Ok, now we have an unraveling of solar burrito stocks.
With big breakdowns in [[FSLR]], [[SOLF]], [[LDK]], [[CSUN]], [[STP]] and [[CMG]], it appears the bulls are losing faith in its rubbish.
However, much to my chagrin, Chinese stocks are somewhat bullet proof, bouncing in today’s queered out tape.
On the downside, we have breakdowns in energy and other basic resource names, such as [[RS]], [[SCHN]], [[BOOM]], [[CLF]], [[X]], [[HOC]], [[TSO]], [[VLO]] and [[SUN]].
The way I see it, we are due for an oversold bounce, but key leadership names have shit the bed. So, with that being said, I want to sell into this small spike and set up for the next leg down.
On the upside, [[NTRI]] is killing the shorts, alongside [[WBD]], [[MVIS]], [[GILD]], [[JWN]], [[STJ]], [[LLY]], [[MO]], [[NIHD]], [[SNE]], [[BG]], [[SHW]], [[CL]], [[HWAY]] and [[ABT]].
Finally, [[RIMM]] is touching down on $100. While it’s tempting to reload and buy some more RIMM here, for now, I will hold off—waiting to see how the general markets pans out. Plus anyway, “The Fly” is waiting for small Iranian boats to get nuclear bombed out the water.
NOTE: With oil breaking down [[DCR]] and [[DUG]] look great here.
NOTE II: [[CROX]] looks like a small bag of garbage.
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Man I got whipsawed this morning. I expected some back and forth but in a narrower range than this. The volume down at 10:20 was amazing and it looked like we might break down further. I took the head fake and got fucked trying to short aapl. Dammit.
Do not get greedy expecting the solar shit to break down all at once… use your resistance and support levels!
“small bag of garbage” – hahaha
I like your call on oil. If Texas Tea can’t get much traction with an incident in the Straight of Hormuz I guess it’s priced a little rich.
The Plunge Protection Team is worried:
http://tinyurl.com/287ft6
Fly sellin? Any commentary, much appreciated…
I ve told you BG was my favourite.
Guess what, La Niña is hitting South America, get prepared for another ag rally.
pud,
you’re exactly right. it’s dangerous to bet against the fed and us. treasury. come november, i suspect, recession will not be a topic of discussion.
Looks like we won’t get 48.70 for the cubes as an entry. You’ll have to be content w. 48.60, or 48.50, which is where it is right about now.
Feel free to hit RIMM hard at 102.25, too, should we get there.
Speaking of CROX o’ shite, where’s Frosty been?
Rather than go short oil …. why not go long DAL, AMR or NWA for both the reduction in fuel costs as well as the possibility of consolidation/merger?
Any thoughts???