Cutting Two Early Losers; Chess Moves

As you might imagine, I do not like the action in both natural gas and the biotechnology sector this morning, relative to the long and short positions I hold in each, respectively. Because my style is to religiously keep losses contained, I cut both positions here. I sold UGAZ in front of the natural gas inventory report at $8.68 from the $9.04 entry I posted yesterday. I also sold the BIS, ultra-shrot biotech ETF, at $43.86 from the $45.64 entry. Apart from that, the market is in bounce-back mode as many names are oversold. Still, I am suspect of the rally and of the bulls' chances to pull off another V-shape to new highs in the premier Nasdaq stocks.