Market Summary

The chop-fest continues in the market and market is sorting out which side to go next. But reversal of lows and good volume on daily looks bullish to me. Sector wise we were led higher by Steel, Oil and Materials and Financials. Home builders/Retailers led to downside. I still like sectors which play into global growth story such as oil, steel , minerals materials as well as Inflation sector. Anything linked to US consumer such as retailers/REITS/financials is where I look for shorts.
As I tweeted yesterday if I go by my gut then I think one more move to upside is coming and that may suck lot of bulls and then we may form a bull trap. But again its my gut and I only put very small money on my gut feel which I have by adjusting my portfolio a little skewed to bullish side.
UNG had a good day today on which I sold some UNG bought in last two days. Also I closed my AUY position for nice gain north of 12% in last 5 days. I still hold GDX call spread but apart from that my gold miners trade is pretty much over. I got stopped out on STEM , pos is still stuck in range and is in a squeeze, which ever direction it fires it will be intersting to play.
For tomorrow I like SLX it may breakout higher. I also like Coal stocks such as MEE, CNX ANR.
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