Rainy Day

The rain came down on RC this morning as China Medical Technologies, Inc. (ADR) [[CMED]] disappointed, however I remain long.

My only bright spots today were found in my long position in UnitedHealth Group Inc. [[UNH]], and my DryShips Inc. [[DRYS]] short.

I also picked up Foster Wheeler Ltd. [[FWLT]] @ 50 and change, and kept my position in American Superconductor Corporation [[AMSC]] ahead of earnings.

It was another choppy day, and the big moves were found being short Energy and Ag. We now have a FED meeting to deal with, so be prepared for anything.

Via The Fly:

“Bottom line: This market is very tricky. Be careful not to bet big in any direction. The volatility reminds of a Pepsi can opener. You know that little metal thingy that pierces the can, allowing you to guzzle the bullshit liquids inside of it? Eventually, you keep moving the metal thingy back and forth it falls off.”

Note: Bring on the Tropical weather! (see map to find RC’s location)

Truth be told, I love hurricanes. I’m actually looking forward to a stormy night with Edouard. The finace and I will probably throw on a movie, order a pizza, and drink a bottle of wine. Good times.

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.”

After market close:

• Anadarko Petroleum Corporation APC
• Orient-Express Hotels OEH
• Rackable Systems, Inc. RACK

Tuesday:

• Allscripts MDRX
• AMSC AMSC
• Archer Daniels Midland Company ADM
• Bill Barrett Corporation BBG
• Blue Nile, Inc. NILE
• Cisco Systems CSCO
• Jack in the Box JBX
• James River Coal Company JRCC
• Priceline.com PCLN
• Procter & Gamble Company PG
• Ultra Petroleum Corp UPL

Wednesday:

• Agrium Inc. AGU
• Akeena Solar AKNS
• Clayton Williams Energy, Inc. CWEI
• Companhia Vale do Rio Doce (CVRD) RIO
• Devon Energy Corporation DVN
• Eagle Bulk Shipping Inc. EGLE
• FLOTEK INDS INC DEL FTK
• Foster Wheeler Ltd. FWLT
• Freddie Mac FRE
• Gerdau S.A. GGB
• Goodrich Petroleum GDP
• Holly HOC
• Polo Ralph Lauren Corporation RL
• SINA Corporation SINA
• T-3 Energy Services Inc. TTES
• TBS International Ltd TBSI
• Teekay Corporation TK
• Transocean Inc. RIG
• Yingli Green Energy Holding Co. Ltd. YGE

Thursday:

• Carrizo Oil & Gas, Inc. CRZO
• Crocs, Inc. CROX
• Hansen Natural HANS
• Toyota Motor Corporation TM

Looking over this list I see a few shippers reporting, so I will be careful with my DryShips Inc. [[DRYS]] short position. I also see [[RIG]] reporting and have no desire to short the name ahead of earnings. I also have to wonder if [[FWLT]] is dirt cheap, and if Deckers Outdoor Corporation [[DECK]] will follow the same path as [[CROX]].

Only time will tell.

I’m watching Transocean Inc. [[RIG]] melt away to an area of support @ $131.50. Below that I want to be short the name for a few points. Continue reading OIH Busted….

DryShips Inc. [[DRYS]] is on the cusp of a significant breakdown. The stock shows support @ 70, and that level was just breached. Keep an eye on it.

Note: The 50 MA and 200 MA formed a death cross

I will be out for the majority of the day tomorrow. Be sure to give iBC’s new blogger a warm welcome, he is one of my favorite traders.

Look for comments from Phil from Brazil, as I asked him to update the comment section with stocks he’s watching. Also, keep a watch on [[MEDX]] Medarex inc. & [[SQNM]] Sequenom, Inc.

Note: The S&P 500 printed a nice bear flag that could get nasty. Check Stewie’s blog for the chart.