As we posted in our Twitter acct/Blog this morning we sold all our commodity positions into the gap-up (didn't like GS AAPL action) and now have come back into the market and bought one position into the close -- a swing of QQQQ at 42.93.
As we mentioned yesterday we like this SPY gap fill area near 107.4 for a short-term bottom and are following our plan. We might go beyond it but we think market will dance around the area.
We expect some choppiness but it's not a large position and we'll withstand at least some pain before crying uncle. It's also quite possible that we're wrong and we get some type of wash-out come Monday -- we would add into that panic.
Most likely it's not the bottom, but we believe it's a good initial entry and this area will be in play next week.
Have a good weekend. HCPG
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