I see my IYR puts are now up 666% from where I dumped them. How fitting. Well, they expire in eight days, so at least I’ll shut up about them soon.
I’m not happy – – not happy in the least – – with the lack of follow-through with this morning’s sell-off. We were down nearly 80, and as I type these words, we’re down mere 29 points. I have done almost no trading, with the exception of dumping my FDX position at a loss. I’m in wait-and-see mode right now, still sitting on 10% cash.
As a side note, financials still have very good-looking topping patterns, such as American Express (below). But I really want to see some follow-through, since we got to 3502 early (remember my 3500 target for the year??) and then started strengthening.
