January 28, 2009

Market Review and Commentary for January 28, 2009

DISCLAIMER: These are trades I am doing and may not be right for
you. Use your own Due Diligence when making financial decisions of
your own choosing. This is NOT a recommendation of any security.
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The S&P and NASDAQ all advanced higher again today – the DOW by 200 points!

I have a number of short positions in SPY, BBBY, GS, JNPR, MO, AMZN and AZO – and they all got killed. I’m down $3,000+ on these…

HOWEVER I also have several thousand shares of UYG which I have been starting to accumulate when it fell under $3. In fact, if they ever fall to my target of $1.96 I will really load up.

So I was still down a little today but not as bad because I had my UYG.

We hit out first target of 8370 on this rally. If it continues, the next and my final target is around the 8625 level. If we get above that then we will probably never see the drop I’m expecting. More on this as the price unfolds over the next few days, but I don’t believe we will get above 8625 and I would add to my short positions there.

We have some clues however that this minor retracement rally is running out of steam… 8422 on the DOW is the key level to watch.

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