The market showed signs of life today as the week grinded to a close. Our suspicion from yesterday that we were setting up for a move higher started to develop today albeit very subtle. We are encouraged with today’s leadership which was within the semiconductors and banks and the intraday reversals downward in gold and oils showed that investors are already contemplating a reshuffle back into technology, banks and other good leadership groups.

The trading gods have been on our side lately with a timely cover of our hedges yesterday and profit taking in our metal positions into today’s early morning pop. We also started to nibble some new positions including picking up a fair amount of Google (GOOG) into the close. Should Mr. Market want to party next week, we suspect he’ll want to do da cha cha with da Googster.

Despite this weeks sell off we were encouraged with the consolidation and feel good about the potential for coming new highs. Shark HQ will be working over time this weekend refining our shopping list and we encourage you to do the same. We aren’t issuing an ‘All In’ but we are counting our chips and getting ready to raise our bets. .

Have a great weekend.

Rev Shark