Is It Safe Yet?

I posted this chart a few weeks ago, highlighting 1,100, which I thought was a safe bet for a bounce. Well, we got that pullback & bounce this morning, and I took off half my position in [[TZA]] , a bit early I might add, but walked away with a nice gain. I plan to keep the other half for a few days, just in case we decide to dip below the 200 day MA.

At this point I am  a little more interested in longs than shorts, but not quite ready to deploy capital. Here are a few names I’m looking at: ATPG, CCME, EBAY, RFMD, S, SWHC, YGE, & YHOO.

I will continue to watch oil and the Euro for clues on market direction. I really want to see oil trade higher for me to really get bullish. In my opinion, there is no reason why it should continue to trade lower other than the fact we are not done yet done with this correction. I think Mr. Cain would agree.

Off to eat a sandwich.