So, am I really gonna spin a down 300 day and try to tell there was something good about it? Yes, yes I am. That's cause there was. We found support right where we needed it, the 1150 level. Are the problems over? No. Was anything solved today? No. But is support a signal this uptrend can continue? Yes. Are we oversold after today's and yesterday's declines? Yes. Still, I didn't do much buying because between Europe, and the chance of a terrorist attack in NYC and DC, I didn't want to load up into to the weekend. I actually bought some insurance in the form of Nasdaq 100 ETF (QQQ) SEPT 51 puts. I also got short the Euro via the ProShares Ultrashort Euro ETF (EUO) and started a position in Alexion Pharmaceuticals (ALXN). I hope you have a great, safe weekend and let's please be vigilant and aware of our surroundings.
This is not a recommendation to buy or sell any securities. DAK was long EUO and ALXN and short QQQ at time of publication but positions can change at anytime.
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