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Buckle Your Seat Belt For a Nervous Ride


It continues to be a 'buckle your seat belt' sort of environment as nervous money sloshes throughout.


Good morning Minyans.

If you are getting sea sick from this market you aren't alone. It continues to be a 'buckle your seat belt' sort of environment as nervous money sloshes throughout. There is no question that nervousness comes from two different angles, those that believe they will miss the next big move and those that believe we will fall into the abyss. It is spiking the volatility once again and making for some pretty tricky trading.

Despite the volatility, it is clear there remains some opportunity however cash continues to be a sound investment at this juncture and patience must be exercised. It was nice to catch a few movers in the airline sector yesterday and I think that can continue especially if oil comes in, however I am sure there will be some turbulence along the way so don't ever hesitate to sell into strength as I mentioned yesterday on the Buzz. I am still holding partials in Delta Airlines (DAL) and UAL Corp. (UAUA) and will give them some time and monitor how they handle some market weakness.

I also nibbled a little of yesterday's Blackrock (BLK) on the buy point over Monday's high. My stop will be on a close below Monday's low of $184.30. I will move slow here however it is clearly a stand out in a very damaged group which tells me it may have some room to run but will be choppy from group sympathy.

Yesterday on the Buzz I discussed my thesis behind starting an Emerging Market (EEM) short. I continue to like this idea with a stop on a close over new highs and will look to average in slowly on a push through yesterday's low of $154.51.

There is no reason we must do anything here, don't feel forced to do so. Remain open minded and flexible.
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Positions in DAL, UAUA, BLK, EEM

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