Overnight notes before Options Expiration Week

Feeling better about those sells on Thursday. Going from 87% long to 75% cash in nine seconds could have been one of my best moves ytd or one of the dumbest. For the moment, we're looking lucky. Now we can just watch for opportunities both long and short.

Only three stocks hitting 52 week highs of note:

RTP - Casy's hi-ho Rio Tonto looks like its getting a buyout from BHP. It is the only stock on his list that's still rising.

ATLS - The difficulty of playing this is that "the line of least resistance for the QQQQ is downward". That is what the index chart is telling me. I usually do not want to initiate a new long that's going against the current short term trend of the corresponding index.

FXF - I should have taken my own advice on this one as I told everyone back in Sep that it was a buy at 84. Look at it now, its almost 91.

Now let's look at the one position that's sitting as a loss right now, SKF. I think we will have to get lucky to breakeven or even earn a profit. It will be news dependent since there are no brokers or major banks reporting for the quarter. I was depending on institutions with annual reports closing in November to dump their financial shares as they don't want to tell their shareholders they were dumb enough to hold financials.

Despite the setback, we still want to look for opportunities both long and short even though I'm coming up on my historical period where I do nothing in the final month of the calendar. I think it's because I don't want to do anything rash to ruin eleven months of gains. But it doesn't mean I shouldn't look, because one never knows when the market will throw us a dog bone in a literal sense. Remember, always play to win. When you play to not lose, you're going to get killed.