How is the market only down 20 points? It feels like we are down 500.
Fly was right when he said, “stocks are for asshats.”
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Agreed. More mind-trickery by the indices.
Oh, look at DGX, doing very well.
Meanwhile, Edouard is about to bring some serious rain to my area.
Money in motion.
Hope you don’t get hit too hard by Edouard, Cajun.
Pretty frustrating today…Trying to trade before a Fed meeting is usually fruitless…BVX looks like it may be ready to pop. May take it with a fairly tight stop.
Anybody playing AMSC?
I am in all cash, and even I am exhausted watching this crap.
Rage — not sure if you saw this, regarding FWLT… my response.
__
Ragin’,
I was talking to a friend at work today precisely about that. HTF could the mkt be down only 20-30 pts? With the massive plunge we saw across the board in the commodities space (and the lack of strength elsewhere) we were left scratching our heads as to how the the mkt could be up or down just marginally throughout most of the day. Very strange.
As for CMED, I got out just after the open when the stock couldnt find traction. It wasnt just the tepid CMED tape that prompted me to dump, though. I was very disappointed with the company’s inline 2008 guidance and the penny miss on GAAP earnings. In this type of tape, a stock that wants to attract real buyers (and not get faded) needs to do a lot more than that. To be sure, the stock remains eggregiously cheap, but they blew their opportunity to change that today.
Shorts in TBSI, LNN and VMC (LNN I featured last Friday on my list of 4 hedge shorts posted on your blog space. TBSI I got from Jeff from optionsaddict and VMC was an earlier Fly idea) were what got me green. If it werent for Fed day tomorrow, I wouldve taken all three overnight, but in this wacky environment, one must protect gains. They tend to evaporate pretty quickly when not locked in.
Anyways, off to looking at charts. I might post something later tonight with ideas. Frankly, I must agree with Fly — the vicious sell-off across the board does strip the mkt of leadership and puts a big questionmark on our ability to rally at all now. The gameplan, whatever it happens to be, should include small position sizes and plenty of caution. This is a very dangerous, indecisive market we’re in right now.
-Phil
Just wanted to add a little note: I’m still leaning on the long-side in my bias. I just expect it to be a choppy journey up on the averages and most stocks.
Good luck, my friend.
-Phil