Trans, daily
sp'weekly'8b
Summary
*I have been in a few annoying positions lately, and with the market significantly higher this morning, I have decided to clear the deck, exiting 4 longs, CHK, DO, SDRL, and STX.
I have little interest in picking up anything until at least tomorrow, but frankly, I might be done for a few weeks until this nonsense levels out.
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So...equity bulls have managed to break into the sp'1890s...with two new historic highs in the Dow/Trans.
Bears look powerless, and it would seem just a matter of hours..or tomorrow..until the sp'1900s.
Certainly, seems zero point in shorting anything for at least a few weeks.
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*I still like SDRL, but...I'm done with that for today.
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11.30am.. Indexes are probably just building a baby bull flag... before new highs late today.
Notable weakness (relative to the main market) in the drillers, DO, RIG, SDRL, and I'm not sure why. Oh well, I'm out of those anyway.