..okay, what now?

So far this month has been nothing but a non-stop elevator ride.   We'd like to say we're stuck in an elevator and the market is consolidating, but this has been nothing other than one continuous up and down daily ride.   Today should be no different as it's June retail sales time, PPI and later it's Bernanke's congressional testimony with sidekick in tow.   By the end of the day these guys will feel like the baseballs from the Home run derby.  The market may also feel such after Bernanke delivers new mid- year Fed forecasts.    We've already had a rough overnight in foreign markets in anticipation, including the dollar falling to record lows vs. the Euro.   So nothing new today, just more of the same?.  Maybe that's wishful of more of the same up and down routine, sooner or later all the ugly ducks line up and the market gets spanked hard.  Today, we have more than a few uglies and potential for more as the day progresses.   Everybody is waiting for that big capitulation fear day.  Fortunately or unfortunately, it may not come unless the commodities-energy's get a beating simultaneously. 

As far as the trading day Monday, it was more of the same song we've been singing as our commodity plays make us oblivious to the popcorn market, specifically the Financial stocks which require popcorn on hand because of the entertainment value they provide.  The Coals exhibited early strength, a few getting 5-7% moves before a noon slide back.   Still, all managed to finish green.  The Ag's performed well, we're concentrating on the POT alerted Friday as a buy and MOS these days only.   The news form MOS last night is very good for the group, but will probably go unnoticed in this environment today.  The news is a definite agreement to sell a Nitrogen business (1.6 bln) to Yara and will close in the 3rd Q.  Yara is the world's largest producer and marketer of nitrogen fertilizer and this transaction/cost implies the value of fertilizer assets.   TNH, CF are other nitrogen producer names here.    As far as Shales are concerned, we have more offering news from GMXR.  Considering the OS in GMXR, a 2mln offering is about 20% and we'd avoid this name .    We hardly ever say go a stock short, but one way to trade DJIM plays is to either back off the stock or short it when we go off it.    Still, a thin volatile stock like this carries too much risk for the average retail trader.  The rest of the group plays you can monitor daily upside or downside off what CHK is doing,  if there is no catalysts fueling them on a particular day.

Anyways...Careful today... 

* A few members were not receiving email yesterday, our site posts go out in bulk simultaneously from a server in NYC from our site administrator.   We have no control over what AOL, Yahoo etc do with it.    It is out of our control once it's sent and out in space.  We've seen this over time primarily from AOL email account holders.   Besides visiting site eg. before the open to read Journal, we'd suggest a more secure and dependable email address in the future.   We'd also suggest going into profile on site to make sure you are still subscribed to the page(s) you require email from time to time.