Daily Log and Journal 7/8/09

What I’m Reading:

• Bloomberg: China Stocks Set for Sizeable Correction
• Daily Options Report: Au Natural Gassed
• Oil Prices Where Will They go in the Second Half of 2009?
• Stock Markets Rolling Over: Investment Postcards
• Americas Fiscal Train Wreck: Investment Postcards
• Which Way Wednesday? Phil’s Stockworld
  

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Pre-market:

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A Portfolio Realignment today is in order.

Today I am doing some major housecleaning in my portfolio. The market is heavy, the political and economic environment are gloomy with talk of stock market regulations and protracted world wide recession. I don’t see anything but more down in the current month.

So I will be selling, taking book losses on most of my trading portfolio, going to cash, shorts, and very few long trades.

I am currently ahead of where I started back in mid-April, but just by a little. My future trading, until a change in strategy, will be strictly day or very short term trading. There will be no longs, There is just not an environment which supports long (or even mid-term) trading at this time.

Below are a few charts I’m considering, all but one are short, courtesy of WeeklyTA (by the way, I think he is one of the top chartists out there).

Following Charts Courtesy WeeklyTA, I’m considering as Shorts:

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. My one Long I’m looking at:

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