Tuesday, May 19, 2009

Market summary

Markets closed mixed and flat today with nasdaq slightly higher and s&p, dow and russell 2000 slightly lower. We created a doji bar on spy with close towards the low which means indecision.
Regarding yesterdays picks on twitter FSLR and TBT both rocked today and I was able to book some gains on both of them. Overall solar had a good day and I continue to hold TAN in my ira for longer term.
As I mentioned yesterday volume was light on yesterdays advance and it remained light today with volume picking up in last 1/2 hr when we sold off pretty aggressively. Sector leaders were materials, steel, semis(global growth stories) while finacials and reits(US problem) were the laggards. As I mentioned yesterday we did see some weakness at open today and I was able to sell my SDS for a profit in that weakness and bought it back in last 1/2 hr at lower price as I suspect some weakness tomorrow. I am neutral to bearish in short term and I think we may see some further downside in indexes. I think good individual stocks may continue to perform either going in sideways consolidation or may keep on inching higher.
Besides my bias trade what you got not what you want, so if markets show me bullish hand I will take it and will forgo my SDS. One thing more I always run my portfolio a little hedged if I am having to have any overnite exposure.
Thats all for now, will try to post some stocks for tomorrow on twitter.
Follow me at www.twitter.com/sidshar

No comments: