..finger on...on/off switch

The Financial rattling continued predominately in the FNM/FRE/LEH, this led to the uptrend from July lows was busted up in the SPX, most notably.  So you'd think we're in deep trouble!.  Fortunately, this isn't necessarily the case in the immediate term as sometimes it's all about timing.  The time is late August and the dry volume allows for quick rallies especially at oversold levels we find the market in now and late August doesn't allow for gigantic drops (unless some horrible news slips in) as the big money is sidelined waiting to return in a few weeks.   Also, the great thing about trading day to day is you can sometimes find a silver lining or two.   Recently, it's been focusing on a few selective stocks and the case for this continued as our Journal morning notes on FSYS, AFAM led just nicely.  The other silver lining is we have an OFF/ON switch always ready to go at all times.  No matter how close the $CRX looks for a tumble as it plays with 800 again, we must give it the benefit of the doubt and appreciate it's move off 800 today.  The timing may be just right for the hard metals to make a move with the USD/Oil stabilizing after big moves.  We're not calling a bottom/top in anything, only that we should look for an opportunity to make some money off the coals, steels, E&P energy plays off our list.   Speaking of timing,  it's also seasonally/history right for things such as coal.  An important role of the daily Journal is a view into the next  trading day,  simply our eyes are back on the commods' for the next few trading days and we're ready to turn on the switch for a trade.   If the $CRX behaves right early Wednesday,  we won't waste too much time entering some positions spreading them around the 3 groups above.  Still, we are in a strict trading mode and we won't be blowing a fuse as in not taking profits generated/ or cutting a lagging/losing trade.   No fat fingers here with a broken uptrend. 

As we all know the stocks off our shadowlist can make big daily moves and this is what we are anticipating shortly.   The oil inventory number in the morning may just be the right catalyst for the $CRX and it's best to wait for it to come out.   It is possible we see strength in the commods' and the overall market at the same time.  This something we don't see often.