Without going into too much details I only have one question? Where are the bulls. Although i expected a dull day I expected us to at least end marginally positive to show some face for the bulls. Yet again I think smart money is setting up to sell their holdings on an move higher. Bear Sterns, Fannie Mae, Google all were up initially off the open then bam they continued to sell.
For tomorrow I am giving a heads up. I am shorting AMZN and GOOGLE. AMZN I will do as a long term play with about $5 profit target. For Google I will be looking to short it below a 10 AM low as a day trade. I bought some USO puts right before the close which expired next week and if we get some bearish numbers tomorrow off the inventory numbers I will take some profits on it or ride them out till next week. I bought 4 contracts and willing to risk all on the play.
One other short to look at tomorrow is SLB, been trading terribly but I would wait for a 10 AM low here to make a trigger.
Talk to you tomorrow.
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