Thursday, September 28, 2006
I am not as bearish as you may think. I have far more assets deployed long than short. Furthermore, those positions will not be sold anytime soon-- they are long term.
Additionally, this week I bottom fished and bought cheap stock in CORS, VLO, DNA, CSWC, and VSTH. Also, I added to an existing position in GILD. So, understand, the market making new highs doesn't hurt me-- it helps. However, I am afraid of the momo buyers pushing this market too far, resulting in a steeper-than-needed decline in the market-- whenever the air is let out.
As for today, I am glad the market did not close at new highs. As a matter of fact, I think it would be fun to watch the cheerleaders on CNBC-- cheerlead for another month. Think Ground Hog Day (the movie).
Today's action was good, as semiconductors surged ahead by 1.4%. Conversely, energy stocks, after posting early gains, reversed down 0.2%-- as investor sentiment remains very bearish on the group.
I anticipate more of the same tomorrow, as managers put the finishing touches on their sales literature. As for next week, I expect a whirlwind of selling to hit high multliple tech's, sending the bulls frantically running for cover in a sea of red-- as the bears maul everything in sight and conquer Wall Street.
The following stocks had notable upside moves:
GBVS, WBD, MCM, DYS, COSI, MECA, MTRX, CVCO, ALX, RMIX, RIN, HAN, XOHO, ACP, PWX, URRE, NGAS, PGS, EWST, EDNE, PYR, CMX, SCU, END, ARTW, DVSA, TIV, STP, TEC, ENER, TGC, MEK, CRIS, ONXX, NABI, MDV, NTMD, OSIP, LCBM, NFLD, INHX, NRPH, THLD, ABBI, FOXH, RGEN, DSCO, BCRX, APT, WGAT, ICCA, HSTM, EWEB, VSTY, EBAY, ELOY, MIVA, IGLD, HAUP, LQDT, CACS, CHDX, ZNH, CNTF, CBA, FTGX, SFNT, MTZ, AKAM, TIII, OPTC, RVBD, DIVX, PWER, INPH, DBRN, HOTT, SKS, IX, OLED, WEDX, CATS, CTCH, IGTE, HILL, CPCI, BOBJ, AMKR, RMTR, BRCM, EGLS, OVEN, OIIM, QSND, SANZ, STEC, PDSN, VIV, ATNI, CTEL, LCCI, SEED, NYX, CPII, OMRI, TRGT, CVLT, MXWL, ALGN, HIST, CBAK, RECN, ZILA, TALK, CORT, UQM, TRT, DDD, CAO, ACN, GMT, XNR, SRX, STM, VSH and RHI.
The following stocks had notable downside moves:
FACT, DIT, ASEI, CRDN, DRYS, RAIL, CFK, GGR, QTWW, MCEL, MXC, TMY, ENY, HOKU, BDSI, BBC, BMRN, IIIN, KOOL, GPRO, LONG, SRVY, TSCM, OSTK, WBMD, ITRA, ANSW, CNVR, NETL, ZHNE, TXCC, GLBC, TKO, GIGM, CIEND, AGR, CTRN, SANYY, TVIA, THQI, ASTSF, AEHR, ISON, VRGY, IOTN, BITS, HIMX, ASX, TAR, PGWC, SWIR, CWCO, CTCM, ATEC, PGTI, PRST, DLPX, KRSL, ZICA, XTLB, MKTY, INVX, NURO, AM, ILMN, NVTL, TSAI, AXO, KRY, EZM, IFX, POL, DOX and BGO.
Shorts will cover and run tommarow and oil drops again.
RIMM is up 15% in after hours trading.
The major ups and downs in after hours trading seem to take place almost immediately.
Is this major institutional investors dumping large blocks all at once? Where do individual investors figure into this?
I see RHAT and think 'why me'? Then I see RIMM and think 'fuckers'.
I suggested buying RIMM last year at $61.
I have been buying the stock for two years.
I'll be fine with my VLO position.
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