IEM's Trading Blog: Position Update

There were some strong selling last couple of days and many stocks broke down hard (give back breakouts or sliced thru supports). The market now is quite oversold based on McClellan or NYMO indicators on a short term basis. It seems too early to say the market has topped, I would observe the character of the upcoming bounce and watch for a possible lower high around 1120 on the ES.

For this coming week, I would look for some bounces but keep my timeframe short and position small. If the market is rolling over, there will be many more opportunities to short down the road. I will try to put up some watchlist ideas later tonite...

Now for the position update:

out of CTFO @ 8.90 for small gain on the last piece, out of IR @ 36.62 and 36.35 for about a 1% loss, out of MAR @ 28.65 for a small gain on final half...