Last week in one of my posts, I called the 12k level…
Last week in one of my columns, I called the 12k level on the DJIA a “pivot level” and that pivot level remains in play again today as we drop back below it in the early morning trading. The markets are down big across the board and the breadth today is strongly negative.
That said, we’re up on the day courtesy of our shorts in SLV (down nearly 4% on the day) and GLD (down nearly 2%) and our long in Riverbed, which is up nearly 3% in a counter-trend move against the broader markets. Yesterday, the stock was up similarly in the morning action, only to fade as the selling intensified in the afternoon. Here’s hoping I didn’t just jinx it again by writing about it (as my first boss on Wall Street, Andrew Lanyi the late great retail stock broker, would say “knock on wood” and would tap his forehead with his knuckles anytime he’d ever tell somebody that a stock he was long was up intraday).
I’ll be looking to buy on further weakness and will let you know what I do and when I do it.