Today the latest retail numbers were released and I’m sure most of you (if not all) weren’t surprised. Let’s be for real, the economy is in the crapper and to expect any retailer (except Walmart of course)to post good numbers in this quarter or even the next.
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The results were devastating and to make matters worse, the rumor out today was that there are more hedge funds redemptions. This is just a continued de-leveraging of the markets. Unfortunately no one really knows how many more hedge funds are going to drag down the stock market. This type of roller-coaster ride is far from over.
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Expect that each time the markets make up some good ground like they did in the last two weeks, hedge funds will take profits and dump their positions. So my advice to my readers are to do the same. In this type of volatility, anyone invested in the markets need to be more of a trader than a investor. Take caution and profit where you can and hold on to a good portion of capitol on the side for when days like this take place.
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There quite a few companies that their stocks have taken a beaten. If you are prepared with capitol, you can pick up some shares at a great discount. As a matter of fact there are too many that fall into this category. Too bad that it would take me about a month to list them.
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I’m sure many of my readers have their selection of stocks that they favor which have dropped in share price, so take your time and if you do get caught in the red, be patient and leave your emotions at the door.
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I’ve been very busy today and that’s why this post is being done much later than I usually do. Between voting and listening to all the election news, it’s been been pretty hard to keep up with the stock market today. Don’t get me wrong, I’ve been able to follow the major stories in regards to the markets and I’m surprised to see that it was a good day for the three indices.
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The DOW and NASDAQ were both up over 3%, while the S&P 500 is up 4%. Considering that it’s election day with a lot of issues about our economic future, it was a great day in the markets. Some of the sectors did much better than others. Health care doing the worse of all of them. Consumer staples also didn’t fair as well as I would have thought with the DOW gaining 305 points.
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Alternative energy stocks did very good today and that comes after a great bounce for the sector in the last 5 trading days. Let’s look at the leader in that sector, First Solar (NASDAQ:FSLR) which was trading at $107 a week ago, had a intraday high of $178.60. There was a major move for the entire sector during that same period. Speculation is that the sector was oversold and it took awhile for investors to start taking a stake in the sector again.
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According to the experts, an Obama win in the election has already been calculated into the markets. The only thing that may become a problem for the markets is if the Democrats take control over in the Senate as well as Congress. If that does happen I would imagine that the markets will move downward throughout the rest of the week.
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The oil and gas sector did the best today as in regards to the sectors. Overall the sector gained over 6.5% today. As for the price of a barrel of oil gained over $6 closing over $70.
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photo by Walter rodriguez
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After last week’s roller coaster ride in the stock markets, I look forward to more of the same. The volatility was off the charts (well almost) as the VIX showed through the week. With this much movement in any given stock, the possible gains are amazing. On the other hand the loses could be too much for most of us to handle.
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Going into this week, we need to be aware that we have still not seen the bottom. As a matter of fact I heard some say on Friday that last week was the turning point, but I beg to differ. If any of my readers here follow me on Twitter, you would have seen that at around 1:30pm when the Dow was up about 300 points, I responded to another who said that the markets were doing great and would continue for the rest of the day. My response was to get ready or to start selling because the tide was about to turn. I had a feeling that the DOW as well as the other markets were about to go bad.
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Feelings??? I know I tell my readers all the time that you feelings have no place in the stock market. I wasn’t referring to my emotional feelings, instead I was talking about the vibe of the markets. After you spend enough time trading within the markets, you start to sense when the tide is turning. Add on top that my knowledge and experience tells me that there is a lack of confidence on Wall Street.
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As we go into this week of trading, you need to hope for the best, but expect the worse. Make any trade you do wisely and have your exit strategy ready. Watch the trend, keep an eye on the technicals and leave you
emotions at the door. Get ready for another wild ride.
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So in the immortal words of the WWF (World Wrestling Federation)…”Let’s get ready to rumble”.
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