Wednesday, April 15, 2009

04/15/09 Market Recap

Well all my longs were down today and all my shorts were up, that sums it up pretty well. My stance on the market has not changed and I think we will see that 875 level before any real retracement. The only thing that will change my mind will be a break and a close below the 800 level in the s&p. Today my portfolio decreased by a few positions which I got stopped out at or took profit, BMS just wasn't going anywhere and when positions don't do anything for long period of time and don't progress towards my direction I tend to cut them loose and it has usually paid off for me. My portfolio exposure is much smaller now and I will be keeping it that way for the next week or so, i'm going to be fairly busy so I won't be paying too much attention to markets other than updating my stops and being aware of the market outlook. Will not be looking to add any new postions.

We are the bottom of that assending trendine which we broke through last week and it seems to be holding up as support. 875 here we come.

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