The sellers tried to run the market down this morning, but the buyers did their old trick of running the market right back up. Then something different happened. The sellers knocked the market back down again. Not as far as they knocked it down in the morning, but still.......I think we are entering a sideways range here. As I mentioned yesterday, I have been a net seller over the past couple of weeks. Today I sold part of my position in MGM. The stock is at resistence and I have a fairly large position, so I decided to take some money off the table.
The CME did almost nothing today, but some other financials did well. Also, industrials like CENX and X (U. S. Steel) have broken out to the upside. I would consider buying some of these stocks on pullbacks for short trade.
Top - Cenx - from Bigcharts.com
Bottom - U. S. Steel - From bigcharts.com
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John, I agree with you, market looks tired after good run and fundamentals are still weak. So it's good time to step away a bit and reduce exposure. I like CENX and X,I have stock position in it. Financials are still moving up, BAC BCS HBC MS and FAS is doing great.
ReplyDeleteDinesh (NJ Options group)