Fly on WallStreet

Today, the SOX, Homebuilders, Metals, Networkers, Biotech, Transports and Oil stocks were collectively destroyed.

Classic pullback.

The hottest market sectors move up and down like a convoy, shedding any sense of individuality. This, of course, is nothing new-- despite what Cramer's ETF conspiracy theories warn. It amazes me to hear seasoned vets blame hedge funds, ETF's or Bernanke for market declines.

The market goes down when sentiment is negative. Period.

Now, what sways sentiment is another subject. There are so many factors and variables that affect supply and demand that it is utterly foolish to disseminate simplistic explanations for market adjustments.

Nothing is fact, just theory.

So, is the market now going to knife lower, in order to fulfill the annual September drubbing?

Short answer: ? (I don't know)

All we can do is ensure our portfolio's are properly diversified or hedged. And, be smart about taking on new positions.

Try not to be wasteful with cash reserves.

As for my holdings:

PALM was the beneficiary of a positive research note from Merril. Good job Merril.

UPDATE: PALM just warned. Fuck You Merril.

VSTH sold off hard. I intend on buying more if it dives into the low 9's.

ACLI barely sold off. It is in bull mode.

My dice roll TXCC came up snake eyes, down more than 7%. Fuckers.

And, RACK blessed my holdings, knifing more than 6.5% (I am short RACK).

In all, I had a monster day (sorry). My holdings charged ahead by 3%-- putting my ytd returns at 28.3%.

NOTE: The one silver lining in today's trading was the stability in the banks (-0.18%).

The following stocks had notable upside moves:

EXAS, DTLK, PGWC, HAIN, VVUS, STSI, RDCM, CTIC, PZA, PTT, DDD, COR ,OZN, IMX, WEL, DNE, FRN, SLE, BECN, FLWE, LCBM, HYTM, NFLX, ICCA, LOOK, QPSA, ITRA, WWWW, LQDT, JUPM, GM, ONT, TRBM, WJCI, SNR, SMDI, CBOU, OLED, CTCH, DGIT, QSND, OVEN, PALM, COGO, SANZ, PDSN, LCRD, ITCD, TAR, MTE, OMRI and MA.

The following stocks had notable downside moves:

CACS, EPCT, LGBT, GHDX, RBAK, MSGI, KMAG, COOL, ORCH, FNSR, NURO, EGLT, IVAN, AEHR, WLV, SPC, IN, DRL, NKZ-WT, DHIL, CLMS, LAB, CORS, CASY, PNRA, JSDA, PTMK, ABV, COSI, CHB, TARR, SPF, AXR, MTH, LEV, WCI, WLT, HOV, CTX, RYL, BHS, TOA, EME, GVA, EXP, DHI, MHO, BZH, PHM, FLR, KBH, CTO, GCT, RMIX, CLB, JHX, FWLT, ASEI, PCR, TRN, CX, FLR, RIN, BHP, SWFT, GWR, QLTY, ODFL, EXM, DRYS, RAIL, GBX, REV, BBI, MOVI, ISWI, GMR, TK, SYNM, BQI, XNL, JOYG, PLLL, OXY, GEOI, SUN, ENG, VLO, PKD, STO, ABLE, MRO, IMO, EP, SU, COP, ANR, PTR, DWSN, ECA, BRY, GSF, UPL, USU, TSO, WRES, HOC, ATPG, USEY, QTWW, EPEX, DPTR, EOG, WHQ, DVN, GSX, GLBL, CAM, GDP, HAWK, BEXP, SII, FST, OII, BTJ, AMSC, ESLR, BDCO, HES, EAC, PTEN, ENER, ALJ, DK, LUFK, ACI, HNR, STGN, MAXY, BVX, NRPH, NSTK, ARNA, NPSP, AFFX, AVII, INTC, PCLN, TGLO, WSSI, TFSM, MIVA, ARTG, AMZN, WEBX, MCHX, ELNK, CNVR, XING, OCPI, ATCO, TXCC, TUTS, ZHNE, GLBC, TKO, TLAB, HLIT, FTGX, BKHM, LNOP, MRVC, RACK, MIKR, MSPD, AVCI, VSTH, NETL, JDSU, MRVL, BKRS, SCVL, TWTR, EVST, URBN, ZUMZ, CATS, TRID, PXLW, STX, RNOW, CRM, SWKS, TUNE, NVEC, CNXT, EMKR, AMD, ACTG, SLAB, ATHR, BRCM, KLIC, FORM, NVDA, VSEA, PMCS, IVAC, SIRF, BITS, TIVO, GRMN, LPL, NOK, WFR, ANAD, SNDK, SBAC, TWTC, GLDN, VIV, SURW, IDCC, KONG, TSU, AMX, CELL, EICU, VG, DXPE and PEIX