Wow, that was a good one!
DOW down 81 but I don’t own any of them so I don’t care but they did ruin the party for all the other exchanges. On CNBC around 2pm I heard them say that the market had turned ugly when every index but the Dow was positive. Way too much weighting is placed on that index.
GM – led the way down with another 5% down day.
RIMM – dropped 6% on a bad ruling
LVS – Monday’s trade of the day finally paid off with a nice 2.5% drop! With the stock now down close to 10% since recommending, I would place a very tight stop on it – sell out if the stock crosses $42. It may get all the way to $39 before it bounces though..
BCRX was a huge winner today, finishing at $16.24. It was a gift to be able to get in at $14. I still think the stock may have $20 in its near future but my stop is set to $15.75.
Still waiting for Valero to tank so we can short the oils although XOM and COP can’t go positive on a great day.
With interest fears on the rise, we should finally get some downward movement on the home stocks.
GOOG – did a small reverse today, if you used tight stops you could have done very well!
CME has been punished to $360, this may be a preview of Google’s future.
HET – I don’t know if it is testing a floor or making a ceiling at $68.
GE – If anyone can explain a .40 drop in that stock today, please take over this column…
TXN – I’ll say I told you so until you buy it!
GME – will be a buy at $30, bad gaming outlook is a gift here.
Stay out of retail!
SIRI – Mel is on Mad Money tonight, we will have to watch this Trade of the Day closely tomorrow.
TIVO – nice rebound off $5.15 to $5.38 but I should have taken the $5.62 at 10:55 and put the money to work elsewhere – now I have to wait…
TWX – My buddy Carl Icahn stepped in to save my stock (I guess after reading my “Out with the Old” column this morning!).