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Wednesday, March 6, 2013

MEH. Boring.

TODAY: Well, today was... boring. Some call a day like today inside day or a DOJI... you can call it whatever you'd like: consolidation, topping, building... whatever. It was boring. SPY appeared to want to break out again around 3 PM, but to no avail. We ended the day under VWAP, but a ways off the lows.

ANYTHING INTERESTING? Yes, the DAX finished way off the highs, but still green - almost 1% from its peak early in the day. The EUR/USD was also weak again today, finishing under 1.30. Today was the lowest reading there since August! The IYT finished red by 0.4%, and the XLF finished green by 0.6%.

HOW DID TODAY GO? Not bad. But not great. I feel like I am stuck in a rut. Here were my completed trades:

Trades Closed:

NOW scratch, NUGT +3.25% (sold WAY too early, left 8% (!) on the table), JBLU +0.5%, SPY puts +3%, VXX +0.5% INTC

Trades Open:

SPXU (-3% from entry), INTC (-1%), GS (-1.5%), MTG (-4.5%), LNG (-2%), and BLOX (-1.5%).

To review these positions: With today's action in the EUR, I will give 1-2 more days for SPXU before selling at a loss. I still like the INTC short, I am willing to hold it and short it if it continues to advance. GS - with all the market strength has not violated its series of lower highs, I still like it short. MTG - The offering via GS is tonight, it will be interesting to see what happens with MTG on the open - it has been incredibly strong with a huge RSI. LNG I am willing to hold until late spring or even summer when it typically pulls back largely (PT1 is 18, PT2 is about 16). BLOX is just a fun play, I will cover on any weakness in the morning.

AND TOMORROW: I am expecting a bit of weakness in the next few days. With the IYT and EUR so weak, I really need the XLF to follow suit, and I will feel much more comfortable with my shorts if it does... If we get a mini pullback, I will be getting long to ride the wave up in March. Any gap open tomorrow will be shorted as long as the EUR stays this weak.

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