On low volume, things are moving fast. For the moment, I will ignore the volume and take the market at its word.
We have a significant breakdown in gold, which is giving the bulls open field to run. Rehashing the news is irrelevant, since it has no bearing on price action, at the present.
I went long a variety of names, mainly to hedge my depreciating short positions. I reduced some of my exposure in [[FXP]] , only because it’s up. Basically, I needed the cash to do other things.
Following the current theme: kill the shorts. I like: Barnes & Noble, Inc. Barnes & Noble, Inc. [[BKS]] , NutriSystem Inc. [[NTRI]] , Chipotle Mexican Grill, Inc. [[CMG]] , Hansen Natural Corporation [[HANS]] and KB Home [[KBH]] .
However, keep in mind, the market has limited upside here. This is the part when it seems easy to make some coin going long. Next thing you know, it’s elevator down and you’re crying in your garage again.
There’s no ignoring the carnage in [[SKF]] and [[SRS]] . Lots of shorts have been flame broiled. I suspect many of those burgers are being flipped out of their positions today, either by their own volition or the margin clerk. Either way, all of these things combined are causing stocks to spike, like GameStop Corp. [[GME]] and Best Buy Co., Inc. [[BBY]] .
In short, take advantage of the short squeezes, but keep all open positions on a short leash. I can’t help but think, the banks will pullback soon.
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