If stocks were animals, say doggies, even the Dog Whisperer would remain calm and assertive.
But, he wouldn't dare walk right up to one and berate it for misbehaving. Oh no. Caution and distance are necessary for a wild, undisciplined dog. Especially when it is being controlled by external forces. Major selloff of otherwise healthy growth stocks by the big boys to cover for their inequities (no pun intended) in the mortgage sector ... it's killing everyone but the shorts.
The Nasdaq has rallied off its extreme lows today and is now less than 2% down (44 points). Of my five favorite stocks, the A graders, Apple hit a low of 111, Amazon was at 70, Crocs was 44, Garmin was 86 and RIMM was 184. They're all off their lows of the day, but I wonder if the market has finally bottomed out.
Today it was negative economic data. Tomorrow? Next week? At some point, even with more bad news, there will be too many sellers and almost no buyers left. As of 1:40 p.m. Eastern, the only A- grade pick that's in the green is Flowserve (FLS), up less than 1% to 64. This stock sold off the other day despite a great earnings report.
The only B grade picks that are up: Spartan Motors, with a 12% gain to 14.31; Ansys, up 2.8% to 30.81.
The big boys are having their way, both to cover their okoles for the mortgage mess, and I wouldn't be surprised if they're selling off with the downward momentum to get those same shares back cheaper in the near future. One domino falls, they all fall. I'm staying close enough to know what's going on, but there'll be no buying until we have some peace rather than panic. These doggies haven't calmed down yet.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment