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Trader Mark Return Risk -6.84% MID Analyst Profile & Performance Subscribe to author

Symbol Sentiment Start Return Closed GS n/a PCLN n/a QSII n/a Via Fund my Mutual Fund:   I wrote yesterday in [Bookkeeping: Stopped Out of some Quality Systems (QSII) and Priceline.com (PCLN)] I have a feel all these positions might reverse themselves back up if the market cooperates. And so it has come today; all 3 had breached the 50 day moving average and now all quickly jumped back over. Note, QSII did not close below the 50 day - only on an intraday basis. That said, I am not very anxious to jump into this market right now on the long side - while this "oversold bounce" was relatively easy to see coming, I am not sure if there is enough juice to get us back to anything higher than S&P 910. Frankly I thought the bounce would be stronger than this, which thus far is pretty limp. I suppose a case could be made for moving a whole lot of forces over to the long side for the potential of 25 S&P points (if and when) but effectively anything over S&P 900 I'd want to begin shorting as I think the intermediate term move is down. All we are seeing is a lot of oversold bounces thus far. I still have some short limit orders out but none are hitting - we need 1 more bounce day it appears to get my "greedy" orders in (these shorts would be just below a key moving average so if I am wrong I can stop out very quickly) Otherwise I'll lock them in on the next drop below S&P 875. Either way, I have to tell you this market has been acting far more rational since that Russian guy got caught with Goldman Sachs (GS) stolen code ... maybe complete happenstance but the past 2 weeks is more like the market I can recall the previous 10 years. Not because the market is down but you don't see these 5 point S&P moves in 45 seconds anymore. Or those massive premarket future surges. I am sure it is not connected at all ;) Long all names except Goldman Sachs in fund; no personal positions   Read the rest of original post »

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