rebound
2007-08-10T14:34:00-04:00
TraderMark
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Western Refining|
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Labels: CF Industries, Perini, Western Refining
Some rebound
2007-08-10T14:34:00-04:00
TraderMark
CF Industries|Perini|Western Refining|
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