Monday, April 19, 2010

Closed all my shorts...

I just closed out all my short positions. The weakness I was anticipating today materialised early in the morning. However, the markets and many stocks came back very strong this afternoon. I do not want to be short with such blantant support coming in after Friday's and this morning's selling.

So I prefer to go to the sidelines for the time being and reassess things after booking some decent profits. I closed out the three positions for a profit of close to $440.00. So now I am back to being profitable for the month of April.

With the markets as oversold as they are now and with the strenght I am currently seeing, I am looking to go long tommorrow. The two stocks I will be stalking are SVN and SLRC. I am not to keen on reentering the markets on the long side though. So if I do take a position(s) it/they will be small.

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