Since the market gods granted my wish by going higher yesterday and today (at least the ones I owned, i.e., ENER, STEC), I am going to cash in my positions and enter into a better Risk-reward longs... I am long NDAQ call spread, long SRS call spread (hedge), long UNG call spread... I think we may continue rally even after the FOMC tommorow and may be the Friday's report will bring everything crashing down.. No one can say what exactly will be the path downwards but I feel that we eventually will resume to the downside and any pop to test 1100 on $SPX will be a gift from heavens...Chances are that we are going to see $SPX test 1100 sooner than I thought we would.... I am going to be positioned long in the meantime and will wait for FOMC announcement tomorrow before jumping full in, mostly on the long side (hopefully)... If we tank tomorrow (less likely), I will cash out and wait for the dust to clear and look for signals then to enter either short or long depending on what the $DXY does after the FOMC announcement.
PS: I think STEC could pop higher on earnings today but am not going to gamble on it.. I got the pop that I was looking for and am now happy with whatever I could get in profits.. :)
EDIT: 5PM: Lucky I was out of STEC calls... the POS stock is trading $7 down after hours on not-so-great guidance(soft revenue)! Its Massoud playing AAPL thinking he would sandbag earnings by guiding low but he forgot that AAPL ACTUALLY beats the low-guided earnings heftily and consistently... Phew!
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