Monday, March 19, 2007

MARKET RECAP

We had a fairly big up day on all indices. However the volume was unimpressive and we were pretty range bound the last few hours, suggesting that there was plenty of distribution in process. I sold off a big portion of QLD, SSO, UWM, MVV and DDM positions while adding to QID, SDS, DXD, MZZ and TWM. I did not trade any of my individual stock positions.

Apart from some mergers and takeovers, there was not any significant market moving news out today. The M&A activity along with short term oversold conditions were the likely impetus for todays rally. Tomorrow will see some important economic data such as ICSC-UBS same store sales, housing starts and the red book.

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