After this week, I am officially taking a week off unless the God's come out and strike down a great vengeance of negative news or the holiest of holy positive news, causing the market to go lopsided one way or the other. I hate this ticker. I hate it with a passion. My "Sector Outline" sectors should be up tomorrow, but they're not going to be. After an earnings report missing the street by -1.10, WFC goes positive $5. FAZ, SRS, SKF, and all the other iETFs gets brutalized off the open and for the rest of the day, Gold chopped down with a dull Swiss Army knife, and to top everything else I've complained about off, after-hours has completely demolished my gains for the day thanks to DRYS. This, ladies and gentlemen, boys and girls, is why I hate this ticker. It, along with the "Bad Bank" and Stimulus Plan and a whole boat-load of the CEOs that put us in this position we're in right now, can all go to Hell (and I will not give them a handbasket to get there either).
Capitalism, as we knew it from the business perspective throughout the years of 2004 to 2007, as we knew it from Reagan and Bush Sr. and Harry Truman and the old-timer's of this Great Nation we live in, as we knew it from the days of putting in your 9 to 5 job hours and being happy about it, as we knew it from the days of no liability and getting made fun of if you screwed up, as we knew it BEFORE America began to dumb down our education, as we knew it when Fed. Rates used to be legit and actually exist, as we knew it from the days of Unemployment at 3-4%, and as we knew it when we didn't give free handouts to atrciously run companies and corporations, is dying a slow and painful death.
This, however disturbing it may be to all of you, is ridiculously true. Thus, until stupidity ends and consolidation of this ticker is finished, I'm taking a breather. I have a couple exit strategies still up my sleeve, and my positions will be held until the close on Friday, bad GDP or good GDP.
You want Initial Claims, you got it:
With the lay-offs that keep persisting and beating down this market, I'm holding true to my Twitter I twitted back on January 17th: "U.S. Unemployment Rate is going to have the single highest month-to-month rate increase from January to February," compared to the last time the Unemployment Rate was at these levels. My sentiment for the intial claims tomorrow, going with the current trend since the last week of December, puts us between a range of 567,000 to 686,000.
As for my positions, here's what I am mourning:
Very upset about the shinanigans DRYS (which I don't know what to do with yet) is pulling in the after-hours trading action, down about 24%. Thanks to Briefing.com: "DRYS discloses that it has 12 vessels trading in the spot market that are currently exposed to the downturn in the drybulk charter rates; files 424B2 relating to a $500 mln 'ATM Equity Offering' of their common shares;" Jeez, that would have been nice to know BEFORE I BOUGHT IT OFF OF ITS TECHNICAL STATUS. SII will be ok due to their earnings report (which should beat the street), and in that context, BHI and ERX will survive due to the strength the energy sector will be pushing until Friday. FCX still has the potential to go to $30 based on its strong RSI and momentum, as well as an upgrade from "Sell" to "Hold" from Canaccord Adams. My stops will be placed tomorrow morning, and my cash position will stay at 25%. Good Lord, imagine if I would have taken a 25% exposure on DRYS rather than a 12.5% one. And to think, I was up a mere 6% on the day at around 3:15 today...
The only stocks I'm watching for tomorrow are the ones I am currently invested in, with the exception of the iETF (Thus, my MJTT Positions are the MJTT's Daily T.L.). Until tomorrow my fellow citizens of the United States....
Keep Tradin'
ZM
damn, bad luck on drys shit like that pisses me off... I think the banks will still fall hard matter of time