The long awaited ABK news finally came out and it was a none event, not only is the stock down $1.50 but the market pulled a "sell the news." We are rolling over now and it looks like the buyers have vanished. NUAN is not showing any follow through from yesterday and unless the market turns it probably won't get there today. Remember yesterday it rallied hard the last hour,but the market was cooperating. Oil is $103.85 right here and the oils are flying. It would not surprise me to see a complete giveback of yesterday
Showing posts with label abk. Show all posts
Showing posts with label abk. Show all posts
Wednesday, March 5, 2008
Tuesday, March 4, 2008
Nice Rally
The bulls got tired of getting their asses kicked and mounted a nice rally. When the market got down near 12000 I thought there might be some support and as it turned out there was. It seems every time the ABK rumor kicks in as it did today, it marks the bottom for the market. The brokerages,banks and insurers have taken a massive pounding the last few days and I caught a nice trade on GS about a point off the low. COIN started off strong,pulled back and then mounted a beautiful rally into the close. I heard the Gartman letter owns it and made some positive comments. DECK got all the way down to $101 before it rallied. Still a great short and I will hold this one for a bit. CMG tagged $94 before coming back to close around $96.5. It was a good day for the most part as I just took what the market gave me. As usual. I will be back later if I can find some charts.
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
