Monday, May 4, 2009

TGT, RCII, IWM

I am sticking with my short TGT, IWM, long RCII trade.

IWM jumped up strong today, but seems to have rolled over. This position is currently a loser, but I will hold this one as long as we don't get a meaningful push with volume above 50. Speaking of which, volume is becoming anemic, which doesn't bode well for this rally continuing.

TGT keeps flirting with 41 and then falling back. It has closed above 41 once at 41.26, but I held on to the position. TGT crossed above 41 again this morning, but has fallen back again. The position is currently at a loss.

RCII is a winner so far. But in this market, anything long has been a winner. Today this one crossed above 19.50, but hasn't yet made the move to 20-21 that I am anticipating.