Blizzard morning stuff

So, market’s looked like they were gonna chill today as dealings are thin because of the world-ending blizzard. Instead, Bernanke springs some shit on us. Rates will eventually rise. Obviously. Tell me he didn’t get a call from the White House telling him to do that…Funcking pathetic.

Markets continue to bounce in the 1040-1100 trading range and as of the open was smack in the middle of the range. Perfectly in the middle. Now, the Bernanke comments are setting us back and the dollar is running hard to test its recent highs at DXY 80.60. Expect buy stops to hit above that number, sending the dollar higher. Everyone is waiting for the “engineered” dollar disaster, but with Europe imploding, the dollar fall is on hold and that is hurting stocks and commodities today.

But don’t expect too much damage in front of a flag-waving holiday. Markets observe President’s Day on Monday and have a tendency to run in front of holidays, so maybe we can stick near the mid-point of our trading range.

We added an oil play Oceaneering International [[OII]] yesterday and it was premature. Keep the 51 stop. We may buy more on today’s weakness and I still like the company and the stock.

Also recommended Telecom Corp of New Zealand (ADR) [[NZT]] which I think is right on the money. Bought just under 8 with a 7.50 stop and a 9+ target.

A quick review:

Goldman Sachs Group, Inc. [[GS]] bought @ 149 with a 147 stop, and a 175 target. We are up slightly.

Century Aluminum Company [[CENX]] bought twice @ 12.50 & 10.50. Average cost is 11.50. Keep a 9.50 stop and a 15.00 target. We are flat.

Kulicke and Soffa Industries Inc. [[KLIC]] bought @ 4.90. Set a 5.90 stop and a 7.50 target. New buyers should target 5.50 to buy. We are up big.

eBay Inc. [[EBAY]] shorted @ 24. Keep a 26 stop and an 18 target. We are up nicely.

The waters remain choppy, and the dollar is a problem for stocks and commodities. But I don’t expect we will breakout or breakdown from the trading range that is being established as we speak.

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