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Entries in DTSI (1)


was it really that bad?

Most of the traders echoed this question thoughout the day.   Despite red being the primary color across all trading screens,  the selling activity was businesslike, as in taking profits in a overbought market and not panicky.   It's a strange day, the broad market moved down off news that many thought would not cause such a broad sell off.   This move downward most likely would have continued today on the heels of Fridays selling,  it just decayed more with the negative newsflow.   The biggest and probably the only significant news that started the day (week) was the announcement of rejection of GM/Chrysler plan by the government.    In a way,  this may be the kind of action this market is looking for.     However, the combination of "potential bankruptcy" headline for these automakers, weakness in overseas trading, and just a general lack of buying interest all across the board fueled the decline.

To us,  this might just be healthier than what down 28 points on the SPX suggests at the close.     Market did bounce some off the low and managed to close around SPX 787.    If weakness persists in the coming days,  we think this might be a great buying opportunity.    Earning season is just around the corner and we just can't imagine people would ditch the bet before the game even starts.     A potential move into the SPX 760 area is certainly possible and we'd use that level as a place to build up some meaninful position this time.     Fairly or not,  most of the commodity names have been punished harshly just within the last couple of trading days ($USD helping).  The gains that take days to make evaporate much quicker in this market.    Again, as said here recently,  its' a traders market still!.   Also, last week we noted the planting preview Tuesday and the Ag's sold into it pretty hard.    We'll update in the day for possible Ag' stocks reaction to numbers.   We definitely like the prices much better now than before as it should allow to build a meaningful size going forward in many of the commodity equiites again.   The tech's, SMH off 4% on back of Barrons' cautious outlook, but we are still over last weeks breakout levels.   We have a slew of eco' data tomorrow and if more hints of stabilization are shown we should carry forward with the late move.

AMC,   TBSI  announced a pretty decent report and stock is jumping up in AH trading.   We'd again look for GNK as a sympathy trade in the early morning if this AMC sentiment holds.  Recall, these shiipers are only intraday trades as the outlook is bleak,  but if we get a 1 day move it usually turns to a 2/3 day extension.   Solar play STP did reasonably well given the weakness of the overall market.    It reminds us alot of the small cap runners in the past.    It's going through the consolidation phase on declining volume currently, but price action is firming up.    Once the 9 ema catches up a bit, we can expect another run- up.  MYGN,  was one of the few greens today as it came within a whisper of 9ema and proceeded higher.

Bottom line,   there's not a lot of green stuff today, but we are not discouraged in any way.    This is definitely viewed as an trading opportunity as oppose to the beginning of a long decline.

Added to shadowlist: DTSI,  strategic agreement w/INTC lifting growth expectations beyond initial projections.