What to do with [[FSLR]]? I almost blew it out as it spiked higher at the open, but it quickly turned around once it could not hold yesterday’s highs. The stock looks great as a short, but something tells me it’s going higher.
[[FRE]] & [[FNM]] continue to suck wind, and should be watched closely by traders. The two stocks set the tone for the market, in my opinion.Tech is receiving a small bounce this morning. I’m partial to [[GOOG]] as earnings are next week. I also picked up some [[NVDA]] at the close yesterday, this is a longer term hold.
Oil looks strong this morning, yet half of the energy related names are trading lower. This should tell you something, and I plan to stay away from that space at the moment.
Honestly, I don’t feel like placing a single trade today. However, if I get the itch to buy something, it will most likely be [[CELG]].
If you enjoy the content at iBankCoin, please follow us on Twitter
As I’m sure you’ve already experienced FSLR could go up or down 10 or 20 points in a heartbeat. I thought the market open was weak and oil is holding, not screaming higher — if it was me I would wait and see, it may be a vastly different picture on FSLR by this afternoon.
Things seem ‘weird’ to me in the market maybe because summer volume is so spastic, anything could happen out there and I’m being very careful.
FSLR is rocking a 100 P/E, a PEG > 2, and a bearish chart formation with declining oil prices (hopefully). The only catalyst for this stock is if oil jumps again. ESLR has much better contracts in place and is through the bottom of a recent trading range. If ESLR can’t sustain itself FSLR won’t either. I own neither.
“Honestly, I don’t feel like placing a single trade today.”
I feel the same way – I am short right here and have no long positions beside gold but for some reason I am nervous here. This market is very weird right now and I think we could be up 300 points or down 300 points by the end of the day, but the problem is I have no idea which one.
Bulls are putting up a good fight so far. Think they’re gonna get their teeth kicked in?
mac, my gun-to-the-head guess is down 200 or 300 points by end of day. Who knows though? I never trust our friendly government not to intervene somehow or that CNBC won’t pump some ridiculous rumor to keep things afloat.
meanwhile….ELN is breaking out, as you noted yesterday or the day before…
Yep.
_
No one really does know – that’s the point. And for some reason I can see people coming in and buying this beaten down crap when the gov’t intervention comes, which makes no sense to me. When is the last time the government has gotten involved in something and actually made the situation better??
Once again, a washout would be the best thing that could happen IMHO, but Wall Street rarely gives us what we want.
all very true, Mac.
IN
SVNT, ONXX, CPST, SATC, and my favorite OFI!
WAYYYY too much bearishness. Like you can just go short anything here.
I’ve been banking coin on the long side all week. Did I mention OFI is over 8 again
This market is just waiting for some bad news.
Even though the markets are up, it feels like they are down it is so flat in most names.
CPST remounting the 50 day ma on Wachovia upgrade
a few Long plays: VRUS, SMTS
Matt,
You’re on the right track. I was a tad bit early on the biotechs Tuesday. Maybe my buys will be vindicated the rest of this week.