One day before Bernanke shaves his beard on the market, stocks are ripping higher, with the notable exception of [[VMW]].
As you know, banks, homies and retailers have been leading the market, as crazy people deplete their checking accounts and “toss” them into egregiously bad sectors—for fun.
I must say, today’s durable goods numbers put a damper on the whole “we’re gonna die because we’re in a recession” thesis. Should we get strong employment numbers, later on this week, “The Fly” may have to “flip-flop” on you cowards and start buying stocks again.
Aside from the madness, I do like the refiners here, as they melt the fuck up. Right now, [[VLO]], [[TSO]], [[HOC]], [[WNR]] and [[ALJ]] have extreme momentum—thanks to VLO‘s kickass earnings report.
For a trade, take a look at [[DK]] for a sympathy bounce.
Within financials, finally, I found a stock worth buying: [[AIZ]], aside from [[CMO]].
In short, AIZ sells property insurance to banks who take possession of property, via foreclosure. So, as foreclosures rises, banks will be forced to buy property insurance, likely from AIZ.
A win-win for AIZ.
Finally, despite being tempted to average down on [[SKF]], I will wait until after tomorrow’s Fed meeting. There will be plenty of time to make money.”The Fly” finds no need to buy anything here, ahead of iBankCoin’s glorious “platinum party.”
UPDATE: I lied. I bought more SKF.If you enjoy the content at iBankCoin, please follow us on Twitter