This was take action day and as the S&P hit 800, I took profits on over 2/3 of my longs.
I took profits off the financials which have seen massive gains the last few days. I think short term, they have run their course. Pigs get slaughtered in the markets and I have sold all my IYF and Wells Fargo for over 25% gains in less than a week. Even after the melt up, C and MS did not ramp and could not break the highs. This was a sign for me to sell the financials for now and get back in later.
Gold is up big and I continue to hold gold with my KGC (Kinross gold) holdings up over 10% in one day. The FED's announcement to buy treasuries is going to push gold to new highs. Watch Gold carefully and buy on dips.
Some technology shares also did not follow the rally. GOOG, RIMM, BIDU were mostly flat for the day. This was also a red flag for me to take profits.
I am still long on KFC, SPWRB, FXI, VT
SKF is also nearing $100 from a high of $267 just 5 days ago. Wish I held my short on this until now, sold out too fast. But financials have come up too fast too soon and I am looking at going long SKF below $103 (to short the financials at 2X leverage)
Exhaused from the rapid action and trading today, going to get some much needed rest....
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