Here is a mid day update, I have added very significantly into my shorts, this rally is driven mostly by short covering by weak hands. I do not believe it can sustain itself and continue to believe that oil will stabilize above 102. I am selling AAPL, as I believe it is up on hype, their CEO is dying, I feel terrible about it, but I believe it. I do not believe the new Ipad will sell as well. I believe the novelty will wear off. I am selling GS; I do not believe they can continue their record earnings run. I am shorting Costco. QCOM has had a great run but it is coming to an end. I am sorting KSS, as I believe the consumer is weaker than the market perceives. I am shorting LEN, as I believe that when the FED backs away from QE2 the homebuilders may have a problem. This was a space I was previously optimistic about. I am shorting ADP, as I believe the employment is still a problem and ADP is directly related. I am shorting Future because CNBC is so incredibly bullish that this is the most significant inverse indicator. Time will tell.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.