I’m seeing amazing strength from the opening bell.
Tech is on fire from the morning lows, just take a look at the intraday charts:
Microsoft Corporation [[MSFT]] , VMware, Inc. [[VMW]] , Amazon.com, Inc. [[AMZN]] , Google Inc. [[GOOG]] .
Also, take a look at alternative energy:
First Solar, Inc. [[FSLR]] rallied over 20 points of it’s low. MEMC Electronic Materials, Inc. [[WFR]] had a great report and starting to gain traction– This sector is not dead. Now is a great time to build a position in a few names. Do you honestly think JA Solar Holdings Co., Ltd. (ADR) [[JASO]] is going to zero? The company has a great balance sheet and growing at an accelerated clip.
Now the question is do I want to buy after we rallied off our lows this morning? The answer is NO.
But, the world is not ending as some of these prices reflect.
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We are going lower. Relax.
WFR is on fire. I should have grabbed more pre market.
The big boys seem to really want in VMW, that one always goes up when things look ready to turn.
I’m looking hard at WFR myself, and thanks to you I’ve also been watching JASO.
Fly,
Agreed. Just noting some strength I see.
Note: JASO has a PEG ration of 0.15, not that it matters anyway.
But, still not buying anything.
Fly, I agree. Sheesh! These young guys get all excited and blow their loads at the first sign of beaver.
Scratch that.
Yeeaahh! We’re going higher, RC!
Need I remind all you gentelmen to buy the banks? I didn’t think so.
Thank you.
Damn, I was just reporting some strength I saw early on. Not once did I said go out and bet the house.
From now on I will only point out the negatives, as it seems like that’s the only thing people care about.
Ignore the Please to Buy
By Rev Shark
RealMoney.com Contributor
10/24/2008 12:47 PM EDT
As we contemplate this terrible market action, it is fascinating to see how many market professionals keep trying to earn their keep by suggesting new things to buy. They have had similar suggestions all the way down, and lower prices just make them even more shrill in telling us about all the stocks we should purchase.
One of the big problems with Wall Street is that you have all these people sitting around looking for something to do. “Our clients aren’t paying us to be in cash” they say. We have to always be doing something. After all, there is always a bull market somewhere.
Quite often, the hardest thing to do is nothing because Wall Street simply isn’t geared that way. Just think what the media would be like if they were all like me and simply said the trend is down, and we should be sitting in lots of cash. They sure wouldn’t get very good ratings after a while.
So we watch this market continue to struggle while Wall Street keeps on doing what it always does and continues to trot our more and more buying suggestions. The fact that 95% of them have been money losers lately is greeted with the traditional Wall Street response, “I’m in for the long term.”
Caveat emptor.
I am proposing a new TV show. “The Treasury Show” will showcase all kinds of stuff about the credit markets and fixed income products. Oh, and banks! How could we forget? Yeah, we’ll have that stuff on there too. Oh, and the ECB and the IMF news also. It will be mesmerizing and fun all in one. Ben, are you taking notes?
I think I’ll ask sexy Becky Quick to host.