The market tone has altered so that early gains have faded away despite a turnaround and a mildly positive lead from Wall Street. I'm pleased with that because I'm short and trying to leave well enough alone. There have been no obvious opportunities to add to those positions and I've bought back a few shares here and there. There hasn't been a lot of movement anyway. BLD is hovering around 340 and yesterday I bought half back at around 338 as the stock bounced from the mid 330s again. LYC is also digesting the big fall from Wednesday afternoon and has had a minor bounce which appears to have run its course.
TOL came close to stopping me out by trading just below my stop at 480 but is now at 459. I don't think I wrote about IPL but I'm short at 341 and although the stock is at 328, it's unclear whether this is the bottom of a minor pullback or whether there's further weakness to come. I bought a third back at 327.5 average but I'm waiting for confirmation one way or the other.
What's encouraging me to hang in there with the bearish positions is that the overall market had a very fast 400 point plus rise so there's room for further falls. There is also the outside possibility that this move was a simple c wave and new lows are on the cards.
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