At this point, we’re kinda feeling that we read the tea leaves fairly well.  We couldn’t lock on to what the market’s next move would be with strong confidence.  Apparently, that was the right take because here we are with most of the week in the books and the market itself has yet to decide what’s next.  We said we’d have to watch and we have but it’s been very boring stuff thus far.

JWN was our official bearish idea for the week and it is making a new recent low today.

HLT we mentioned in an update and it too is weak today but is still above yesterday’s low.

PFE was a bearish mention and it is down nearly the $1.50 we thought it could drop for modest profits.  It’s down over 3% today so far and approaching support level 1.

EIX is little changed on the week.

SNY is making a new recent low but isn’t down all that much.

At least we’ve gotten some drop and our “bears only” lean hasn’t hurt us.

This market is very dull and it is often said that one should never short a dull market.  Lower $260.00s support in the SPYs has held thus far and if that remains the case and they start blasting off from here, we’ll be fine with jumping on whatever bulls like primed at to move.  If support doesn’t hold, we’ll see if we can add some bearish names.

Until then, we’ll have to keep watching for signs of life…

Thanks,

Wayne