Friday, January 08, 2010

The non-event event

Some months the employment number sends markets reeling and/or soaring. This wasn't one of those months. So much for "fireworks." Maybe one firecracker was all there was. Gold had a wide range today.

A few stocks are looking interesting from the long side: CMI, UPS, CSX, SHLD. With the overall stock market extended to the upside, buying breakouts on individual stocks is risky. The "M" in CANSLIM (William O'Neil's system) is for market, and can be the most important component.

I tried to roll my short SPY Jan 104 puts to February 102 puts, but didn't get a fill, then the market firmed up, moving it away from the limit order price.

Long SPY, TLT

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