The market is giving up early gains, with losses led by CRE names. People are just so damned nervous about commercial real estate, especially after HORRIBLE investors like Soros and Ross warned of “big crashes” in the industry. Why do people give those guys a second thought? I mean, they were good years ago, but suck moose testes now.
Within CRE, Developers Diversified Realty Corp. [[DDR]] , SL Green Realty Corp. [[SLG]] , The Macerich Company [[MAC]] and Simon Property Group, Inc [[SPG]] are getting hit.
On the bright side, precious metals are lifting off, partly thanks to dollar weakness. Within the precious metal, Compania de Minas Buenaventura SA (ADR) [[BVN]] , Gammon Gold, Inc. [[GRS]] and Yamana Gold Inc. (USA) [[AUY]] looks good to go. Additionally, Yamana Gold Inc. (USA) [[AUY]] is reporting earnings this week. Considering the recent run in gold, it will be next to impossible for Yamana to screw up the coming release.
Tech is real weak and financials are just sort of laying there, acting stupid. For the most part, the market is lacking leadership, which leaves it open to bear raids.
Whole drug retailers, like Express Scripts, Inc. [[ESRX]] , McKesson Corporation [[MCK]] and Medco Health Solutions Inc. [[MHS]] look great; but who cares? If we are entering a “niche” stock pickers market, it will be very hard for the masses to bank some coin.
My only purchase today was Ctrip.com International, Ltd. (ADR) [[CTRP]] , based upon China’s out of control stimulus. Looking out a few years, China is doomed, especially after their recent foray into loose lending standards, ala West Coast America. However, just like West Coast America, circa 2005-2006, China should do okay, over the next few years.
As I finish this post, the market has reversed and given back all of its gains. Absolutely horrible.
Even with this decline, I am not interested in giving up on the upside. However, for now, I will try to control my anger, via punching holes in the sheet rock and yelling at random people in the street.
More on this later.
Comments »