This morning at the open I flipped all of the Longs I took on yesterday at the close for a profit. At the moment I am in 100% CASH. I can not justify getting long any stocks until SPY can breach its 50DMA (137.38) on decent volume. I even closed out my successful short sales in GRPN and RIMM, an astonishing number of attractive shorts are getting squeezed today, and I do not want to be next. There is no rush to get into this market Long or Short.
As I am writing this SPY is flirting again with the 50DMA… Watch and see if it holds with conviction.
Summary
Sold CMI MSFT AAPL ORCL DOW
Covered RIMM GRPN
Update
It may be more important to see S&P futures breach their 50DMA, which is 1372.
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