Friday, June 25, 2010

Frazzled Friday

Dow Jones 10,143.81 -8.99 -0.09%
NASDAQ 2,223.48 +3.07 +0.29%
S&P 500 1,076.76 +3.07 +0.29%

Reform is good, but it is no cure and it clearly isn't the catalyst in itself. Today's session was in the green most of the way, but sold off toward the close and essentially closed flat. Sectors that benefited from today's final financial reform bill work on Capitol Hill were (of course) financials and, you guessed it, Chinese energy.

Goldman Sachs gained 4.68% to 139.66, capping a nice move from 133 earlier in the week. The intraday high was 140.90. Citigroup closed at 3.94 (+4.23%) after a spooky descent the past few days.

Big winners were buyers of FAS (22.80 +7.17%).

FXE traded up (123.44 +0.47%) while the US Dollar (UUP) lost 0.56% (24.83).

Euro banks benefited from the finreg bill. Banco Santander, like their successful national team, finished up (11.05 +1.66%). IRE (3.70 +1.93%) also rose, though NBG fell (2.25 -1.32%).

With BP selling off chunks of fine, moneymaking operations, entities like CNOOC (CEO) are swooping in. CEO gained 1.93% to 175.24 while PetroChina (PTR) moved up 0.50% to 115.10.

Chinese solar plays are hot again, probably new festering ground for traders who banked big gains in US natural gas stocks the past few weeks. Trina Solar (TSL) had a big bump of 4.09% to 18.33 after landing a deal with the University of Queensland (Australia).

Yingli Green Energy (YGE) gained 3.89% to 10.68, riding the sector's momentum.

The rise of crude oil to $78/barrel is helping solar plays back in the US. First Solar (FSLR) picked up 2.04% to 119.26. Solar is still "expensive" in the sense that it can't survive without federal subsidies for the most part. Solar will climb as crude prices rise. As usual.

Nat Gas had its best day in about a week, reviving in a big way. My list of 40 natty gassers gained a cumulative 2.12%. NGS was the biggest gainer (+7.65% to 16.74) and HERO (2.80 +5.66%) was second.

Two of my favorites, WPRT (16.70 +1.83%) and CLNE (15.97 +3.9%) did fine. So did another play I like, HGT (20.59 +3.05%).

The natty gasser with the biggest gain since Obama's speech is PETD (26.99 +29.57%).

As for oil, BP resumed its tumultuous descent, losing 5.98% to 26.92. Again, the sector traded well, having pruned BP from its collective sentiment. US Oil Fund (ETF) gained 3.69% to 35.66.

GLD gained 1.2% to 122.90 and TLT was slightly up (99.05 +0.41%).

FXI gained 1.01% to 41.18. Copper did well; FCX rocketed 4.93% to 66.57. US Steel rose 2.83% to 43.24. Metals have been so productive lately that the relative volatility shouldn't have scared me away.

Hibernation time for AAPL longs. Shares sold off again, as expected, losing 0.86% to 266.70. I'm waiting for a chance to snare shares at 260 or maybe 250.

GOOG lost 0.51% to 472.68. Another buying opportunity may be nearing, though I'm not in a rush. Even with AdMob and Android, GOOG is not as appealing to me as AAPL.

BIDU gained 3.12% to 76.10, arguably the best mover in the sector. They have no real competition in China. Big Brother is on its side. Baidu will not be beaten.

All in all, still 100% cash and no plans to change as the weekend begins. Just a few more days before Q2 ends, so window dressing may be in store as fund managers trample over each other to establish positions. Or not. If the market has another crash soon, I'll be ready.

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