A wait and see
Thursday, October 4, 2007 at 08:30AM A wait and see atmosphere will prevail most likely till Fridays key jobs report. Yesterday the markets simply consolidated and digested the recent move upwards, including Monday's big day. Simply, the jockeying for position started and we'll now soon if the Sept jobs report was an anomaly. We're looking for a rebound here in the report and therefore are not going out without a fight. Basically, we are not abandoning ship with yesterdays expected slide. The more recent names like VMW, AZZ, FSLR, we have no problems with, yesterday is probably just a blip and we are definitely not losing sight of GS. Many names we've covered here were due for some profit taking, we've mentioned continuously the last few days not to forget to take home some of your gains. They were obvious. We might get another opportunity to load and recycle these big winners very soon but at lower prices, so they can wait.
LDK, noted in Forum in AH's as an opportunity last night following news of the Financial controller who exited the company saying they don't have as many Big Mac patties in their freezers as they say they do. We thought a firm will come out this morning and help this rebound. One still might. Just as good is the company coming forward this morning and taking a business like approach to get this straightened out quickly. The stock had rebounded about 10 bucks so far from AH's low's. It should be a volatile trade today, but in the mid 50's we've taking quite a bit off premkt and then see how it shapes up early in the trading day. The uncertainty here over the short term will make us look at LDK as a day trading opp' until this is resolved in some manner.
Just be patient now and maybe not start positions you'll regret tomorrow if the employment numbers are not to snuff. Not much we're aching to try out today at this point . We all know that can change quickly in this market. The market players want a signal from the payroll # for direction to the FED and whether it continues to ease. In the meantime, you could just trade the China spec's that have no interest in tomorrows report...lol