Monday, June 28, 2010

Back to cash!

My foray into the markets with SNDK did not turn out too well. Initially it had seemed as though it would work out just fine as SNDK was moving higher while the markets were selling off. However, things fell apart near the end of the day and with SNDK poised to close well off its high for the day and below my entry price I decided that the prudent thing to do was to close the position. This type of price action often leads to set up failure and with the wide spread weakness I am seeing I am not going to chance it. So I am back to cash and will likely be staying there for sometime.

Good luck and good trading!

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