Market Holds Support For Now

The market is shaking off any bad news this morning and trying to make a little noise. I'm still a watcher and not a trader, but we'll see how the day shapes up.

7:50 am MT: I am watching the RTH (Retail), and TIF and AMZN. It's interesting to me that Retail is trying to make some noise today. In fact the anti-oils (Retail and Airlines) are making the biggest moves this morning.

8:00 am MT: I nibbled on TIF and AMZN calls. I am interested in BBY, but I don't want to get too loaded up in one area just yet.

8:30 am MT: I nibbled on some AA, VRSN, and AET calls. Except for a possible Energy and Commodity trade, I am positioned how I want to be in case the market bounces. Note that TIF has earnings in two days, so I am going to be out of those calls by tomorrow afternoon.

9:20 am MT: I stopped TIF for an .80 cent loss on half a position. The stock went from looking good to looking ugly pretty quick, and I don't have any time to mess with this trade with earnings coming up.

9:50 am MT: I picked up partial call positions on BHI and CLF, and I'm looking at getting one more Energy. After that, I'm probably done unless I see something extremely compelling.

11:30 am MT: I added small call positions on KLAC, RDC, and NE. Stick a fork in me, I'm done for now. Remember, I'm looking for quicker, shorter swings right now. So I want to be scaling out of many of these positions by tomorrow.

2:30 pm MT: Market Wrap: the Naz finished with a confirmed bounce today. I am targeting 2,500 - 2,505 as the first resistance, and then the previous peak from a week ago. Since the Naz was confirming, I decided to get small positions in RIMM and IBM to boost up my Tech exposure. Tech and Big Tech especially were, by far, the strongest areas today. However, Transports, and particularly Airlines were also very strong (although most stocks in those sectors are still in downtrends). I don't think the Dow can make a higher high, or even an equal high from here. It looks more likely that if the Dow does bounce, that the index runs into resistance in the 12,700 - 12,750 area.

8:45 pm MT: One last reminder, the Naz may be IT Bullish to Neutral, but the other indexes are more Neutral, and the Dow is sliding, even if it bounces. So keep your mindset straight, we are in a Short Swing Trade market right now, which means 1-3 days. I am planning on being out of part of my Energy calls before the Oil Inventory Report tomorrow. I'm also planning on scaling out of everything else as well, starting tomorrow. We'll see how this all shapes up.