Fear of a European recession, and no mention of QE by Bernanke last night scared the hell out of investors today. While I watched SPY break its 50 day moving average this morning I liquidated all of my long positions (even AAPL) and mercilessly took on a large short position in SPY, which led me to profitability when others saw their portfolios get slaughtered. Around 3:30 I covered my position and started nibbling long on stocks that looked oversold. Going into tomorrow I am slightly long (~ 12.5%) AAPL, MSFT, CMI, DOW & ORCL. Alcoa’s earnings beat may provide the market with a gap up tomorrow, but beware of the fade…
Note: Still short RIMM & GRPN
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