Timber!!! #SassyMusings 7/8/14

  • I’m writing this before the close cause I have to leave early so if something crazy happened at the end of the day some of this won’t be relevant.
  • My IWM call buys that I mentioned yesterday sure didn’t work.
  • But boy am I glad I sold out of most of my long runners yesterday while they were still in profit. That would have really hurt if not.
  • So can I open my eyes now? Has the selling stopped? I don’t know, but I am curious to see the open interest tonight on the momo stocks. This morning I noted to my subscribers that after updating the open interest from Monday too many people were trying to buy the dip and I said, “So if the momo OI  is saying anything about this week, it’s saying back off we need to rest.”
  • In all honesty even if I got hurt today, I think this was a good thing. I even stated over the weekend that I would love a pull-back. It just makes for a healthier market. And even if we pulled back further that would be fine.
  • The speed of the drops we have seen are typical of bull markets and we have seen this before. The faster the better cause I think we get it over with quicker.
  • Chart of the day: That IWM 20 day sure didn’t hold it up. Having said that I don’t think we have topped or that we have seen the high in the IWM this year. Screen Shot 2014-07-08 at 3.27.13 PM
  • Tweet of the day: nothing
  • Regret of the day: nothing really. Regret trying some longs yesterday, but not much to do today really.
  • Finally: I will be on the @Benzinga #PreMarket Prep show answering questions LIVE at 8:50am tomorrow, so check it out! http://bit.ly/1fejpV2

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