Well I got my Nasdaq number but Microsoft is still anemic and the other indexes were flat (better than being down) so I guess I’ll be more bullish – at least in tech.
All the indexes, other than the DOW, look like they can move quite a bit higher at this point but it takes the DOW a few days to adjust to a change in leadership (energy out, tech in) so I’m not reading too much into it. Today was a surprisingly low volume day for DOW components.
There is some worry that a lot of the Nasdaq action is the result of the CES show going on in Vegas this week. Google made a late day power move in anticipation of their keynote speech tomorrow turning up a pleasant surprise for investors.
Oil had builds across the board but only nat. gas suffered (great for DOW). If we can’t get oil back under $60 we can’t sustain a serious rally. Also, any negative FED comment will really kill the markets as they are now anticipating 2 more rate hikes and only maybe 3.
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I finally figured out why BZH keeps going up, 30% of the float is shorted and it is 95% owned by institutions – not a good combination for the shorts. There will be a hell of a reckoning on this stock but a lot of shorts will have to shake out first.
All builders had a good day, even WLS, based on some sort of misplaced euphoria over the Fed possibly winding down the rate hikes. I think the Fed is nearly done because the housing market is dying so it’s a tail wagging the dog kind of thing.
DOW turned out to be a great call this morning, posting a 2.6% gain with a low entry.
ATI racked up 3% for the day as TIE crashed so I never went in. It is possible that TIE is going down because of fear of ATI but it’s a tough premise to bet on.
So glad I tossed BVN at the top yesterday, I’m getting good at spotting these gold tops!
SIRI is kicking XM’s ass but not being rewarded for it. It is possible that this stock is just ahead of itself but I feel comfortable with a long position at this price. The fact that they gave Howard Stern $200M in stock today didn’t help from an investor PR standpoint but it was all part of his contract…
12/21 TOTD THQI really took of today, the Jan ’08 $20s are already up 80% so you might want to consider taking some off the table. Set a stop at $8 for a 60% profit if you want to leave it long term.
SYMC and MFE are both up 7% since Friday’s pick so don’t be greedy there, I just don’t trust this rally.
AIR picked up another 3% today!
MRVL is up 8% from Tuesday’s pick, I still like this one a lot – maybe put a stop at $59 for a 6% gain minimum.
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Tuesday was so full of good picks in the morning that I encourage you to reread Take-Off Tuesday and verify the chart the performance of the picks – then recommend this blog to your friends – we almost have enough readers to make it worth adding some cool features like charts and intra-day updates.
Thanks for checking in by the way – it saves me from talking to myself and I really appreciate that. This year is off to an amazing start, let’s hope we can keep it up!
