Shots to the body galore.I'm pleased with the action in everything but the solar names in my portfolio, but I have more names than cavities right now and all without a hedge. I'm reeling, but persistent and at the moment I'm down a couple of Burger King lunches more than I finished up on the day yesterday, so the shock is somewhat absorbed.
Still...not pretty
Fed fund futures now indicate the potential for an interim meeting rate cut by the Fed has dropped significantly; likely now we're going to see nothing from the Jan. 30th FOMC meeting/announcement.
Steve Jobs failed to pull a rocket out of his pocket at Mac World today.
Citigroup's earnings this morning indicate the consumer is having trouble paying those credit cards from last year's fewer COH, etc. purchases.
Not too much new, but the market acts like it matters, so I can't just fade it. I'll have to reduce the worst of it in the last hour of trading if we're not coming off lows or showing better life.
New 52-week lows are considerably lower than the last time the indices were at these levels and today could potentially finish with a 90% down-day as far as declining-vol issues vs. advancing-vol issues - that is actually favorable in terms of 'wash' action and potentially a formidable, bottom-forming development. Flush-and-rush type stuff.
Good day to buy leadership if your gills are not already so stuffed; we'll see.
Current long Positions (by size): APOL, GENZ, OII, LNN, CVI, MR, HOLX, SUNH, VIVO, JASO, CAF, SYT, CPHD, FCSX, YGE, PRXL, GHXD, IRIS, TISI, CSIQ, TITN, CZZ
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