Nice Retracement today

1. The S&P wonderfully hit support at 1315 late today. The IWM and the QQQQ did the same. Volume was low again. I'm actually quite surprised that the bulls have not been able to muster more power! It is the end of the quarter and we aren't even close to DOW 12700 (which is where I thought the bears would enter again). If the bulls couldn't bring it up today I don't see how Monday could be any different. We have further to go....it may not be Monday, but it will be coming.

2. UWM...hmmm... I thought the open would bounce more than it did and that is why I bought UWM at yesterday's close. I'm thankful for the little bounce that we did get so I could get out at a tiny profit. The initial open was weak and I immediately felt we would fall today so I got out of UWM. FXP has me quite confused over the past few trading sessions. I almost got in this morning at $91 because that is a tad below its lower trend channel. As I was watching that, STP decided to break out again today so I snagged shares just a tad over $40. I was going to let this run to see if it could move to fill the gap near $43.30, but I soon had $1.50/share profit staring me in the face with a lot of downard pressure in the markets. So I bailed at $41.38 in a nice disciplined way. FXP remained in a small upward channel today and I was in and out twice during the afternoon for profits of $0.70/share and $0.65/share. I'm confused by the bullish action in the FXI stocks, I opted to just stay away after that. Not a bad day for me at all.

3. I was eyeying CROX, YHOO, UWM (again), and UYG near the close. I opted to hold no positions over the weekend. We could bounce off of this retracement, but I'm seeing little reason to get long yet. UYG is very enticing, especially at its support $29.73. UYG may be entering a little consolidation between here and $29. The next support isn't until $27. But, I'm seeing little reason why this $29.73 support should hold. We have a failed move in financials and the indices-- and with failed moves come strong downward moves. I'm still electing to keep my trades intraday.

Have a great weekend.