I have to say, the afternoon action today created some concern for me.
We spent most of the day above previous all-time highs, only to give it all back and create one massive head fake for those playing the market breakout.
While I am still bullish on the market, that doesn’t mean that I don’t have reservations pertaining to near-term price action and the possibility for some renewed downside in this market. As a result I curbed my long exposure towards the close and took gains in Under Armour (UA) by selling the position at $115.55 for a 5.5% gain and cutting off the non-performing American Axle & Manufacturing (AXL) at $19.56 for a 0.3% gain.
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Here’s tonight’s Watch-List:
Long Approach Resources (AREX)
Long Cobalt International Energy (CIE)
Long Community Health Systems (CYH)
Short Aflac (AFL)
Short Freeport McMoran Copper & Gold (FCX)
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