the Yuppie Pig

A tough day on the market, but the SPX is still holding in this bear wedge pattern. It's now sitting right on the bottom of the wedge and seemed to close weak on the day. I'll add, that the futures are off 5 points, so its likely we will open lower and out of the wedge.


I thought the GS numbers were decent, but it was perhaps the most anticipated earnings beat - hence the run up before, and the sell-off after. The price action here, makes me pretty bearish over the next few days at the least, as it seems like every piece of good news are priced into the stocks. It might now be a "sell the news" market for the upcoming earnings. It's all priced in... The BKX is showing this. INTC is also trading down - there goes the TECH thesis? I really think the market is rolling over this time, to a pull back more meaningful than the previous ones.


I started a short in WFMI again as it broke out of the wedge for a trade on the broader market.


I also topped off my short in IYR this morning, and quickly took a gain on that portion of the trade late in the day. Still short, and looking to close out when the 60 minute rolls up - where ever that may be.

I also closed LQD as it hit my target. Easy trade, little profit... I'll take it in this market.


I'm staring at WYNN again as this has pushed up even higher that the high a few days ago. Looking back, I was really lucky with this short. Do I want to double down? Thinking about it, but I want to see it, and the market show some weakness.


For some other names on the short side, I'm looking back at HOG, but earnings are up shortly, BBY, and BBBY. (liking BBBY the most) TAN also interesting.