Bear Time?

After a full bullish day on Tuesday, we had a half bearish day on Wednesday. Portugal on the ropes and new home sales blowing a little stinker, the bulls did not have a leg to stand on. There were many attempts by the bulls to buy on the dips, but today the bears prevailed, taking back half of what they gave the bulls yesterday.

I still have all the positions I had yesterday, although I cashed out some profits in QQQ puts and then got back in when the market went back up. That double top in the SPY did what it said it was going to do today….and I’m still looking for more downside travel….but in this market, you never know.

Asian markets are opening in the green, as are the futures. We are near the end of the month and the quarter….plus next week is a holiday shortened week. Tomorrow we get Initial Jobless Claims and also earnings reports from BBY and ORCL, among others. These markets have me on edge and I hope some sort of “normalcy” returns soon. In the mean time, my stock positions are getting smaller as my cash position gets larger.