Another day another hundred points, well only 87 today but at least there was some volume today.
We had good PPI reports and Bernanke wasn’t too scary but the market still couldn’t get things going. The Dow finished just above 10,700 but made a few valiant attempts to go positive today but finished at about the low for the day, saved by the bell.
http://finance.yahoo.com/q/bc?s=%5EDJI&t=1d
The Nasdaq and the S&P followed suit but I’m starting to see a little firming up in things that aren’t commodities.
A lot will depend on Asia tonight as a continued sell-off there will simply reduce the amount of money available for US equities as well as US notes.
Gold got hammered right to my $583 target but the dollar is up so there may be another $10-15 to go before we may get a bounce. Copper also lost 7% today but PD made a nice comeback at the end of the day for reasons unknown.
http://finance.yahoo.com/q/bc?t=1d&s=PD&l=on&z=m&q=l&c=
Oil dropped all the way to $68.50 as Bush stopped by in Iraq to say “all is well.”
All in all, another awful day.
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INTC did make 1.5% but that’s $17.12 down from $26.50 in January so excuse me if I don’t break out the champagne…
ADBE made another half a point. I have those July $30s which are $1 (up 40%) but they’d better have some spectacular earnings on Friday! I’m going to take half off the table I think…
GOOG pulled out a $5 gain today but CME went from an $8 gain to a $5 loss as people seem to be just taking profits on anything that has a gain early in the day.
GS lost 4% after announcing they doubled revenues over last year. This was a great early indication to run far away from the markets this morning:
http://finance.yahoo.com/q?s=gs
We made a few good calls in comments this afternoon, catching a top on SUN and PD but I was wrong on APPL which held up well against a sad Nasdaq:
http://finance.yahoo.com/q/bc?s=AAPL&t=1d&l=on&z=m&q=l&c=%5EIXIC
I kept the puts into tomorrow as no one would pay me .65 at the close and I refused to break even (famous last words).
