Friday, July 8, 2011

07/08/11 It's only markets churning



Don't let it bring you down
It's only castles burning
Find someone who's turning
And you will come around

I can't deny the positive vibes today:

(a) Bad news, and the indexes sell off all the way down to...Wednesday's levels.
(b) We all knew the indexes were seriously overbought. If payrolls had met forecasts, a minus 60-point pullback in the DJIA would have been well within my expectations. The fact that 'minus 60' was the reaction to 18,000? That calls for a drink, bro!

Make mine a double.
Posted by at

14 comments:

  1. 2nd_aveJuly 8, 2011 at 4:01 PM

    We be rockin' next week.

    ReplyDelete
  2. MarkWJuly 8, 2011 at 5:12 PM

    Not sure about early next week, but I agree today was a win for the bulls. 60ish off on the Dow after the last 2 weeks? Please.

    ReplyDelete
  3. ChickenpookieJuly 8, 2011 at 6:03 PM

    "HR 2411 stipulates that any contribution made to the Treasury in order to pay down the federal debt IS NOT TAX DEDUCTIBLE."

    Here's the perfect option for concerned citizens; just redirect your campaign contributions to the Treasury so they may go towards paying down the debt instead of contributing to the root cause of the problem.

    ReplyDelete
  4. MarkWJuly 8, 2011 at 6:10 PM

    CP- I'm surprised it not a credit!!

    ReplyDelete
  5. ChickenpookieJuly 8, 2011 at 7:16 PM

    Mark, I'm surprised it's not mandatory! ;)

    ReplyDelete
  6. illiniJuly 8, 2011 at 7:58 PM

    Better than buying U.S. Savings Bonds which merely support the Gov addiction to debt.

    ReplyDelete
  7. ChickenpookieJuly 8, 2011 at 11:29 PM

    illini - Exactly, I'd much rather have someone ask politely as opposed to stealing from behind my back.

    ReplyDelete
  8. BB CanadaJuly 9, 2011 at 7:41 AM

    Barron's calling for $150 oil by next spring"

    http://online.barrons.com/article/SB50001424053111903617204576411791590055646.html?mod=BOL_article_snippet_popview#articleTabs_panel_article%3D1

    Not sure if we'll get that high, but the energy stocks sure have got hit and are good value here. I may add a couple select companies, but energy is my highest industry holding already and I like to stay diversified.

    ReplyDelete
  9. ChickenpookieJuly 9, 2011 at 8:09 AM

    What if Congress were to authorize the Treasury to default on some portion of the FED's Treasury holdings?

    ReplyDelete
  10. illiniJuly 9, 2011 at 9:30 AM

    Oil - Been looking at oil & gas companies involved in the Eagle Ford shale play in south Texas. There is a lot of oil there in addition to condensate and dry gas. Marathon recently paid big bucks to get acreage late in the game. Forest Oil just got cheaper and has a big position and is going after oil, even though they are mostly a gas producer(75%). GEOI is an even smaller company with a good position and amazingly they are debt free. There are very many players to consider and they are all written up here:

    http://seekingalpha.com/article/274257-marathon-may-have-increased-the-value-of-eagle-ford-leaseholders-part-1

    and here: http://seekingalpha.com/article/277215-big-potential-for-eagle-ford-shale-leaseholders-to-profit

    ReplyDelete
  11. MarkWJuly 9, 2011 at 12:10 PM

    CP- Explain.

    ReplyDelete
  12. illiniJuly 9, 2011 at 12:26 PM

    I have a free 24 hr pass for full access to my algo so I am looking at technicals for a lot of symbols now and up to about noon CTime tomorrow. If anyone has any symbols throw them out here. So far I have done some oil (BEXP,GEOI,FST,EOG,APC) plus CSCO and MSFT. Will report findings later but now will say FST is a mess and both GEOI and BEXP look fine , both Bull 9 out of 10.

    ReplyDelete
  13. 2nd_aveJuly 9, 2011 at 3:29 PM

    new post

    ReplyDelete
  14. 2nd_aveJuly 9, 2011 at 3:32 PM

    illini- I would add AA, GE, INTC, WFC, AMAT, MU, AAPL, GOOG, TM, HMC, CAJ, SNE.

    ReplyDelete

Subscribe to: Post Comments (Atom)