May 12

10:30 a.m. Covered SSRI for a loss of 3%. Not still broken out, but taking no risks as we may not be at our screen. NVS looking to break out. Lets see if it can do it.

1.10 a.m. NVS seemed to be failing at the 20week resistance. Bailed out at 39 for a 2.7% profit. We covered AMZN for a 2.5% profit. Quite a few sectors are red, but the volume, TICK, VIX truly suck. So other than our SPY short slivers which we regularly pick every 25+ points, we are not in the game. It is looking very likely now that we made a short term top on our May 11th cycle date. Our next cycle turn date is May 25th, which could be short term low. We still think there is another month or two left before an solid term top is made. What sectors will lead the next bout of buying? We don't know, there are extremely few setups we can see for buying now. We may have a "dead" market for sometime, probably designed to kill option traders.