Thursday, June 23, 2011

Stocks Take A Wild Ride Today


Today was a news driven day as stocks reacted to 3 pieces of market moving information causing traders to scramble in and out of positions.

On the open stocks gapped lower on a bad jobless claims report as well as the release of our Strategic Petroleum Reserves. Stocks remained under pressure for most of the day until about 2:50pm eastern time when reports of Greece reaching an agreement caused a sharp rally in stocks during the last hour of trading.

I came in heavily short and was tempted to cover some of my position on the open but decided to hold as my profit targets are still much lower. By the close I watched the bulk of my profits evaporate as stocks closed the day on their highs.  Hey, that's the markets for you.

My bearish view on stocks still remains and I am holding my short position until my down side objectives are reached.  Tomorrow should be interesting.

1 comment:

hkc said...

Kevin:

What are your short targets? Thanks,

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