I AM OUT

I am out of my short trade. Yes that is/was Jim Rome's mantra when his show was over. Where is he now anyway? Never got the whoosh down but that is ok as I have covered 1/2 the position. Note how the SPY hit its head again at daily Resistance(130.74) and struggled. I will probably put the trade back on in the morning as my transaction costs are minimal through TRADESTATION.

No time to make fun of Cramer as I was trading most of the afternoon. I noted my short SPY trade and I confess I do not like shorting stocks. For whatever reason, most traders/HF managers will tell you that making money on the short side is difficult. I like to have all the indicators line up for my shorts and I do not let them get away; they either work quickly or I am gone. If they work, I generally cover quickly and move to cash. I have no problem sitting in cash waiting for the market to provide long side opportunity.

The close found the market up 6 on the SP500, 16 on the NAZ and the internals were 1,650 to the green. The only things of interest that I see struggling are AAPL and GOOG. The metals were especially strong and the trannies I keep hearing made all time highs with the Russell 2k. One final word, the CNBC folks including Ratigan, MCC and Pisani all sound positively giddy and excited about the highest markets since spring of 2001. (WARNING WARNING)