Still short SPY and TLT. Tighten stop on short SPY to $214.88.

We are still short 2 units each of SPY and TLT.  We have stayed short as we are not impressed with the rally action so far off of the recent lows of the last week.  We have been oversold and looking like we could rally, but so far the attempts have been feeble.  We are going to lower buy stops on the short SPY position to 214.88 which was todays high.  If this high gets taken out, we will probably experience a few days of rally and we will most probably revisit shorts at that point.
Mr. O’Brien has been calling for a rally for the last few days on his Daily Market Report, and we are keenly aware of this possibility.  So therefore we will tighten up our stops on the short SPY.
We are staying short the TLT and using a stop currently at $137.  Would like to see a few more days of action, before we lower stops closer.
EXEL, RARE, and CMRX have continued their strong outperformance to the upside.  These stocks look like they have much higher to go.
Have a good evening!

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