What started off as having major possibilities for a significant sell-off, turned into a day where, at the end, the bulls were able to feel better about themselves. Durable Goods stunk, and New Home Sales were deplorable, nevertheless, the bulls justified the news enough to finish up about 0.33% on the day. Not bad considering how much ground they had to make up. I did not hedge my positions at all going into tomorrow for a couple of reasons 1) Thursday and Friday tend to be the worst days of the week for the bulls 2) I don’t expect the jobs report tomorrow or GDP report on Friday to help their cause out at all, and today’s rally would be nothing more than a pure head fake for all the longs out there.
However, I fully believe that the market can prove me wrong and if so, I will have to hedge my portfolio against another run-up like we saw today.
I made one scalp trade on TZA that made the difference between finishing in the green and finishing in the red. I finished up on the day about 0.16%. I’ll take it!
