Boring stuff from the market today – It was like the bulls and the bears were scared to do anything with the trading session. Where we opened the day at is pretty much where we closed the day. Nothing exciting at all.
Today also demonstrated why it is still a very difficult market to short, and that is because of the entry prices. You get in after the the market opens, and then start shorting the market as it continues to drop during the morning part of the trading session, then you get squeezed in the afternoon when it decides to ramp in to the close.
And while the bulls manage to rally in the afternoon, they aren’t doing anything to improve the value of the overall market. Instead, it just recovers most of the losses, but still finishes in the red nonetheless.
Long Pennsylvania REIT (PEI)
Long Navient Corp. (NAVI)
Short AO Smith (AOS)
