..we just put this day away and watch the All-Star game or something?. Honestly..despite what looks like a terrible day on paper..NASD down 30, DJIA almost 150, it all seemed without real conviction on the sellers side. What transpired today was an overloaded bag of expectation for Bernanke to give this market a lift. You've heard us talk of Paulson repeatedly coming to the rescue of the market... go back recently here on the Journal and see how it coincided with the recent market rally......when he speaks, we go up and this is somewhat expected of Bernanke speak..unfortunately. Those in the market loop knew Beranke wasn't going to let any tricks out of the bag today...it was what they call an 'academic' speech. Somehow without him spilling the beans the market used it as an excuse to turn back to the HD guidance and somewhat unravel the market later in the day. But, seriously how much unravelling is there to do when the market is extended as it was heading into today's trading?. Won't take much!...NASD up 5 straight days, the DJIA/SPX near resistance points. Today was a distribution day no doubt and it was simply time we eased on the accumulation of stocks. AA was never the end all of earnings reports, it's just tee-off time in our books for another season....but as we say around here... it's earnings season 12 months a year at DJIM, as the likes of PENX never seem to put a close to an earnings Q...
What were the notables on this distribution day?. You can't expect many as distribution doesn't play favorites and usually goes after biggest gainers first...so, it is no surprise most of the closely followed here closed in the red...A few stood out. Despite the early sell off gap in the Solars at the open, a couple of names showed vigor as any sell off in the markets taking them down intraday was shrugged off constantly....
LDK, noted this one off the chart last night. It definitely trades choppy, but there was interest throughout the day as every dip was being bought up. All you have to do is look at the last dip as the market slipped deeper into the red late and the recovery it made closing back near the the day highs at $37.
TSL, whenever a momo stock can make an intraday bounce of 6 pts, you have to give it kudos for its days action. So, we'll give it such for today. FLSR might have a needed a rest , don't you think after yesterday?. A downgrade didn't help but a 4 point intraday trading range is nothing cry over. You really have to take a 4+% slide into context here and with any momo stock trading at high prices. It comes with the territory.
TBSI, this is where experience and an understanding DJIM stocks came into favor today. Don't remember exactly at what price we started covering TBSI at DJIM, but one thing you might have seen and noted is the dips this stock is capable of. If you've held it or just watched, you know a dip has been an opportunity to re-enter this stock. Sure..today's dip was exaggerated but it only warrants more of your attention and action. What happened today at the open?. They bought a vessel for 29mln. Siince when is that a bad thing?. Some saw it as a reason to dump, a flood ensued and what was a damn extended stock as we have noted recently...fell from 33 to 27's. If all you wanted to do was flip, our alert probably gave you a fast flip as it moved to 31.50. We traded some and held some of what we picked up in the 28's and are fine with it at the close as it held above 9ema.
Speaking of 9ema...well ...we don't really in this case as it's speculative junk, but you might want to give LOCM a look very soon for a possible trade. Again, remember we are not in for a relationship on these types as when we alerted and watched it go to $13+ the next day recently.
CCF, you probably remember this one from an alert play in January that turned into a little winner. At that time, it reported something like .62 cents to get our attention. Well, this time it reported .68 AHours, if you forget the split it did for a second. In other words, this Q is better EPS and Revenue than what got our interest 2 quarters ago. The question is who wants to get involved tomorrow in a EPS winner after a day like this and especially one stock that is not very liquid. We`ll see tomorrow if it can attract interest, liquidity most importantly of all. We don`t want to be stuck with nice size lots with no one to sell it to at the beginning of earnings season in the days to come....might as well stuff a fat ceramic pig instead...