I was right about yesterday. It turned out to be a low volume run up through immediate resistance. I got stopped out on all my shorts, except for MZZ (midcaps) and SRS (short REITS).
What the heck is going on at Countrywide? Something is beginning to stink. The stock is poised to take out it's lows very soon. This is no regional fly by night operation...this is the largest mortgage broker in the country.
I'm am gearing up to go short again if conditions warrant. Overall market will be on eggshells until the Fed decision next week so expect more flopping and chopping.
Put it this way: this is my variant of the 80/20 principal: "80% of the time absolutely nothing important happens in the markets...but you gotta be watching for that 20%"
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