...we can't really feel it. The selling continued and main indexes are now down a fat -520/-115/-65 since Friday's highs. A bounce seems inevitable and/or at least getting very close. Nothing has changed in the marketplace as the same Oil and Financial noise burdens it and nothing has changed in our strategy now. It's pretty obvious what that is in our most recent Journals. We have very little exposure ( a few selective holds in our favorite sectors) and it is better to wait than act and be caught in a ugly session such as yesterdays. When we are trading, we are sticking to those favorite Ag-chems and Coal and our Haynesville Oil Shale stocks, the Shale names were highlighted in DJIM #23 and a few of those names bolded that are not in our Shadowlist as of last weekend should replace a Shippers, Solars names. We're not playing hero with these dogs as they take it on the chin. A dumbfounded, but still cute CNBC anchor yesterday to Haynesville idea was funny to see. The analyst responded "you heard it here first from me" in regards to this play. yeah, okay guy!.
One thing to point out today is last time ACI got downgraded it hit other coal names. One point that is not covered by Briefingcom this morning is JPM is raising 2009 estimates for coal pricing to $300/metric tonne from 240 and all their estimates for covered coal companies rise under this new pricing, even ACI. MEE is one under their umbrella. All the downgrade for ACI means is it is more fairly valued than the other names they cover. So, if their is any misinterpretation from the downgrade with coals getting hit, we'd use it as buy opp'.
It's pretty simple now, so not much to add going into the trading day, except maybe read over most recent Journals as to what we're thinking and what names we're into...