Markets pulled back today on heavier volume than Friday and is in support area now. How markets handle this pullback now will give some hint into further direction. I had mentioned that bulls were not as strong as they looked an dinternals were weakening and today bears overpowered. It will be interesting to see if it would be just a normal pullback or something more. For now I expect some sideways consolidation and I dont expect just a rapid decline from here.
Sector wise commodities led to biggest declines while all the sectors were in red today. Only bright spots were dollar and Natgas today.
I have been pounding table that Nat gas is buy for long term portfolio as volume is heaviest ever in natgas etf in last few weeks. I am still holding all my position in Natgas both in trading and my ira acct. I think Natgas train is just leaving and a pullback tomorrow can be bought.
I closed lot of my long positions today BWEN, ICO for profit while ILMN, HPQ for small losses.
I also closed my BGZ and SDS hedges for profit while holding FAZ and SRS for more downside.
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About Me
- Sid
- A techy at heart who tries to keep in sync with ever changing technical and business world. A producer, architect, developer, leader, all rounder, like to do what I really love- Technology
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