As we posted this afternoon we sold all of our swings save MICC QCOM (sold CAT CVX DTG PCU) as we are looking for a further pull-back in the markets.
We still have many nice-looking charts but few of them are ready for prime-action (at least in the commodity space -- there are a few non-commodities that look good that we've been tracking for a while).
We're also looking to pick-up some commodity trades on support tomorrow so are hoping for a bit more weakness into the open.
Also going to watch some of the leader stocks tomorrow to see if they can hold support (GOOG on 50 SMA, AAPL on 208 support, GS on 50 SMA, etc.)
We posted this morning that today could very well be a short-term top (especially in commodities) and we're looking for consolidation. As we wrote late last week, we won't get too concerned until there is a broad selloff across multiple sectors without rotation. Until then all we're going to do is to switch capital from one sector into another.
Until tomorrow HCPG/BTG