Our President is telling us what a great job he is doing.
He got a little carries away with all the red state applause he was getting and started promising them he was going to crack down on underfunded pensions.
Look out below at GM, the Airlines and all the other guys I talked about the last time we visited that topic.
As bush speaks the dollar is dropping against the Euro and gold is shooting up and all the indexes are heading back down.
Interest rates are up and oil is back above $60 so the market is getting pummeled anyway, Bush needs to pick a better ticker backdrop when he talks about the economy.
There is nothing constructive in this speech but nothing so damaging that it should spook the markets but down they go. I can understand the DOW with all the pension laden stocks but not the other indexes.
On the brite side, this will give us an immediate opportunity to test 10,800, 2,250, and 1,250 on the major indexes – where we are right now!
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BTW
Guidant hanging at $67 means people don’t actually believe that BSX has that kind of money… I think we will see inverse moves between the two until the deal is clarified.
Trade of the Day – BSX looked scary for a while but is now behaving rationally.
FRK is consolidating here but may not move again until option expiration on the 16th.
GG is up 2.4% since 11:30 recommendation! MRB up 7% so far…
Still not called away on LVS, will follow with trailing .40 stop now.
PLAY is moving up on a terrible day for a stealth attack at the 50 dma of $24.70.
WAG – ok who was worried when it was down .75 today? Hands? Yeah, me too! I take great pride in my Trade of the Day’s and I don’t even like it if they even behave just a little off.
The calls are currently in the red so I still need a couple of good days.
Almost time to go back to HD, might be able to catch it at $40.
I hope everyone got in on that RIMM put today! The $65 put is up 10% so far and the $70 is up 14% (good example of how you make more by buying fewer, more expensive calls). Remember, 10% in a day is a lot and pigs do get slaughtered. Give back at most 1/2 the gain but have a discipline!
