Agreed Rande, today was (hisss, conspiracy) an orchestrated move by big brokerages to trigger a slide, go short for a day and then get in very cheaply. When this market turns, it's going to be ferocious. The volumn is not even that great today. The Dow is now at 11,000, but I believe will be at 12,000 soon.
But how about WDC? My only big winner. Something must really be going on there to be up 30% on a day like this, and whatever it is could fuel a rally in the entire DD sector.
And how about BEBE? Down to $21 just because an executive resigns. Big deal. Think customers care? Think it will effect earnings? Of course not. He'll be replaced right away. Once bang-up earnings are announced, this stock could soar 10 points in a day or two. Outrageous.
Outrageous day in general. I margined up all the way because I'm confident that there is nowhere to go but up now. All the stocks I'm looking at hit their base bottoms today. Bought only stocks with great earnings. That's my insurance. This economy is booming and this market is not over-valued (though some individual stocks may be). Some major sectors haven't even participated this past year (drugs, retail, box-makers, DD stocks, cyclicals, banks, etc.) in fact they are near 52 week lows, all of them.
Should be an interesting next few days and weeks and I am totally confident that I will more than regain what I lost on paper today in a speedy fashion.
Sleep well tonight everyone. |
