Today looked like a lot of fireworks early but turned out to be a non-event. All of the indexes and stocks I discussed yesterday either closed above or at support.
SPY is a good example of this.
I ended up trading flat today which was good for a long portfolio. I rang the register on Standard Register today. I also covered my GLD short at $93 and escaped with a little profit. As I mentioned yesterday, I don’t have a strong feeling on which way GLD will break so I jumped out. SAY saved the day for me today up over 20% which along with GLD helped balance out all of my long positions.
SMH provided a good entry today but I passed on the opportunity. Rather than buying today, I looked at the closure of my GLD short as adding long bias. I’m also aware of resistance approaching on the major indexes which is also pushing me towards a bias of picking individuals stocks over ETFs.
Let’s see if AIG can hold the $40-41 range. I think it could be a good long opportunity if it sells down and holds that level.