Profit-taking set in today, and pretty hard at that. The action under the surface was worse than the indices show. This seems to be a common theme so far in 2010, that the indices aren't showing accurately what's going on underneath, either good or bad. Chinese stocks, in particular, got annihilated today. It's options expiration ahead of a three-day weekend because the markets are closed Monday.
No trades today. I didn't want to pull the trigger on anything ahead of a long weekend.
RGR was the big gainer today, and it appears to have taken out resistance at the 50 and 200-day EMAs with heavy volume. I'm probably going to take a starter next week.
CRE was flat today, and everything else was down, some worse than others.
EME was noteworthy today in that it is dangerously close to failing to hold the breakout level and the 50-day EMA, both of which are around $26. A failure to hold here would probably lead EME lower toward the 200-day EMA around $24.
Position: Long CRE,
Disclaimer: This is not a recommendation and is presented for informational purposes only.
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