Market ends week up 4%. Only 370% more to hit the 40,000 mark. Why not? Haha. You realize, I am kidding right? I think what’s been bothering me lately is the thought that the VIX looks it will be heading to the 20s. Hmmmm. I’m not too sure about that. We did hit a medium term short-sale trigger point (VIX <34) that I’ve been watching, so I did beging to scale in. Nothing great, just across a few sectors… fertz (TNH), online retail (OSTK), and re-entered airlines (ZNH).
Still holding the bear-killing coffee stock… GMCR. We hit my short term 80 target today, and I’m going to raise it to 82. After 82 I will scale out, with next sell >85 or <78. I think people will start thinking “triple digits” on GMCR and that’s when the profit-taking starts. Meanwhile, GMCR’s little brother, PEET looks like it’s trying to break out of 30. If it cannot within the next few days, I will short PEET as a hedge to GMCR longs. Just a little idea for yah.
New targets:
SFLY = 14
FLWS = 4
Have a good weekend. Special shout-out to The PPT Traders for slapping the market up side the head, Rafer Alston style!
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