{+++}The jury is still out regarding today’s late action. Was it a reversal day because we snapped strongly off the bottom? The “rumor” that Apple was about to announce a 4:1 stock split at their shareholder’s meeting turned out to be false. It did however get Nasdaq off the mat. The materials started a nice rally as well, so did the financials.
Tomorrow is a big data day. Preliminary GDP, Michigan confidence, existing home sales, and Chicago PMI all get reported.
As you can see, the market caught fire at around 2PM. If you were fast and nimble there was some loot to make. I got long a little XLE and UYM, but traded out of most of it before the close of trading.
The one stop that I am really upset about is DNDN, it barely stopped today and I should have had it a bit lower. The stock caught a nice bid and traded to the green side after being down the last two days. I may reenter for us tomorrow and I will send you guys an alert.
We had some nice profits on FSLR and GOOG. Both could go lower, and may, but the drop was pretty quick so it made sense to take the profit.
Here is a new name as a long: WFT
We really never have enough exposure to oil, I kind of just realized. The oil services group could catch a bid again, especially since SLB has made a move on SII.
Weatherford has been in the rumor mill before, and there has been some interesting call option activity of late. The chart has potential and I am recommending it based on that, NOT because it is a “rumored” takeover target. If that ever happens, great, but it’s not the main reason.
I bought a little MIL today (not a rec)– the stock gapped up on Monday, about 20 points, on strong chatter that TMO had made a bid for $6 billion. Today MMM was rumored to throw their hat in the ring as a potential acquirer.
Who knows what will happen, but where there is smoke there is usually fire. I like, and still own the GGWPQ story too.
Good luck and I will talk to you tomorrow.
Joe