Wednesday, August 5, 2009

Not a Trend Day

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Ah, the day started so promising.

It looks like instead of being a trend day, it appears after that morning dump we've spent the majority of the day churning in the 99.7 to 100.1 range on SPY (S&P 500 index) I've tossed out the short exposure we added this morning for a decent profit but not the dream scenario and we're back positioned to how we entered the day except for the 2 positions we were stopped out of. I did notice a gap in the SPY chart today down at 98, but we need to break the lower end of the intraday range (99.60) to attempt another short push.

Fill me @ 98

Otherwise just a headfake as we print our way to S&P 2500 aka prosperity. It is heartening to see us being led up by stalwarts CIT Group (CIT) and AIG (AIG). Indeed.

Cisco Systems (CSCO) reports after the bell tonight and Mr. Chambers almost always has pleasant things to say. Let's see if we can rally for the 90th time on "growth in Asia, stabilization elsewhere" thesis. Since the market has no memory it apparently is "surprised" by the same news each time it is repeated.

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