- Sold STEC
- Shorted NPBC (see below)
- Bought BDD (added to my existing position)
- Sold ELNK (stock was a complete dud, but only lost 2% of my account on it)
- Shorted VLO
Friday morning's selling pressure was strong enough to shake out 2 of my 9 long position. In my attempt to adapt my stock account to the ever changing market, I have replaced these 2 longs with shorts.
Therefore, I am still mostly long, which makes sense, as the general market is still in an uptrend. But I now feel that the bulls are now pushing the market up with less ferocity than before, which I think is evidenced by the 5 consecutive Doji formed on the daily chart of the Dow (more or less), and the failed breakout on the 60 minute SPY chart. Considering this, I feel much more comfortable holding at least some shorts.
So in my view, I really do think that the market has a 50-50 chance of rising or falling next week, whereas before, I felt the odds favoured the bulls.
In the event that the market does rise, my shorts may get stopped out, and I will have to replace them with new longs.
But if the market shows more weakness, my weakest longs will die off, and the scaling into shorts will have to continue.
Anyway, below is one of the weakest stocks I could find. As a matter of fact, this stock has made a new 16 year low today (that's never good):
