Eagle for Kcap?

Yesterday we predicted the NASDAQ would pop to 2183 before resuming a little selling action. The NASDAQ did indeed pop and hit an intraday high of 2182.90. A reader complimented us saying "Tiger Woods couldn't have come closer". While we accept the compliment we are cognizant of the fact that good market calls are often followed by bad market calls. Therefore our senses and emotions are heightened so as to avoid any major blunders. At this point in time our definition of a major blunder would be to allow Mr. Market to shake us out of too many of our positions. So although we certainly lightened our exposure into today's strength from over 100% long to 75% net long, we are aware of the fact that we will need to endure a little pain before we reap further gain.

Today's volume was okay and the breadth turned positive by the close. The bombings in Jordan provided only a momentary shakeout which led to further dip buying. Small Caps and Semi's also showed resilience.

After the bell The Cisco (CSCO) Duck avoided a negative report that would have led us to alter our Bullish bias. The company met expectations and essentially guided inline.

HO HO Whole Foods (WFMI) was ahead of expectations, raised guidance, and is offering stock splits and special dividends to good little boys and girls. Despite this the stock has been all over the map in after-hours trading. Some people just don't know how to accept a gift.

If You Held A Taser To Our Head:
The market has begun a short-term pullback period that should last a few days. As long as the NASDAQ can hold above 2140-2150 the Bulls have firm control. We intend on buying back all of our positions recently sold over the next several days. In fact if you thought we were aggressively long over the past few weeks…you ain't seen nothing yet!

Hope you traded well.

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