Friday, July 27, 2007
Wow. Look out below! Check out this chart of the Dow Industrials for the month of July.
The market sold off HARD between 3:30 and 4pm. That's because NO ONE wanted to hold onto stocks over the weekend. The market melted and people freaked.
And that, ultimately, is a good thing. Excessive fear like we saw at the close may lead to some kind of short-term "bottom" on Monday or Tuesday. Even if it isn't "THE BOTTOM" it should provide all kinds of opportunities for picking up some quick rips. Trading these next few days should continue to be good and volatile.
That is, as long as your trading software holds up. Anyone else experience slow quotes in eSignal today? Seriously, are there any solid stock software programs? I've been hearing about problems all week with all of them...
Ironically, again, I made no money on the short side today... except in SWC. :)
I made practically all of my money in the first 45 minutes of trading today, and then gave more than half of it away in the afternoon meltdown. Mostly all of the profits I lost were in CRS which went from being one of my best stocks on the day, to my worst stock.
The reason why I lost so much in him is because I bought a lot of shares and when the stock turned, it turned quickly. For a while it was showing relative strength as the market started selling off. Before it was completely obvious that the market was going to melt it actually felt like we could go positive. I loaded up in CRS because at 3pm I really felt it going positive on the day... no joke!
Anyway, I was wrong. I lost $548 in the stock, my worst of the day.
My best stock of the day was CF.
I caught a solid long in the early morning. My only mistake was selling too soon. I sold most in the $57s and watched it quickly trade up a point higher.
Other good stocks for me today were DE, LNN and MLM.
It should be noted that today the IBD changed its "Market Pulse" feature from "Rally Under Pressure" to "Market In Correction." As a daily reader of the IBD (this despite the fact that they have the most uninformed editorial page in the history of newspaper publishing) I find this informative. As wrong as they are politically, they are often very right on the market.
Their headline ran "Stocks Sell Off Hard In Massive Volume, Killing Market Rally." They're not holding any punches and they're not cheerleading the market. Contrast that kind of information with the crap that CNBC spews. If you want to know about the market pick up the IBD and turn off CNBC.
Anyway, here's the stats. Enjoy this weekend and rest up for what will probably be another crazy week of trading ahead.
Oh, and don't forget to check the blog this weekend for some posts from "bloggerdotcom" that will detail a method for profiting on Fidel Castro's death! COOL!
Best, CF, $937
Worst, CRS -$548
shares traded, 67,000
24 stocks traded, 15 winners, 9 losers
Misstrade, $2100 on 1800 shares traded.
Me, $1763 on 67,000 shares traded.
Evolution, $673 on 114,800 shares traded.
Bubs, $82 on 1200 shares traded.
Denarii, no stock trades.
OBAT, -$13 on 7200 shares traded.
Doug Kass and Jim Cramer got involved with the CNBC idiocy today. Calling the "bottom" at 2:45pm.
From 2:45, the Dow declined about 200 points.
When will they learn?
Anyway, I admittedly was taken by surprise by the late afternoon selling, it caught me long and I lost a good chunk of my day. I'm very happy we have a weekend to look forward to but I have to say, Monday and Tuesday could prove to be very scary days indeed.
Art Cashin may be the only guy on CNBC with a brain. Bob Pisani is a complete idiot. Not one word that leaves his mouth should be listened to... I'm dead serious about this.
Don't forget to check the blog this weekend as "bloggerdotcom" writes "stuff about things."
Seriously, it's gonna rain this weekend and you have to keep your head in the market. Don't start day-dreaming now, you'll miss all the excitement!
By the way, I thought this was funny.
If you go to Google and search for, "Maria Bartiromo annoying lost her mind today" as someone did yesterday, Dinosaur Trader is the first link that comes up.
HAHAHAHA! Google really does work!
QUESTION: Is anyone else having a hard time loading my site? I think CNBC put a hex on my site.
As if the market wasn't messed up enough in it's own right, CNBC had to pull out all the stops and go to the White House today.
I had the TV on mute, so I can't tell you what they said. But I'll briefly explain what I saw.
First, a headline at the bottom of the screen with the words, "Breaking News" and President Bush, all furrowed brow and moving hands, snickering. That was bad.
Then, minutes later, Dylan Ratigan sitting with the entire Bush "economic team". YIKES! I mean, nothing says, "Get the fuck out of the market right now" like the White House feeling the need to get idiot reporters to tell everyone it's going to be "okay."
CNBC did air one decent segment today that included Joe Kernen bashing Mark Haines for calling a "trading bottom" when the market was down 70 points yesterday... that was good.
I guess I wasn't the only one who noticed!
NOTE: Notice the new label.