Taking Flight

Traders who came into today’s trade net long are celebrating a massive move higher.  We’re seeing overbought conditions and traders scaling long exposure all across twitter.  Traders who joined the party after the open are mostly flat, and maybe a little nervous.

Saks (SKS) started firming up into the closing minutes and I closed out my short position for a small loss.  Small position, small loss.  Overall I’m still not constructive on department stores but I’ll wait for their technicals to deteriorate.

Aside from dumping my short, my only other actions were to buy C and ZNGA.  Neither name banked any intra-day coin, but I’m betting short term ZNGA will and intermediate term C WILLx2.

I was up over 10% on CEDC this morning only to see half of those gains erased and also caught a large fade in SINA , but I’m not sweating it much.  This may be a sell the news event and I may get stopped out, but I’m working to build into some core positions and HOLD. Then I’ll take the guns out and gun sling using only 20% of my portfolio, tap dancing across mine fields whilst smoking a COHIBA for your enjoyment. 

I like 2013 so far.  It’s my busting out year, I’m not sure I’ve brought this to your attention yet, but it’s divisible by three.  And years ending in “13” are only divisible by three every three hundred years SO YOU’S BETTAH USE IT WISELY. Take flight, be water. Take flight, be water. Take flight and be water, like a blizzard cloud.