EDGE TRADER

Friday, June 09, 2006

Failed Rally,

or Wall Street on the way to the Hamptons? I'm not sure which. I was just going over my options. It seems downright dangerous to get longer now. I have thinned my long positions already earlier. I have a core of long positions on protected by stops, but am only roughly 20% long at this moment (80% cash). I am bearish on the market for the remainder of the day, but with everything wallowing inside the opening range, it seems too risky to initiate a short position here. So I instead will do something productive and go out and enjoy the beautiful weather. I will check the markets with my mobile device - I plan to go into the 2:00 hour less than 10% long. If the market really tanks I may consider a buy at close sell at open trade, but that too isn't seeming real optimal given the weekend headline risk.

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