Waking up to the news that Shanghai finished down almost 5%, I had the sense today wouldn't be too nasty as far as further upside here in the US. And while the futures were trading higher pre-market, we are re-reversing lower; as I chew.
Under the surface it is Debacle City again as the rainy-earnings parade continues. Liquid names NIHD, FORM, ZMH, CMCSK, VDSI, WCG, PALM and even Cramer's very recent standout-buy, ALGN are all getting slackered. Booyah that you hamhead!
Solar stocks are still strongest as far as upside. Most notable today are STP and FSLR.
Today's big news (my book) is that Proshares is readying to launch a new Ultrashort ETF for mainland China (symbol FXP). Ultrashort ETF's for emerging markets (EEV) and for Japan (EWV) are also launching soon.
Ultrashorts are double-short ETF's, perfect for an aggro-madman like myself. I'm not suggesting shorting Shanghai here and now, but there is virtually no pure-play in the US to do so and having that capability is beginning to get interesting.
Speaking of China, the other notable news today regards Jim Rogers and his declaration he is selling his investments out of the US Dollar and opting instead for the Swiss Franc and Chinese Yuan, going forward. Rogers already opted out of his $15M spread in Manhattan and moved to Asia permanently earlier this year. Oh, the US in already in recession, according to Rogers, and he's not exactly bullish about soft landings and what NOT.
But hey, who needs advise from Jim Rogers - we got Jim Cramer!