Fly on WallStreet

I want to clarify something.

I am not as bearish as you may think. I have far more assets deployed long than short. Furthermore, those positions will not be sold anytime soon-- they are long term.

Additionally, this week I bottom fished and bought cheap stock in CORS, VLO, DNA, CSWC, and VSTH. Also, I added to an existing position in GILD. So, understand, the market making new highs doesn't hurt me-- it helps. However, I am afraid of the momo buyers pushing this market too far, resulting in a steeper-than-needed decline in the market-- whenever the air is let out.

As for today, I am glad the market did not close at new highs. As a matter of fact, I think it would be fun to watch the cheerleaders on CNBC-- cheerlead for another month. Think Ground Hog Day (the movie).

Today's action was good, as semiconductors surged ahead by 1.4%. Conversely, energy stocks, after posting early gains, reversed down 0.2%-- as investor sentiment remains very bearish on the group.

I anticipate more of the same tomorrow, as managers put the finishing touches on their sales literature. As for next week, I expect a whirlwind of selling to hit high multliple tech's, sending the bulls frantically running for cover in a sea of red-- as the bears maul everything in sight and conquer Wall Street.

Yeah right!

The following stocks had notable upside moves:

GBVS, WBD, MCM, DYS, COSI, MECA, MTRX, CVCO, ALX, RMIX, RIN, HAN, XOHO, ACP, PWX, URRE, NGAS, PGS, EWST, EDNE, PYR, CMX, SCU, END, ARTW, DVSA, TIV, STP, TEC, ENER, TGC, MEK, CRIS, ONXX, NABI, MDV, NTMD, OSIP, LCBM, NFLD, INHX, NRPH, THLD, ABBI, FOXH, RGEN, DSCO, BCRX, APT, WGAT, ICCA, HSTM, EWEB, VSTY, EBAY, ELOY, MIVA, IGLD, HAUP, LQDT, CACS, CHDX, ZNH, CNTF, CBA, FTGX, SFNT, MTZ, AKAM, TIII, OPTC, RVBD, DIVX, PWER, INPH, DBRN, HOTT, SKS, IX, OLED, WEDX, CATS, CTCH, IGTE, HILL, CPCI, BOBJ, AMKR, RMTR, BRCM, EGLS, OVEN, OIIM, QSND, SANZ, STEC, PDSN, VIV, ATNI, CTEL, LCCI, SEED, NYX, CPII, OMRI, TRGT, CVLT, MXWL, ALGN, HIST, CBAK, RECN, ZILA, TALK, CORT, UQM, TRT, DDD, CAO, ACN, GMT, XNR, SRX, STM, VSH and RHI.

The following stocks had notable downside moves:

FACT, DIT, ASEI, CRDN, DRYS, RAIL, CFK, GGR, QTWW, MCEL, MXC, TMY, ENY, HOKU, BDSI, BBC, BMRN, IIIN, KOOL, GPRO, LONG, SRVY, TSCM, OSTK, WBMD, ITRA, ANSW, CNVR, NETL, ZHNE, TXCC, GLBC, TKO, GIGM, CIEND, AGR, CTRN, SANYY, TVIA, THQI, ASTSF, AEHR, ISON, VRGY, IOTN, BITS, HIMX, ASX, TAR, PGWC, SWIR, CWCO, CTCM, ATEC, PGTI, PRST, DLPX, KRSL, ZICA, XTLB, MKTY, INVX, NURO, AM, ILMN, NVTL, TSAI, AXO, KRY, EZM, IFX, POL, DOX and BGO.