S&P 1440 Fails to Hold Thus Far

Well after 45 minutes of decent action it appears S&P 1440 rears its ugly head and the market (at this moment) is weakening. Pretty sad we cannot put even a half effort at a rally.

I don't watch the Dow much since its so narrow (30 companies) but obviously 13,000 is a key psychological level and we are right there as well.

I lightened up a bit on a few positions that showed strength this morning - mostly stocks that were well under their 50 day moving average but made nice surges this morning (i.e. McDermott +7%) to get back to their 50 day moving average from below - simply technical moves. This helped raise some cash and I broadened my short exposure. Sadly we don't even get 3 day rallies anymore - they are more of the 1.25 day types.

Until the market proves otherwise, it is not to be trusted to the long side. 1440 remains the key point; obviously the direction can change quickly one way or the other in just a few hours. It remains a traders market, not an investors...

Coal, interestingly, as a group is showing a lot of strength this morning.