Untrustworthy
Tuesday, February 13, 2007 at 10:39PM That's what we think of the index move today. Of course, if you listened to CNBC all day, this is nothing but another rosy day for this market. If this is an actual rally, why do we find lack of opportuntities to trade? Trust our eyes, instead of our ears! You can trade deaf, but you can't trade blind! Ok, enough of this corny wisecracks! lol The truth is, we aren't finding many opportunities to trade today, so we sat mostly on our hands. There might not be a load to play, but there sure have some nice points in ONXX BW and CENX the last 2 days here. Selective is the name of the game, now! A few things that looked interesting today besides these names..
CENX USAP, CENX obviously got some bid early on b/c of the Alcoa news, but hey Alcoa was the reason we picked this as the Aluminum play over ERS in small cap land. Anyway, this is very natural b/c this is how the sympathy plays work and hope some of you played it off the alert, if you already don't have it as a hold. Last week in the forum, we wondered why CENX was lagging the sec. at $44 off the upgrades of the big aluminum plays. Today all this paid off as it spiked to $49 in the first 10 minutes. A day like this sure gets CENX's name out there as a sec play, even though there may be absolutely no chance for CENX to get any kind of benefit from a potential Alcoa takeover. Ride it while the effect lasts! USAP may also benefitted a little from the AA news, so it's not a surprise. What we're glad to see is that USAP held its 9 ema convincingly. Lets just cross our fingers and hopefully it gets some good trading from this point on.
OEH, our lux lodging play into EPS put it's first close in over $49 NCH and VE, put its first close over $72 while here at DJIM. Guess, it pays to have some NYSE stocks to follow in the middle of the takeover, record share repurchase blab about the Dow.
EML SYNL, not much to say about these two and we are hoping these can turn into a flag pattern.
CGX, this one really showed what we like and that is immediate strength after it gave up some of the early gains following earning.
Basically, we are biting our time with this market. It doesn't mean that we are going hibernation but we are simply waiting for something to happen. Knowing this game, something will always happen sooner or later and they come at a time when you are least expected.
