Another 20% up for FAS today, unbelievable yet it happened again. I lost a little on FAZ (in 200 at $5.35, stopped at $4.93). Other than that, I didn't pay too much attention to the market today.
But looking back this week, there's HUGE buying power rushing in, a lot of them are institutional buyers. I understand this completely but the reason I went for FAZ today was the unemployment 8.9% annoucement. It's funny that 8.9% for 2009 is already the "adverse condition" for the stress test, and everyone knows that it's gonna increase more by year end. Doesn't it make the "stress test" not "stressful" enough?
However, the market ignored this, as usual. What can I do? I didn't have time to micromanage. Got stopped out at -8%.
In current sentiment, I really don't see anything other than GM bankruptcy may hammer down the market until next ER season. However, I am reluctant to long financials except for a couple picks with good entry point: USB, BK, and JPM.
I am waiting for solar ER season. I expect bad results and look for opportunities to load. I am interested in dry bulk shipping industry as well.
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