False Break

I'm frustrated by the lack of follow through on the FSLR breakdown. It hit my number and traded through it by a little but couldn't muster the giddy up to really get crushed. I do have a legitimate vision of a 20 to 50 point hit if we can do it on very strong volume. When I trade these situations it usually works for a nice pop. If you look at LEH however, it fully cooperated and I got "in front" of the $35 # I was looking for by about 30 cents. The volume was there and the bids just vaporized for a true break out to the downside. That's why tight stops are important in case it doesn't work out as planned. Maybe a $5 down day in oil will get me there on FSLR. I made about a point but not the visions of grandeur that I had hoped for,but tomorrow is another day. A couple of decent trades today were JRJC long and UYG short. The financials which I have been dead right on,mustered a rally into the close so we will have to see if it holds. S&P downgraded the group today and Asia kicked off the negative sentiment by announcing that their banks had experienced greater than expected losses do to U.S. sub prime. If you look at the XLF chart I posted Sunday you will see what I'm talking about. It should bounce but if it doesn't, it certainly won't bode well for stocks in general.

What do you guys think? Is solar oversold and ready to rip, or is sending a more serious message implying bad things to come? I'm in the middle.

Wednesday Morning Peek

Oil is down about $1.50 and it would be great for the market if this action could continue.It looks like the demand destruction theme is kicking in here. Solars could be in trouble here if this continues, so be careful. Was yesterday a dead cat bounce for the market or something more? It could have legs if oil behaves. I will get a mid day post out today but not this evening. A former hedge fund client of mine has hooked me up with front row tickets at Madison Square Garden tonight for the Eagles concert. Already Gone baby!!

I still like LEH under $35 for a short, it hit the number yesterday but bounced hard. JRJC looks interesting from the long side as well. Keep em tight.