Just covered half my SPY short from the open at $141 and change. It was sweet but am taking massive hits to the momentum names.

We are getting a few giveups, but not enough for me to buy anything seriously. I mean Chipotle’s is down $13, but still $20 higer than my last sell when I was giddy for it. Restaurant stocks have been annihalated save McDonalds and Chipotle’s so they could easily drop 20 more percent.

Too much damage in the growth arena. GPS has been shot dead.

We have Search, Solar, Gold, Oil, Apple, Pets and selected biotech left standing. Every momentm guy is hiding out here.

Here are my tells…

Federal Express (FDX) and Goldman Sachs(GS). Federal express in the 60’s would be wonderful but I am going to start buying Monday for my kids and my fund.

Goldman back in the $180’s would make me cover the rest of my SPY trade of this morning.

Sitting on my hands until than. This is when you build THE list. The momentum shorts are going to have their day here and Monday at least. You have plenty of time to think.