OK so we got some weakness with the market today.  Are we starting the leg down that most have been predicting since SPY 83 (oops!).  Was the news about back to school sales the catalyst?  China? Rising foreclosures?  The dollar?  Unemployment?  Government Debt?  Certainly the bears have a multitude of fundamental reasons to support their thesis for a downmove.  And now they also have some price action from today to support their position as well.  Or do they?

I am a short term trader.  I am not an investor.  Honestly I am not sure if we are headed lower now.  I am not sure if this is a great opportunity to buy into a pullback or the start of a downmove.  And I am not going to pretend that I do.   This is not my job.

I am aware of all the bad news.  I am well versed in all of the reasons we ought to trade lower.  It all makes for interesting weekend reading on my Blackberry when I am bored with my TV selections. And I stand ready to short if the market, the price action, shows me weakness.  And we saw some of that today.

Tomorrow absent new news (HPQ?) I will focus on health care.  I will trade UNH, CI, AIG, AET.  I will lean towards long health care stocks if the tape so confirms.

But I will also watch SPY 98.  Below this level and the market will signal perhaps another weak day. And I will have some shorts ready to go if this occurs.

So we will see.   The market offered excellent trading setups in AIG, AET, CI, UNH today.  And I made a few nice trades in AIG.  Might be short tomorrow might be long (“she loves me, she loves me not”).

Before the Open I tweeted:

tons of trading opp out there today. I am pumped…..Bellaabout 8 hours ago from web

Summer trading has not arrived.  So I will sit in my seat and be ready for a variety of possibilities. My vacation is 9/5 and not one minute before.  And until I am actually sitting on a beach, sipping a cold Corona, I will stand ready to pounce.

On a personal note I received an enormous influx of kind words about our Sunday show on StockTwits.  Thank you for watching.  Thank you for all of your kind remarks.  And we will do the best we an to share what the market has taught us with you.

Looking forward to the price action tomorrow.  Best of luck with your trading! Don’t forget to follow us on Twitter!