Unless you have to trade we feel its best to stay out of the market here until mid next week. Cross winds from Jackson Hole to European politicians and more can easily move the tape in a random and choppy fashion…especially at the end of August.
We remain long Skullcandy (SKUL) for bucket 2 and should it head in our direction upwards we will look to add…as discussed yesterday.
Second, lest we get too excited about yesterday’s quarter over quarter GDP number in the U.S., it is down significantly from this Spring. Just something to keep in mind.