When “The Fly” was young, he always tried to apply the “figure four leg lock” on his friends, but had zero success. Frankly, I think wrestling was lying about that too. That shit doesn’t hurt.
Nonetheless, it sounds ominous and the bulls are in a tough spot today, with soft GDP numbers and weak employment data.
As you know, in an amazing twist of events, just yesterday “The Fly” aka “Senor Tropicana” was ready to throw in the towel—right at the top of the range. However, after a few shots of espresso and some “talking to” he regained his financial manhood and towed the line.
With regards to today’s trading:
Things look bleak, with massive losses in [[TMA]] and a variety of bank stocks—with notable exceptions to [[FNM]] and [[FRE]]. As you know, both Fannie and Freddie are operating flawlessly— combined losing more than 6 billion over the last 3 months. Well done.
Within the DOW, [[GM]], [[AIG]] and [[JPM]] are underperforming.
And, let’s not forget about my bagel dilemma, which seems to be affecting the shares of [[BAGL]].
On the bright side, energy stocks look ok, with nice gains in [[EOG]] and [[RRC]]. [[WNR]] posted a ridiculously bad set of numbers—giving new meaning to their ticker symbol annunciation.
Finally, shares of [[AAPL]] are on the rise, due to positive guidance at a Goldman Sachs conference yesterday. And, [[S]] is gapped lower on horrendous quarterly results and elimination of their stupid dividend.
All in all, it looks like a good day to be long [[GLD]], [[UDN]], [[SKF]] and [[SRS]].
NOTE: Go check out Gunners’ post on [[VNO]]. Great stuff.