Market Update 5/6

Second trading day of the week, and the second consecutive down day we're having.

Even though only 2 days of correction, I feel this retrace will have some legs, given how far we've gone up.

UBS writing down jobs, Fannie Mae reporting losses, all just further proves why WALL STREET MEDIA ARE SO UNETHICAL WITH THEIR BULLISH CALLS (Cough CNBC Cough Fox Business News). They kept telling people last week things are going to just keep going STRAIGHT UP so don't even wait another damn second and just pour your money in!.....

PWRD is pulling back this morning. Down 6% as I'm typing this. I'm smiling real pretty right now. Lesson learned for me, Trade my technicals, not by emotions. Patience is paying off. I will be watching this closely. Since I tripled my position yesterday I have already reversed my losses and I'm actually up on the trade. So if today the stock tanks below $31 dollars I will probably release 1/3 of the position to lock some gains.

I must say though the bullish sentiment still lingers, it seems at the moment people want to jump in on dips and buy aggressively because they don't want to miss potential moves up. But I'm going to take the contrarian route for the moment.

Back to trading. Good luck today everyone.

On a final note, I am so impressed with the performance of Visa and Mastercard. These guys seem to just be chugging along everyday.

-DL

Disclosure
Long AAPL, GOOG, V, 25% MOS
Short 3x PWRD

Edit 1:

-As I've stated from this mornings post, If PWRD hit below 31 today I'd release 1/3 of my position due to cover trigger. That just happened. Nice profit. My next cover target is anywhere below $29.50 I doubt it will tank that much today. So lets see what happens tomorrow.

Disclosure
Short 2x PWRD