Market overview for April 3

Relatively quiet day on Friday and I was a little biased to the short side. My first trade of the day was a long in SRS as it was about to break the 60 minute opening range. With the big run-up in REITS this week (and consequent SRS meltdown) my stop was unusually tight with SRS - only 50c. Needless to say, I got stopped out on the false breakout. I actually attempted to short it but could not find any shares on IB.

My next trade was a signal setup on the ES (and SPY) at around 11:00AM which I took with a short in SDS. I booked profits at 50c .

I attempted another long at SRS and only scalped 35c out of the trade - which was real lucky as this thing just TANKED (and I mean TANKED) in the afternoon. Something must be up with REITs as they have been aggressively accumulated lately. We'll find out.

I had another signal long ES at around 2:00PM but did not take it as I just sat back and watched the market - did not want to end the week on a losing note.

I am not sure what to expect for the coming week and I am not finding that many stocks to go long or short right now. While I believe that we are due for a pullback, we may very well have put in a bottom and started a new leg up - only time will tell. Earnings season is coming up and lots of news will surely determine which way we go. As usual, I'll follow my signals and go with the flow.

Good luck!