Fly on WallStreet

Have a great weekend!

Spearheaded by good CPI numbers, the market was pulled higher, partly due to Homebuilders, Financials, and select Tech stocks.

Absent from today's rally were the semi's, down .04% on the day.

Just to recap what I "learned" on CNBC today:

- Oil is going down to "$45 bucks" and Natural Gas to $2.

- The OIH ($125.4) is going to $90. SWN and CHK are good shorts

- The consumer is-on-fucking-fire, buying all types of stuff from iPods to RAZR phones to Ford SUV's

- The Fed is done raising rates. Therefore, the market can ignore slower-than-expected growth and go MUCH higher.

(sarcasm off)

I firmly believe watching CNBC lowers my IQ. Next week, I am turning those fuckers off for good, in favor of the boring, but competent, folks at Bloomberg.

With regards to my holdings: I underperformed this week, +0.6%. However, I am still smoking Cramer (-1.5% on AAP) by 24 percentage points, bitch.

I took on new positions in VLO, NGAS and MZZ, while adding to my short in SIRF.

I covered 90% of my RACK short in the high 24's and will likely look to short more, above $28.

Finally, it is clear that just about everyone is bullish on the markets. Although, I believe the markets are set to top soon, I may buy some dips early next week-- so that I can feel cool and join the mindless bull-drummers at CNBC.

The following stocks had notable upside moves:

FMD, ICE, FACT, CBH, TWPG, CME, ISE, LEND, FCFS, JSDA, VPS, WBD, COT, PDA, LNY, MTH, HOV, NVR, CHB, KBH, BXG, JOE, IRBT, ASEI, RMIX, CLX, BYD, SYNM, DYN, XNL, LNG, STKL, NGS, AMSC, RTI, FNGC, DK, ASTM, STGN, STEM CCEL, ELN, ARNA, HYTM, PRZ, ORCC, ELNK, TSCM, BCSI, UTX, ADAM, ECLG, CNVR, QPSA, WZEN, BIDU, AUY, PCNTF, JRJC, CHDX, ZNH, JOBS, CAMD, LPTH, STLW, IIP, DVW, SILC, TKO, ATCO, LVLT, AANI, JAKK, BNG, CTRN, WTSLA, CBOU, ZUMZ, SCVL, TWTR, VLCM, NIS, TVIA, ECGI, ADBE, LNUX, MTIC, ADSK, ACTG, IBIS, MOSY, OIIM, UIS, SIMO, ACTS, CCOI, LTBG, LCCI, TKC, PHI, TAR, CLST, ARDI, VIP, CYDS, EXAS, LSCO, SWSI, SMTS, OMTR, QD, NGA, KAD, RWC, GGL, NYX, WLM, INT, DRL, BAP,ENSI, RBN,EGLT,MA, IRC and AVD.

The following stocks had notable downside moves:

NITE, DDRX, FFEX, CAV, DEVC, TARR, STRS, AMN, FWLT, CVTI, RAMS, RAIL, SWFT, WYNN, GEOI, MCF, PYR, GLBL, CPST, BTJ, DNE, FDG, DVSA, PRB, CFW, GPRE, NTMD, AVNR, STXS, GNBT, MBRX, GM, LTON, HSTM, ENTU, SNWL, FLWS, RATE, MAMA, NG, AMCC, RITT, VRSO, AVNX, SMDI, FTGX, ZHNE, TERN, TMWD, EVST, JDAS, PACW, TTWO, SEAC, SMSI, BOBJ, RMBS, SIMG, GNSS, MVIS, GEPT, DTLK, WDC, STEC, DSS, NTLI, PGWC, KONG, ALVR, PEG, BAS, TRGT, EICU, PNSN, MIND, TZOO, ROHI, QRCP, IAAC, ASTI, ANGN, HEPH, EGO, TRE, HH, ALY, F, AHG, DCX, PEG, HKF, ALV, FL, GT, GEG, VSH and AD.

Fuck you Cramer and your OIH to $90 call.

I bought 10,000 VLO @ $50.25.

I bought 2,000 shares of MZZ @ $71.05.

MZZ is double mid-cap short.

Ok, not to beat the guy up or anything, but he is now telling his readers to go out and buy the homebuilders, financials, tech and anything that goes in the house-- now.

What the fuck! This is the same guy who hated the homebuilders 25% lower.

Also, he thinks CHK and SWN are going way down and suggests shorting the stocks.

As many of you know, I used to blog Cramer. I will tell you, he hasn't been this giddy since the May 11th top.

You figure it out.

Fucking Homebuilders up another 3.5%.

Did anyone see this coming?

It goes to show, following the herd would have kept you out of the sector or worse; you could have been short. Instead, if you took down some big positions in Wall Street's most hated sector-- you could have made a cool 25%-- inside a month.

Today, we received good CPI data-- and the markets have responded by sending the Financials, Homebuilders and Tech stocks higher.

Even though the markets have run without me, I am still up on my short positions. Go figure.

I'll say it again, the bull rally is exhausted. Be careful of a blow off top, followed by a classic Sept-Oct correction (500-600 Dow points).

As far as the financials are concered: Many of them look extended. However, I will continue to buy CORS-- it is ridiculously cheap.

Financials represent 20% of my model portfolio.

NOTE: SIRF is getting eaten alive by the sharks today:)

The following financial stocks are showing some mojo:

FMD +12%
ICE +8.4%
TWPG +4.8%
CBH +4.3%
LEND +3.6%
CME +3%
BOT +2.8%
ISE +2.6%
SDA +2.4%

Is the market being pulled up by underperforming hedge fund managers, who are plowing into tech-- prior to the end of the third qt. ?

Or, is it because oil/nat gas is going lower, leaving the consumer with a few extra dollars to buy 52 inch flat screen tv's ?

Either way, tech stocks are on fire and show little sign of letting up. Stubbornly, I refuse to follow the herd and have resisted buying into this rally. Additionally, I do not believe oil has too much downside. Hence, my position in VLO.

My thoughts on oil is simple: If oil goes down, it will be due to a weak economy. In a weak economy, tech stocks suck stones. Therefore, buying oil (to a certain extent) should be an effective hedge versus my bearish stance on tech.

Only time will tell if I am right.

By the way, today's gains were led by the Airlines, Brokers and Chemicals.

NOTE: Barry points to seasonal weakness for September quadruple witching days.

The following stocks had notable upside moves:

GHL, BFF, SOV, DDRX, HANS, PPC, TSN, CAV, MTRX, COSI, IRBT, RIN, WOS, REV, GEOI, XNL, ABLE, GPRE, BMD, ITRI, CRIS, CTIC, NFLD, EMIS, YMI, ASTM, ACAM, LCBM, THLD, COOL CUTR, BLUD, RNVS, DSCO, GNBT, ORCC, GOAM, ALOY, ICCA, WSSI, DD, ANSW, CNVR, QPSA, HAUP, CACS, ATCO, LVLT, CIEN, TKO, STLW, SNR, GLBC, AKAM, LNOP, AGR, APAT, PWAV, FNSR, HLIT, NWK, WJCI, EGHT, GEX, MRVL, BNG, HOTT, GFME, APN, DIOD, PLNR, TRID, ZRAN, CATS, STX, RNOW, MWY, SWKS, ATVI, VTSS, ASTSF, PLAY, IDTI, UCTT, AXTI, VRGY, ONNN, OIIM, XMSR, IVAC, LCRD, XING, IIT, HCO, NURO, TWLL, CBRX, KNDL, FCSE, SIMC, QMED, QUIK, TMTA, ISIG, IRIS, ZRBA, UPI, CBJ, CTT, RWC, MEH, SGN, BRR, HW, DRL, TV, GGC, SIX and GYI.

The following stocks had notable downside moves:

FIZ, RAH, TOA, JOE, CLB, UTIW, ODFL, RAIL, PACR, PWX, UPL, WRES, DECT, NGAS, JOYG, LNG, CFK, PLLL, BUCY, ATPG, GSX, TXCO, PTR, OMNI, GMXR, DPTR, SWN, QTWW, TRGL, EPEX, WHQ, CPST, BRNC, CNX, BTJ, BJS, BHI, PTEN, ACI, HOKU, ALJ, FTO, BBG, STGN, BIVN, BDSI, IPSU, PEIX, RTI, NTO, FCX, TIE, AL, MDRX, ARNA, VSTA, PRZ, BA, LTON, WWWW, MAMA, SA, VGZ, PAAS, KGC, HL, ABX, AU, NEM, TOMO, PACW, SILC, DPW, CCBL, DBRN, EZPW, CRI, TWTR, NIS, SANYY, BOBJ, LNUX, JDAS, AEHR, LSCC, EMKR, ESST, ACTG, FORM, TUNE, MFLX, COGO, OVEN, DISH, XRTX, ANAD, TWTC, VIV, TAR, VG, MDLK, NOIZ, EPG, OMRI, INWK, DXPE, AMGI, FNET, ADAT, PGWC, ALTH, JRCC, TPO, TRE, GRB, IAG, HVT, SLW, THE, CNX, KWK, MDG and TNT.

Fuck you Mr. Natural Gas pit trader.

When natty dipped below $5, I was going to cut my losses on NGAS, -4.5% for the day. If natty gets too cheap, it will force producers to "shut in" production and leave the drillers high and dry.

Basically, cheap natty will wreck the energy complex. My sources at big oil tell me that they will continue to drill, providing natty remained above $3.50.

Bottom line: I will hold my NGAS because the doom and gloom scenario is so obvious-- I don't believe it will happen.

Numbers cut on SIRF from Stanford Group.

Here is an excerpt of the report:

SIRF: Insights from Meetings with Management;
Easing Off Q406 But Encouraged by 2007 Prospects

· After hosting meetings with management, we are increasingly confident in our Q306 estimates, but trimming our aggressive Q406 estimates. We reiterate our BUY rating based on 2007 prospects for wireless and PND growth.

· Confident in Q3, but trimming Q4 estimates. After attending meetings with management, our confidence in Q306 PND growth from TomTom, MiTAC and others in Q3 has increased as TomTom continues to sole-source SIRF and gain share, MiTAC has boosted its sales goals for the year and worked off excess SIRF inventory, and GRMN continues its migration towards SIRF. However, we are trimming our prior $70.4 mil revenue est. for Q4 to $68.5 (consensus) as PND and consumer shipments will likely peak in Q3, not in Q4. Thus our Q406 EPS estimate drops a penny to $0.21 from $0.22. We think Q406 consensus of $0.24 is too high, and will likely adjust downward with guidance in the October conference call. We would encourage investors to take an opportunistic approach by increasing exposure after Q306 earnings are announced and new guidance is given.

· We remain highly encouraged by 2007 prospects. We believe there are number of catalysts for 2007, such as: 1) at least one major U.S. or European wireless service provider rolling out SIRF GPS and LBS (Cingular, T-Mobile, Deutsche Telekom or Vodaphone), PND market growth of 50%-70%+, a new shrink/enhanced SiRFstar III release, On*Star proliferates all GM models through calendar 2007 and possible
2H07 DVB-H revenue. Wireless design wins have increased to 50-60, from 40-50 to months ago. We think top line revenue can grow 30% or better while pretax income grows significantly faster in 2007 as SG&A likely falls from 12.5% of sales to 10.7% of sales. Depending on when another major wireless GPS roll-out is announced, we believe 2007 consensus revenue estimates ($303 mil) could be too. Our estimate is
$311 mil.

· Reiterate BUY rating and $32 price target. Although we are trimming Q407 estimates, we continue to rate shares BUY based the company’s 2007-2008 growth potential. Our $32 target is based on 32x our CY07 EPS estimate of $1.01, and we would note that shares traded as high as 43x when prospects for wireless growth were believed to be near term.

I bought VLO too soon. The fuckers over at the natty pits are drilling the price to new lows, now under $5. As a result, everything energy related is getting the old battleaxe to the head.

I will likely buy more VLO under $50.

Fuckers.

Not to sound like a broken record, but I feel buying tech now is equal to throwing money into a bonfire.

Before the market takes off again, it has to consolidate or go down. That's what markets do.

Also, if the premise of this rally was based upon cheap oil (laugher), well, then many will be disappointed when it trades back to $70. What to do with retail?

Unfortunately, the "goldilocks" economy doesn't exist-- it never has. That's a bunch of bunk made up by the hacks on tv. Our economy is great, but it will have periods of downturn. Furthermore, when the economy starts to slow, as it is now, stocks will go down because earnings will be less.

It really is that simple.

Yesterday, Cramer highlighted LVLT as the best way to play YouTube. I disagree.

As I mentioned earlier, the best way to play YouTube is Limelight. Unfortunately, they are private. However, the following stocks service Limelight and will inevitably benefit from the YouTube phenomenon:

AVCI
MRVC
GLBC
EQIX
FDRY
ADBE

Also, VSTH online advertising department (video ads) may have a shot at getting YouTube as a client. If they do, watch out.

NOTE: Cramer, by calling a top in HANS @ $26-ish, actually called a bottom. The stock is-on-fire. Also, SIRF is breaking down. Thank God.

The following networkers are showing some mojo:

STLW +11.5%
ATCO +6.2%
SNR +5%
APAT +4.9%
LVLT +4.1%
ORCT +4%
AKAM +2.3%

Today was, yet again, another excellent day for the bulls. There was broad strength, particularly in the Brokers, Trannies, Metals and Internet stocks.

I, for ridiculous seasonality reasons, remain bearish on the market and have paid dearly for idiotic short sales in SIRF. Even though I am hardly down on the position, opportunity cost has hurt me.

Additionally, I refuse to believe oil will tank to $50 and the consumer will be emboldened by "cheap gas." I find such theories misleading and frankly fucking ludicrous. The only direct beneficiary of "cheaper gas," in my zip-fast research, is PTRY.

Also, I decided to take down a decent size position in VLO and a minor position in NGAS. Reason being: Cramer is always wrong on oil. And, the fairly minded men at OPEC will not let oil dip too far.

The following stocks had notable upside moves:

BLK, LEND, CLMS, JEF, LM, TWPG, LAZ, GHL, AB, DDRX, WBD, CASY, HANS, LNY, FFEX, IMKTA, EAT, HXM, AHM, ASEI, RMIX, AMN, FLDR, HAN, BDK, IRBT, IMCL, BBI, GBX, EXPD, UTIW, DRYS, EAGL, CSX, RIV, NTG, PLLL, BQI, HOS, GGR, GEOI, UPL, CCJ, DWSN, ARD, HOC, QTWW, MPET, GMXR, GSX, GDP, EPEX, XTXI, GLBL, DRQ, TXCO, RIG, BSIC, ICOC, BDCO, BTJ, EGY, BRNC, DNE, FDG, DO, HP, NOV, ARTW, PEIX, MGPI, AVR, AG, RTI, TIE, BVN, ATI, STLD, ZEUS, ENER, HOKU, AOOR, TGC, ACI, BTU, DK, BMD, INSU, FUEL, PRB, DSTI, MIND, CTIC, BVX, STGN, NRPH, CERS, ISIS, ISRG, MYOG, TRCA, STXS, CPHD, DSCO, BA, RATE, ELOY, NILE, DIET, EDGR, EWEB, KNOT, IPAS, GROW, MAMA, ANSW, BIDU, GOOG, LQDT, ADAM, BRCD, NWK, VWPT, AVCI, TRBM, XING, CHU, ATCO, AIRN, NTGR, RCNI, EXFO, SNR, BKHM, IIP, DVW, GIGM, FNSR, LPTH, TLAB, JNPR, KEYW, GGBM, AVNX, FTGX, SCMR, BEBE, FRED, JWN, BKRS, FORD, TWTR, JCG, URBN, JAH, APN, SANYY, CONN, ECGI, BOBJ, ININ, RHAT, TTWO, THQI, RMTR, AMKR, VTSS, SLAB, GFX, COGO, UCTT, CAMT,WFR, SUPX, SMI, SIMO, SANZ, DTLK, STEC, LCRD, LSI, CCOI, TNE, DECC, CTEL, WTHN, CTLM, SWIR, TRC, EPG, ESPD, OXPS, EICU, CBEY, BWTR, INWK, RFIL, YAKC, SWHC, ANGN, UPI, BVX, UQM, EDU, PLL WLM, TPX, GPN, FCL, USG and GRB.

The following stocks had notable downside moves:

NKZ-WT, KB, NMR, WLT, CHCI, CRFT, LVS, WYNN, ENG, DECT, KFX, ENY, FPP, WAG, THLD, ABBI, BDSI, BBC, SVA, MRK, WGAT, CTRP, ICCA, RNWK, IKAN, ONT, NETL, SMDI, XXIA, ZHNE, PIR, HOTT, SFP, CBOU, KUB, ATAR, CTCH, SGTL, MFLX, MVIS, GEPT, SYNA, MU, TAR, RRI, ZZ, NGS, NSCC, NURO, OSCI, CRME, DDSS, PLC, ICO, NTY, BRC, WMG, EK, SMG, BSX and HCN.

Fuck you Merril Lynch. And, double fuck you PALM.

I bought 1,000 CORS @ $21.36.

I bought 10,000 NGAS @ $7.71.

UPDATE: I bought 20,000 NGAS @$7.75.

I bought 10,000 shares of VLO @ $52.34.

UPDATE: I bought 10,000 shares of VLO @ $52.45.

UPDATE II: I bought 1,000 VLO @ $52.42

Apparently, TD8 may become a major hurricane, en route Eastern Coast U.S.

My watch list includes:

VLO, TSO, DK, NGAS, CEO, SU and USO.

UPDATE: I am aware that there are no oil rigs on the east coast, U.S. It is very early to make predictions, as to whether TD8 will head towards the Gulf. I know that. However, its worth noting, the "hurricane season" is starting to heat up again.

via EETimes:

SAN JOSE, Calif. — While the outlook for semiconductors has improved for 2007, capital spending is expected to fall next year, warned an analyst.

Worldwide capital spending in the industry was $42 billion in 2005, down 8.5 percent from 2004, according to Semico Research Corp.

In 2006, capital spending is expected to hit $51 billion, up 21.1 percent from 2005, said Joanne Itow, an analyst with Semico. But in 2007, capital spending is expected to drop by 13.5 percent to $44 billion, Itow said during a recent presentation.

Barry expresses his thoughts on the markets. Apparently, he and I share the same bear cave. However, I would imagine he has a nicer one-- with flat screen tv's and temperpedic mattress'.

Hey, guess what: The price of oil isn't going straight down to $10. It's up today!

Just yesterday, it was common knowledge (via CNBC of course) that oil was never going to hurt the consumer again. Never!

I got so excited about "cheap gas" ($2.79) that I bought a new Treo, iPod, HP computer and a plasma TV, all courtesy of Mastercard. (sarcasm off)

Seriously, I have no patience for the "guru's" on CNBC and often turn them off, in favor of Bloomberg.

As far as the market is concerned, its a mixed picture. We are seeing strength across the board, but its fading.

I want to remain focused on the semi's, since it usually dictates the overall direction of the major indices.

UPDATE: Oil is down again. I am going out to celebrate by purchasing a new SUV.

UPDATE II: Oh no, oil is up again. I am going to return my SUV.

The following semi's are showing some mojo:

INTT +7.4%
NVEC +2.9%
WFR +4.5%
DSTI +4.1%
RMBS +3.5%
UCTT +2.8%
FORM +2.6%
ATHR +2.2%

The following semi's are showing absolutely no mojo:

DIOD -3.6%
MU -2.6%
TXN -2.6%
MRVL -2.6%
KLIC -2.5%
MSCC -2%
COHU -2%
BRCM -1.1%

As you can see, I added to my short position at the end of the day, because after looking for a long-- nothing looked right.

First, I was going to load up on CTXS, but it ran away. Then CREE, then TRID, then IVAC, then I said "fuck it." I hate chasing stocks.

Despite what the old seahags say at Chico's, the consumer seems to have been approved for one more credit card and she is gonna use it to the max, ala BBY.

Oh, by the way, Jimmy Options is off his fucking rocker today. This time its a conspiracy to bring down IR.

NOTE: The Homebuilders were up 6.1% today. CORS may be worth a look if this uptrend continues.

The following stocks had notable upside moves:
(will be less since everything was up big)

CLMS, NFI, COF, PNRA, HANS, COSI, PTRY, RYL, AXR, BHS, BLDR, MTH, CHCI, KBH, HOV, MHO, PHM, BZH, CBG, JOE, RMID, EXPD, LSTR, GBX, IVAN, GGR, JDO, GPRE, KFX, HOKU, IIIN, BOOM, RAD, STGN, ACAM, BDSI, NRPH, THLD, PSYS, HYTM, STXS, MBRX, OSTK, WGAT, MIVA, TSCM, SFE, IPAS, HD, GM MCD, LQDT, CNVR, QPSA, MRVC, GLBC, CIEN, AVNX, PWAV, TLAB, BKHM, FFIV, MRVL, MIKR, CCBL, RACK, NETL, TRBM, BBY, CTRN, CC, JAKK, UARM, COH, URBN, ZUMZ, JCG, VLCM, NDN, TRID, CTCH, MWY, ATAR, RNOW, LRCX, GNSS, RTEC, SIMG, MOSY, BRCM, NGPS, HURC, ISON, TER, SFUN, KOMG, VIV, UTSI, ARDI, LUNA, OMRI, CBRX, FORM, FNET, HAYZ, OPSW, VRGY, TSYS, LAVA, RWC, SIM, HMX, ITP, AHG, PRM, LSS, CQB and MNC.

The following stocks had notable downside moves:

KR, STRS, ABLE, XNL, ENG, GEOI, CNR, OMNI, WHQ, SNSA, ABP, TGC, AOOR, DSTI, ARTW, ADM, NTO, YMI, TRCA, MED, RGEN, DIET, EDGR, ADAM, EURO, ANSW, OCCF, LTRX, RITT, SILC, GIGM, HILL, NVEC, IRSN, HYC, MVIS, IMX, CTEL, INWK, BHIP, IAAC, NMHC, NXXI, ACPW, ANGN, AIM, TTP, NTO, TRE, BFT, SLW and WNR.

I sold short 30,000 SIRF, between $26.60-26.80.

I must admit: As this market breaks-the-fuck-out, I feel incredibly stupid for holding cash and shorts.

Don't get me wrong, I own stocks like PTRY, BBY, AAPL, RIMM and a dozen others, but it hurts "missing out" on easy money.

This, my friends, is as easy as it gets.

We are seeing monster moves in everything growth-- 3-10% gains. I suppose the million dollar question is: Will it last?

Well, my technician says we could see another 250 points in the DOW and 150 in the NASDAQ. However, right now, the Nazz is butting up against minor resistance, at 2,200.

If you are a bear and refuse to cover your shorts, it may be a good idea to open some longs to hedge your positions. This market is driving the skeptics banana's and will probably draw neutral cash into the market, as investors fear "missing out."

Although, I disagree with the premise of this rally, I may open up some additional longs, so that I don't "miss out."

Has anyone else noticed ORCL?

The stock is quietly on fire, making new 52 week high's. Amazing.

So far, the market looks great today. We got a few upgrades in the semi's and a few downgrades in the oils. Despite energy stocks being up today, it appears the "rotation" into tech continues. If I wasn't so convinced of a September decline, I'd probably be buying stock-- hand over fist right now.

Anyway, today we have a broad rally, spearheaded by tech. We are getting fantastic percentage moves in the semi's and select software stocks.

I must concede, so far, the bulls are sticking it to the bears-- big time.

The following software stocks are showing some mojo:

RNOW +3.9%
CPCI +3.7%
MWY +3%
BOBJ +2.8%
NWRE +2.3%
CTXS +2.3%
CRM +2.2%
INFY +2.2%
IWOV +2.2%
WIND +1.9%

The market was strong today, led by gains in semiconductor and retail stocks. Energy stocks were down, as the underlying commodities continue to soften. I am waiting for the liquidation of certain hedge funds, as MANY of them are getting obliterated due to the decline in oil. Furthermore, its worth speculating what stocks these funds may have to unwind, before the end of the third quarter.

Keep an eye on that.

I am still letting seasonality dictate my investment philosophy. Hence, I am short the semi's and will continue to add to my shorts, until I get my breakdown.

I do not subscribe to simplistic theories, such as: "Well, oil is down-- so the money in oil has to go somewhere-- buy tech."

That's how you lose a bundle in the market.

We are nearing the end of the third quarter-- think earnings warnings.

NOTE: TXN gave benign guidance after the close.

The following stocks had notable upside moves:

PLCC, ROX, DRI, WFMI, SPTN, YUM, PTRY, WCI, LEV, EAGL, SWFT, EXPD, ODFL, WERN, ARTW, AEN, NSS, RAD, STGN, YMI, EVVV, ACAD, NTRI, AET, AFFX, CNU, RTSX, DSCO, LTON, EWEB, HSTM, OSTK, HD, ECLG, ATCO, GIGM, CHDX, ZNH, NT, AKAM, AIRN, FTGX, AGR, LVLT, GLBC, ORCT, ADCT, PWER, AV, AVCI, NETL, VSTH, UARM, MWRK, BBBY, AZO, RAD, ODP, BBY, CC, ZUMZ, CACH, DECK, TTWO, FSL, HILL, DRIV, RNOW, CTXS, TUNE, ISIL, ATHR, MU, CREE, PLAY, SMTC, MVIS, COGO, BITS, MFLX, SPSN, HIMX, LCRD, IOM, BCE, TU, TAR, CTCO, FTE, DT, MDLK, TSU, JOE, QI, BWTR, EGLT, NSTR, CBEY, MA, EVR, CPII, ANGN, HAYZ, SCON, FNET, MFRI, ROHI, AEHR, IRN, ANX, SCT, GRA, HDL, and NWL.

The following stocks had notable downside moves:

SDA, NKZ-WT, WBD, PDA, PPC, HANS, CASA, CHCI, MTRX, BHP, TEX, CLB, MLI, RMIX, HC, RIN, PCR, GBX, DRYS, RAMS, EXM, BUCY, BQI, PLLL, GEOI, ARDI, NGS, SU, PGS, CCJ, CFK, OMNI, BEXP, AEZ, CRED, GDP, QTWW, NEU, BTJ, PDRT, BDCO, EGY, DRQ, TRGL, KFX, DVSA, BRNC, AOOR, BMD, FPP, DK, TGC, ENY, ACI, LUFK, PQ, ERS, NTO, TIE, PD, FCX, NUE, PCU, AAUK, STLD, AL, BOOM, DNA, ISIS, BIVN, PPHM, LEXG, AA, XOM, TSCM, GOAM, ITRA, CNVR, SA, VGZ, HL, KGC, GG, AU, PAAS, ABX, NEM, AUY, GROW, RBAK, VWPT, GGBM, TKO, BWNG, LPTH, OLED, ZRAN, DSTI, IRSN, EMKR, NEXT, GEPT, HYC, HURC, AATI, VG, GRRF, MTE, YORW, CWCO, EPG, KUNA, CREL, CTCM, BAS, VNDA, MIND, NXXI, PARL, IW, NXG, MDG and SLW.

Does that make sense?

I suppose from a pure mathematical perspective, people will have more money to spend with lower prices at the pump. But, speaking from experience, I never get motivated to go buy my wife a Coach bag, because the fuckers at Exxon decide to charge me $2.75 a gallon, instead of $3.25.

Do you?

Right now, the retail index is up 1.85% for the day.

Stocks like BBY, UARM, ZUMZ and BBBY are off to the races.

It doesn't make any sense to me. Sorry.

NOTE: Despite the surge in the SOX today, SIRF and RACK are down. Perhaps the stock God's are shining on me again?

NOTE II: So far, according to the new "Fly Survey," 76% of you are bearish.

Despite my potentionally foolish bearish stance!

If TXN reports a "better than" mid-quarter update (scheduled for after the close today), the semiconductors will blast off.

However, its worth noting, the damn sector is already up nearly 3% for the day.

I can't tell you how many times I have been suckered into rallies like this, just to have my head cut shortly thereafter.

I am desperately looking for a long in the semi's, but can't find one that I like.

I sold short 10,000 shares of SIRF @ $25.60.

Today, the markets appear to be rolling over. Also, the energy sector is now crashing through the floor (-2.5%).

This is not good.

I know many of you feel lower oil prices are good for the overall market, since the consumer will have more money to spend on Timmy's Christmas presents. However, I disagree.

Over the past 2-3 years, Wall Street has gotten rich off oil. As a result, Mutual funds, Hedge Funds and the individual investor overweighted energy; now, they are left holding the bag.

Trust me when I say, many people out there are hurting in a BIG way, as stocks like SU, GMXR and VLO get fucking raped.

I feel the markets will not recover from the breakdown in energy, unless a new sector takes the leadership position. Furthermore, even if that happens, it will not occur overnight.

Bottom line: The markets will likely see lower prices.

NOTE: The semi's. led by FSL, are trying to make a stand here, +.8%. I can't buy into the semi silliness. I will be increasing my short in SIRF.

NOTE II: Please take the new "Fly Survey" on the left hand side of the page. Are you bullish or bearish?

The following stocks have absolutely no mojo:

MIND -12.4%
BMD -12.1%
PDRT -10.4%
BQI -9.5%
NGS -8.9%
DK -8.4%
PLLL -7.9%
GDP -7.9%
ALJ -7.5%
DRQ -7.5%
SU -6%
NGAS -7.1%

I am sure you are being bombarded with information, regarding the 9/11 attacks; so I won't recap what you already know.

Therefore, I will outsource 9/11 coverage to those who do it better.

Ace of Spades

Wuzzadem (usually a damn funny site)

Remember the Blood of Heros (Tribute)

September 11th news coverage (as it happened)