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Another morning gap lower is currently being sorted through, as the bulls are trying to stabilize things. With all of the consolidations taking place on many indices, sectors, and individual charts, there are a few ways to interpret this action. On the one hand, you can argue that the bulls simply have insufficient conviction to break us up and out of this range and into a trending market. Alternatively, you might say that we are shaking out the “weak hands” before eventually screaming higher into the seasonally strong holiday season. The VIX remains stubbornly high above 30, although we do have options expiration this Friday which traditionally adds to the shenanigans in stock fluctuations. Despite the uncertainty, it is encouraging to see some areas of the market acting constructively. As a result, I have been running a long/short strategy, albeit net long, with good success inside the 12631 Trading Service.
In particular, I went long SNDK last week, timestamped inside our streaming, Twitter-like chat room with email alerts to boot. Currently, the stock is exceedingly strong in this tape. I am looking to add to this position should these morning gains hold, with the presumption of a breakout from consolidation looking to be a strong one.
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BTFO!!!
THAT PICTURE IS AWESOME!
maybe the best little clip ever…
oh and who doesn’t need flash memory?
I might have to make that pic my screen saver.