Well today went pretty much as suspected with stocks fading badly in the afternoon for no particular reason.
Essentially the traders are doing what I was advising this morning – taking any small profits and getting back to cash!
RIMM is one tough company. Even with all this heartache going on the company hits its marks across the board! I may turn into a fan of these guys if they ever settle their patent dispute.
RHAT is also on fire with profits doubling from last year.
Trade of the Day THQI went up so fast I never got my option. The January ’08 $20s we picked were up $2.10 for the day (40%).
My official pick for the day should have been TM. The trade recommended this morning on the Feb $100s opened at our strike of $3 and ended up at $5.50 for an 85% one day return! The stock gave us no reason to exit but I am setting the stop at $5.25 because any gain in this market is amazing…
Other big winners today:
WDC – up 18%, way more than I thought
FDX – up 5.3%
Obviously today was a pretty easy day to be right with most stocks advancing so rather than review, we should concentrate on what showed real strength today.
YELL – finally looked like it is serious about going up
TASRE – up 11% without a late day fade
HET – crossed my $68.50 target with a vengeance which means “all aboard”
STN – last week’s pick up another 3% today.
GM – I don’t know who was buying in the morning but bless them for giving me another short entry position!
AAPL – took my predicted 4 day vacation, then back to work
GENZ – tomorrow’s the day when it confirms my $73.50 cross
AMZN – could care less about the rest of the Nas
MOT – waking up nicely
WFMI – finally seems ready to go down
SU – never showed strength with the oil patch
I will approach tomorrow the same way as today, very cautiously. It is a great market for stock picking though with no overriding market movers stocks will move on news and rebalancing that can be taken into account.
Tomorrow should be fun!