The market sold off hard and I was up a quick 10 grand. I violated my new years resolution attempt to be more careful and trade less. Sp's sold off fast, but the volume was really light. There doesn't seem to be any conviction by the bears or the bulls, nevertheless the put buyers this morning got burned and the volatility was sucked out of the market going into the afternoon. I suspect its going to take precise timing in order to make put purchases worth while. The crowd is going to be lulled into complaceny again or become more careful throwing on hedges.
I'm short appl because I think it is a prime candidate for a blowup. Everyone owns it. Everyone loves it. Price targets are around 130! The market cap would be higher than HP and the economy looks pretty suspect.
Trade less!!!!!!!!!!!!!!!!!!!!
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