No follow-thru

No matter what side of the market you are on, there is no follow-thru in either direction…and there hasn’t been for a couple months. We are at the same place we were in early May. We’ve been stuck between 880 and 945….and this week it’s been 915 to 930. My, how exciting

Economic reports today were worse than expected. You still have to wonder why we are up after reports that mortgages applications are down and a half million people lost their jobs? I think things started to weaken in the afternoon when traders noticed no one was selling cars and that several states were having budget problems.

I thought I was going to be happy when I heard that mortgage applications were down. And then I was almost ecstatic when I heard that ADP Employment report sucked…but no! Markets moved up, I couldn’t see why, but they did. I did shave shares off as the markets went up for a loss, taking almost half off. But I also scalped some long ETS like TNA and BGU, taking $50 here and a $100 there several times. It soothed the pain from my short positions, but I never recovered all.

I’m still in small short positions using TZA and QID. I’m looking for a spike after the Employment Report comes out at 8:30AM EDT to maybe come out breakeven for the week. After I unload my remaining shares, I’m looking to go out and buy enough beer to last the long holiday weekend