Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

MV Sports Report: Short Stops Overrun Market


Rain or shine, we reivew the day's biggest stock stories.

Wow, today was a snoozer. I'm not going to lie (I really hope Toddo and Kevin Depew don't read this), but I spent most of the day going over my fantasy football team. Actually, I think most traders were doing this: A buddy of mine sent me his roster as well.

That being said, the market was indeed open today -- but judging by the closing prices, it didn't do much. For the day, the S&P 500 closed up 0.01%, to 1028.

On today's Buzz, Quint Tatro gave an update on his trading position.

"I continue to be uncomfortable with what I am seeing in this tape. The S&P 1025 area is serving as quite a battle ground with no real winner standing up just yet. Whenever I feel this way, especially after a good run, my tendency is to pull back, raise significant cash levels and wait it out.

"I have done just that today, taking the FlexFolio back to a 90% cash position, holding just a smidge of Citigroup (C), a smidge of China Short (FXP) and my portfolio staple Westport Innovations (WPRT) (Keep in mind, a 100 shares but hey it's still a staple)."

Quint is on to something: The market does feel "strange"; I think it's stalled here, as many traders are on vacation, and the data flow has been weak. I believe we won't see a major change in character until after the Labor Day holiday.

That being said, a lot of people are jumping on the top bandwagon and shorting this market.

This is confirmed by the number of short ideas on the Buzz and Banter today. I thought one of the better ones was from Professor Smita Sadana.

"A break below the 339 level could lead to the 50-dma on Baidu (BIDU).

Click to enlarge

"And if that happens, the target would be the 50-dma again. And if that happens that would be its third visit to the 50-dma.

"As always, I got ahead of myself. I would keep very short stops on this; yesterday's closing price makes for a decent stop.

"Depending on the risk appetite, the stop can even be lower at $345, as this 1-minute chart shows."

Click to enlarge

Heads up on GDP tomorrow morning: Consensus calls for a 1.4% drop. Initial jobless claims are also out before the bell. Maybe those will move this market.

Have a great night!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos