Tuesday, March 16, 2010

Almost Identical Intraday High as Friday

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Weren't we talking about some sort of (even minor) pullback 24 hours ago? How quaint.  Pullbacks now last minutes or hours - not even a full session.

Thus far the S&P 500 has reached an almost identical intraday high to last Friday... then 1153.41, today 1153.61.  Thus far waiting for a move over 1153 (a random number I picked so that HAL9000 would not draw me in right at 1150 or 1151) has been the correct thing to do.



Precious metals off to a good morning as more 'easy money' is slathered onto the economy, and the dollar is under pressure in the early going.

Always difficult to make decisions when all of Caesars New York City acts like lemmings to a phrase or two in a statement at 2:15 PM, and then often changes its mind within an hour.  

Like a good lemming I will be forced to play over 1153 as stated numerous times the past 2 weeks.  Using the opposite instruments I mentioned yesterday when discussing the potential for any downside.  But with a tight leash.

p.s. quite fortunate I covered Athenahealth (ATHN) short yesterday as I did not realize it had earnings last night.   I was kicking myself because I covered with a 4% gain and if I had waiting about 90 minutes more, it would of been closer to 7% as the stock fell yet another dollar in the next hour or two.  Never pays to be unhappy with gains... they are elusive.



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