Sigh....

OK, this up-every-day thing is getting realllllllly old.

I'm started to become disenchanted with the Russell 2000. I wasn't surprised at the recent recovery. In fact, I sold a huge block of puts just before the bounce higher started (thank God).


What bugs me is that the bounce-back pushed higher than the point I thought things would soften up again. The entire area I've shaded in green here (a closer view) is basically the "WTF???" zone. Particularly the strong finish during the last few minutes of today. Disgusting.


The $XAU is sporting a handsome shooting star, and although I've had no position in this for a while, I picked up some puts on it today. Because of the behavior of the market these days, I've focused on deep in-the-money, far-out expiration puts. Low risk, low volatility (and consequently lower profits should a miracle occur and things actually start heading down one day).


I mentioned CRDN yesterday as a possible long. The awaited breakout took place today, although on unspectacular volume.


ONT, mentioned many times here as a long, had a terrific day. The volume in the past few weeks is sensational.


Akamai (AKAM) might be pushing back to a neckline, but this isn't a perfect head and shoulder, so no position yet. The right shoulder is higher than the left, and I tend to be a purist about these things.


Jones Soda (JSDA) got whacked today. Even so, it has a nice little head and shoulders pattern, and this could have another $8 to $10 to drop (based on classic measurement techniques).


The balance of today's offerings are basically "rollovers." That is, stocks I think have lost momentum and have a good chance of falling. They are......Caterpillar (CAT):


Hess (HES):


Noble Energy (NBL):


Potash (POT):


PSB:


I've had enough. Time to hang up the charts for the weekend.