Ouch
Dow Futures down 150, Nasdaq futures down 35 - looks like it's gonna be a bloodbath today.
Yes!
BTW, if you ever want to check this stuff overnight here's the link.
Go SKF!
3 hours ago
Friday, July 11, 2008
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5 comments:
Thanks for the Bloomberg link.
You were right about that "dead cat bounce" the other day.
Keep up the good work.
Thanks, I appreciate it.
DTS
I got stopped out on both SKF & SRS today (8% stop - both at a profit).Maybe I should have stuck it out.
I am still in QID & SDS.
I'd appreciate any comments ?
Sure -
First off, good job with the stop limits. There is never anything wrong with realizing a profit.
Second, I wouldn't be too worried about SDS and QID. They are not ever going to be as volatile as SKF and SRS, so I would leave those positions alone, but again, have a stop limit on both.
As for SKF and SRS, well, the best thing we could hope for is if the governemnt bails out Fannie and Freddie. The reason why is that if they do, the stock holders will get wiped out. Secondly, if they do, it will kill the dollar as we will be doubling the amount of debt the US is backing overnight, which will kill the dollar and seand interest rates soaring, some of which we saw today on just the hint that the bailout was coming. Lastly, if the bailout happens, well, it sort of makes a lot of these mortgage lender like Wachovia, Washington Mutual, etc. kinda irrelevant and the market will be 100% certain that no help is coming their way. All of those should be good for SKF.
As for SRS, well, I still think that one has a long way to go. Sentiment continues to worsen, any surprises to the upside on earnings will be attributed to the stimulus checks and this thing got to $150 back in March.
So, watch the news over the weekend and pay close attention early Monday morning; any surprises will certainly come then.
I will post an update about this on Sunday.
DTS
Great analysis. I will look forward to the Sunday update.
Thanks again.
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