Friday, January 29, 2010

Position Update

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