cthree

...and my gut told me to sell and go to cash. I've been feeling it for a while but today my sense is that we'll see a correction in the market imminently. This isn't advice, I'm just sayin'.

I'm going to be a seller today and get cash heavy. I may also get short the NASDAQ by buying the QID. I can't say when it's going to come down but I suspect either Friday or next week.

cthree

I've gone ahead and cut everything back, closing JSDA and DE and trimming back my growth stocks by about 50% including VLO, AAPL and RIO. I'm holding my MO and most of my GS though I did take some of my GS off the table. I unloaded my long call option on NYX for a small loss but I wanted to be out for now. I bought 100 QID to try and make some money from the coming meltdown and otherwise I'm sitting with a 50% cash position ready to profit from other's broken dreams.

The whole market has rolled over since the open and I'm thankful I got out when it was at the high for the day.

PearlwhiteS2k

hmmm

WyattH

Anything other than gut telling you this?

QUIKAG

Gotta love trying to time the market...

WyattH

The last 3-4 trading days have been a pretty big downhill for me... Not saying a bigger correction wont happen, just saying I dont see/feel it.

cthree

Just my gut and knowing that every time I've ignored it I wish I hadn't. I think things are being held together my a string of mediocre but not bad news. The first sign of trouble and I think investors are going to pull the rip cord and panic this market down 10-15%. I get the vibe that the market is in an unwilling bull mode with investors fearing missing gains but not at all committed to the market or the economy. When it goes it's going to be a mad rush to the exit and I don't expect anyone to be standing around supporting it.

WyattH

I understand what you're saying - - but Im wondering if there is any reason to believe it's as soon as next week, rather than in, say, a few months?

bat711

A bit of no news is good news. Tomorrow jobless claims are reported. Next week crude inventories, existing, and new home sales. That's the expected news I'm waiting to see.

martha

Crude inventories are ample (as was reinforced in today's inventory report). The problem is refinery operations. Until refinery utilization goes back up, gasoline prices aren't likely to see any substantial downward movement. It seems almost daily another refinery reports another problem and operating rates last week were 89.5%. We need those in the 90%'s to start digging out from under higher gasoline prices. We've only had one week above 90% (90.41%) since January 5. Going into the driving season, we need more production to ease the bulls into selling. Even with gasoline stocks showing a build of 1.7mmb last week, after an initial drop of 2.5 cents, gasoline closed up 3.5 cents today.