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Wednesday, September 16, 2009

Market Thought... sold

The run up has caused me to pretty much sell out of the market at the moment. My only positions include BKE (just too cheap here), and short CHK.

I forced myself to cover the market short position. Will wait to see stresses in market psychology before I short the market again. There is simply too much positive sentiment at the moment. Nothing seemingly wants to have a healthy correction, and when this happens there is too much 'blind buying'. I do not like trading in these conditions.

In the mean time, I am patiently waiting for the right conditions to develop.

IMO, top side is limited here, and I do not fear lost upside as I have profited very nicely these past couple of months, and from last year monsterous decline. So I don't feel the need ride the current rally. Once the favorable conditions (or at least conditions I understand) are present, I will not hesitate to enter.

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