Some people love to trade the opening tick. Personally, I hate it. At the open tick, morons flood the markets with rushed orders, causing wild swings in prices. If you must trade in the morning, try your luck at around 10am. By then, most of the overnight bullshit is digested and the market is defining its path for the day.
United States Steel Corporation [[X]] posted disappointing earnings. I am tempted to buy some down here. However, I’m already long POSCO (ADR) [[PKX]] and Nucor Corporation [[NUE]] . Plus anyway, I’m perfectly content bleeding out with a 12% cash position. I find no need to go “all in,” unless there was a real reason to do so. I’m not blind. I can fucking see the market trending lower. I will go “all in” if the market reverses to the upside with conviction or if The PPT‘s Overall Hybrid score dips below 2.30.
Everyone is bearish on China, all of a fucking sudden. On the China dip, I like Ctrip.com International, Ltd. (ADR) [[CTRP]] .
Let me make one thing abundantly clear: my patience is not infinite. Should things continue to go against me, I will get proactive and trade my way out of this tape. However, for now, I will stick to the game plan and treat this dip the way all assholes dip buyers treat declines: “buyable.”
Off of the Apple Inc. [[AAPL]] monster quarter, I like TEKELEC [[TKLC]] —major vendor for the at&t network. And, providing I get motivated, I might buy another at&t vendor: ADTRAN, Inc. [[ADTN]] .
Bottom line: This tape sucks; but I remain steadfast, not so much different than George Washington at the Battle of Trenton.
NOTE: I sold out of W.W. Grainger, Inc. [[GWW]] despite great earnings. The stock is down on great earnings and I hate that, so it’s gone.
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is this a repeat of April 1930?
Already traded SMH and KRE long side and done for awhile.
Homies look good for later as does a re-entry on KRE.
EEESSSHHHH!!! Market volatile like crazy…Down 30, up 30; No time to take my morning dumps….
I honestly thought today was a classic sell off day, given Obama state of the union address on Wednesday.
Then again, interesting development, the spot VIX is actually trading at a premium than the futures.
FIG
Just let the robotic monkey trading cyborgs do their thing.
And morons like me, throwing around mkt orders like pies filled with explosives.
>>This tape sucks; but I remain steadfast…<<
lol… Glad you’re suddenly such a fundamental investor!
If it isn’t MR SPIEGAL. Good day to you Sir. Might you stay for awhile and sip on a nice cup of warm blood? I made it fresh, especially for you and your kind.
Drained from your tampon, perchance?
that’s disgusting. You are a hideous man,
Two notes from US Steel reports: NUE seems to be gaining market share from X as per Bloomberg article.
“Shipments [of tubular steel] were largely driven by increased demand for alloy and heat treated seamless tubular products, due in part to the continuing development of shale natural gas resources.”
Tubular steel was their profitable segment this quarter, a turn around from the loss in quarters past. They do see tighter profit margins on tubular steel going forward due to production costs, but the players down the supply chain are ramping. I still maintain the Marcellus Shale players are going to be hot in 2010, especially if fracing legislation is passed.
NUE is good shit.
Town charge for garbage not for recyclables. I’m getting notices for trying to hide the cat droppings in those green bins.
“Down 30 up 30″…..what, thats not a massive swing, what happened to you guys. Wasn’t that long ago we were trading in 300-700 point swings in a day (inc overnight futures).
As the honorable gentlemen would say, man up!