There were a few items off the news wire today, but nothing worth mentioning. So I’ll mention a couple….Dell’s CEO says computers to come will be "best work" ever and he has no confidence in US spending. KB Homes CEO (KBH) says home prices may drop another 10% from the peak. I’m not going to hang my hat on anything he has to say. All of these guys have lost all credibility. They will have to earn back the trust, and I don’t see that happening in this decade. And, speaking of credibility, HankiePankie Paulson told (whined to) the Persian Gulf oil producers that oil prices were hurting US growth. I think he forgot to say "and this time I mean it."
It was a rather lackluster day. There were a few trades to make for the nimble and daring who enjoy tight range trading, otherwise the market was all over the place again without rhyme or reason. Especially absent is "reason". The S&P and the Dow go spiking up around 3:30ET just for fun, only to fall back down. This is usually due to short covering before close. Think about it….would you want to buy into a market before the jobless claims and oil inventory come in? Well, maybe, if you like to gamble. Some do. And so it went even higher. No news out to inject optimism, just a market chasing it’s tail.
See you tonight!
4 Comments
May 28th, 2008 at 5:42 pm
The most boring trading day in the last year! Yikes….
Lisa may be more nimble than I, but I didn’t even see a trade that was interesting.
You just can’t keep those oil stocks down. Buying the pullbacks just seem to keep working (without me). I am just sitting on my DUG positions and cash. I am going to give this DUG position a little room, but I don’t want to let it get away from me. I have a stop loss point of $26.30
Anyone have any good trade set ups???
May 28th, 2008 at 6:12 pm
I’m still watching IBM for a daytrade short
May 28th, 2008 at 6:38 pm
Thanks, Lisa…..I will keep an eye open on that one too.
May 28th, 2008 at 6:57 pm
I’ll get Chuck to do a CAT chart tonight, too. According to my tech. analysis, it’s butting up against the underside of a trendline it fell under. Wow, does that sentence even make sense? I hope so!