Not a bad day! Following a big gain yesterday we ended up with a mild pullback, really mild if you consider the energy sector was off about 2% and commodities took a big hit as well.
The Dow finished at exactly 11,400 (psychological barriers are so interesting) while the S&P held 1,307 and the Nasdaq 2,303 all barely there but there!
This was all great with PG taking a 3.3% tumble (-$6Bn) and GM dropping 3%, INTC down 1.6% and Microsoft losing $6Bn in cap too!
Gold stocks were decimated today (other than my ABX’s which had a 200% rise in earnings) even though POG barely budged but oil ran down over $2, finishing just over $72.
For the sake of my Sprints and Motorolas and GEs I hope we get a nice push up tomorrow but I have enough Barricks not to be too upset if WWIII breaks out!
So I’m betting both ways and looking forward to hopefully being able to take one or the other off the table once this market finally picks a direction…
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DVN’s earnings were strong enough to make it one of the few oil stocks that didn’t tank today but I am off this one entirely.
SUN surprised the heck out of me by blowing already low earnings estimates by a whopping 32% on runaway refining costs – thank goodness there was never a buy signal today! I can’t even imagine where this will end them up tomorrow but the theme is set – only VLO knows how to make money refining! This must be why we have a Valero Rule…
MRK had a rotten day but no worse than many stocks. The Jun $32.50 puts are up a nickel to .40.
FDX gapped down and made for no trade as the $115 puts opened at $2.15 (up 65%).
MOT had a huge open and held it! Up 3% for the day with the Jul $22.50s moving to $1 (up 40%).
TXN had a nice move today from a low open and the Jul $35s are already $1.85 (up 20%).
Greed really killed on YHOO as the $32.50s opened at .70, ran up to $1.10 (up 70% in 2 hrs) and finished the day back at .70 again. It was at $1 all the way until 1pm so don’t even talk to me if you held this one all the way back down!
BUD had another huge day with a straight up 1.5% move, amazing for this stock!
http://finance.yahoo.com/q/bc?s=BUD&t=1d
I am so excited to see what we get for the ABX Jun $32.50s tomorrow!
http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060503:MTFH76043_2006-05-03_23-35-36_N03182346&symbol=ABX.TO&rpc=44
JOE opened way low then shot up then finished low again with the $55 puts now $4.10 (up 230%).
FDG is a total disaster but I can’t sell them (’cause it’s wrong to be down) so I bought more Jun $40s for.50 today to average down to .75 (down 20%).
On Monday I said “PLAY is officially dead” but I guess I forgot about the burial:
http://finance.yahoo.com/q/bc?s=PLAY&t=5d
GE put a knife through my heart today as it opened great then plunged but I still love the Jun $32.50s for $2.20 (a .30 premium) as well as the Jan ’08 $35s for $3.60.
Although its in more of a sweet spot, I just can’t accept that CAT can do this much better than GE as they both thrive on the same global economy:
http://finance.yahoo.com/q/bc?s=CAT&t=3m&l=on&z=m&q=l&c=ge
