Should Have Been More Proactive

As we see MA breaking down and V sure to follow.

Sold the remaining stake in MA yesterday ($256.50) and sold V on the close ($79.45). Will look to buy both of them back much lower as they will be long term winners.

FCX has broken down with the rest of the metal and steel stocks and will be sold within the first half hour of today's trading - see downside to $90.

TRN has broken down completely and a stop is currently in at $32 - I would say that it is a long shot that the stock stays in the portfolio even though it will be a long term winner.

UNP - apparently we forgot about the stop mentioned on 6/16 at $74. New stop goes in at $70 as the rails are all broken now.

The energy stocks, while experiencing bad reversals yesterday, are still in tact. We will monitor upside momentum and adjust stops accordingly as the easy money has been made here.

Will add a number of new short positions - hopefully into a market bounce.

Short candidates are:

Financials (C, LEH, MER, BAC, more FNM, more FRE, AIG, BBT, STI, PNC, SCHW, OXPS)
Industrials (GM, CAT, DE)
Technology (WFR)
Casinos (LVS, PENN, MGM)
Retail (Everyone)