Market Update
The DOW is once again running under 11,100. A close below this level of support will be significant. Likewise the NASDAQ is threatening 2,100.
Should these levels be broken at the close, then expect the markets to sour quickly. We've changed our short-term bias to neutral/bear and are looking for potential puts--we're not entering short trades yet--we need to break those support levels first, but if we do, we'd like to be prepared. Certainly we'll not be looking for new longs.
Shorts we're watching include: BDK, CNC, ESV, FRK and GGC (for now). We'll see how things shape up over the next few days.
Should these levels be broken at the close, then expect the markets to sour quickly. We've changed our short-term bias to neutral/bear and are looking for potential puts--we're not entering short trades yet--we need to break those support levels first, but if we do, we'd like to be prepared. Certainly we'll not be looking for new longs.
Shorts we're watching include: BDK, CNC, ESV, FRK and GGC (for now). We'll see how things shape up over the next few days.
posted by Dan at 11:07 AM
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