Quick Equity Thoughts…

Now that we have finished with confusing messages from the Fed week, we can move on and do some trading.  I am covering my SPX short with a 800bps loss.  The market will not turn down despite fund outflows, higher weekly claims, UPS pre neg, China GDP, earnings and guidance.  I am staying long VOL through earnings.  I will buy the QQQs today to increase net long SPX exposure to ~1700.  Maybe I am being fooled by the B wave, but who knows.  I will get some tailwind with the MS upgrade of NTAP this morning.  

I closed out my ERIC long with a profit because I did not like ADTN commentary on their call.  Other longs in play: C, MS, MSFT, FIO and INTC.  I wish GOLD had run up more as I would like to short as the USD is in a two year up channel.

As always, just random thoughts from my little corner of the world…

/wrk

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