I should have been watching the market, but instead I was watching golf today at the close. It was far more compelling entertainment as San Diego was front and center in the world today with Tiger Woods battling it out in an 18 hole playoff with ancient warrior Rocko Mediate. It went into extra holes, with Tiger simply outlasting the poor guy. I suppose Rocko wouldn’t have gone down in history as the greatest golfer ever win or lose, but you couldn’t help but root for the underdog.

The market has been rebounding the last couple of days after last week’s drubbing, and it’s setting up for me to get shorter, which is kind of what I was hoping for.

Had I been right on top of it last week, the NDX did hit my first target level for a nano second, and bounced. I would have sold had I been watching like a hawk, but I wasn’t and therefore missed the opportunity.

Here’s the chart:

As you can see, the NDX hit the 38.2% retracement level of 1907 and promptly bounced. I missed it, so I’m hoping for another chance.

My new target to get even shorter on this index is 1999- let’s just say 2000 to round it up. It’s the 61.8% extension of the correction, as shown on the chart. At that point, I will add to the position in either options of QID.

If it gaps up a little tomorrow, I’ll go in deeper and take my chances. A weak opening will have me on the sidelines until better opportunities appear.

In other news, there is literally nothing to report in microcap land. PNWIF has pulled back some, much to my disappointment. I’d really like to see it hold up over $4 to give it the best chance of getting a NASDAQ listing. I believe the Costco service has started and it’s going very well.

SPKL continues to languish between $.80 and $.90. No new buyers are surfacing, but there’s no real appetite to sell either. The company opened #40 last week, and more are coming in short order.

NIHK still remains on the quiet side. I haven’t heard from Doug Saathoff in some time despite my efforts to reach him, and TCGD remains in a clearance process with Homeland Security. EFSF is trading as if the direct response campaign is getting a slow start.
Lots of indications of interest for my microcap oil and gas idea- so I shooting for Thursday post close to give you guys the 411. It looks like a good speculation, especially at the current price.