Make It Take It

Knee deep in the hoopla
Sinking in your fight
Too many runaways
Eating up the night
--Jefferson Starship

After the markets traced out the bearish head and shoulders pattern and broke down, we've had a stiff rally that has retraced about 3/4 of the recent decline.

These are some whippy moves, to be sure. Since bottoming in sessions before the Independence Day holiday, major indexes have been up six sessions in a row. As in the past, however, this uptrend has lacked volume relative to the downtrends. Morever, the action feels a bit 'forced' to me. Unnatural.

Personally, I peeled out my small Exxon (XOM) position today, leaving a snivlet Microsoft still on the sheets. That may be for sale tomorrow, depending on how the market digests Intel's warm vibe post bell.

Could we scream higher from here? Sure, these are markets. But I've been long a touch of stock for a trade only and this trade is nearing completion.

Will likely look for an opportunity to lean short in sessions ahead.

position in MSFT