Tuesday, June 29, 2010

Terrible Tuesday

Dow Jones 9,870.30 -268.30 -2.65%
NASDAQ 2,135.18 -85.47 -3.85%
S&P 500 1,041.24 -33.33 -3.1%

Did you get bitten today? Did you stay long in this flaky market without protection? Do you walk the streets and let thugs take your hard-earned money? I've been 100% cash for nearly three weeks, but if I were ever to go long, I'd definitely hedge my bets — be honest, everything in the market is a calculated guess — with VXX or FAZ and maybe have some safer plays like GLD and TLT.

Apple has its share of complaints over iPhone 4, but they continue to sell, sell, sell what may be the most addictive piece of technology on the planet. Shares, though, bit the dust today, down 4.52% to 256.17. This is an entry price I could love, but even here I want to wait for 250. I'd rather catch this ride on the way up than possibly on the way further down.

So, all the Android devotees who happen to be iPhone haters should be loving Google, but shares dropped 3.77% to 454.26. I like this price, too, but I'm watching from afar.

BIDU fell 9.23% to 67.57 as China did a swan dive. Still the search king of China with the backing of Big Brother. Sub 60 would be compelling.

NFLX closed down 4.28% to 112.58. The swings here are wild and I don't like it long term against the competition that is pounding down the door, like Apple. On that note, IMAX dipped as low as 14.28 before ending the day at 14.88 (-4.43%). Like Netflix, Imax has serious competition coming sooner rather than later.

FCX was down only 0.63% (121.56), but craziness across the region (Greek riots, German leadership issue, Spanish unemployment, yadayada) did nothing good for global markets. NBG was flat at 2.23. No banks were burned down. However, IRE dropped 6.91% (3.37).

GLD closed barely up (121.27 +0.15%) while TLT (20-year Treasury Bond) was up 1.09% to 101.07. TLT has a chance to stay above 100 for awhile. There's no real catalyst coming to the market for the bulls in the visible future.

USO (US Oil Fund ETF) dropped 2.95% to 34.17. BP went the other way, gaining 2.29% to 27.75. Not touching that POS.

Natural gas wilted. UNG caved 3.88% to 7.67. My list of 40 natty gassers got smoked again, dropping 5.27% today. They dipped into the red as a group for the first time since Obama's clean energy speech nearly four weeks ago. That's bad news on bad news. WPRT, which was once the leader with a 30% gain, is now up just 4.83%. PETD still has a sizable gain of 25.83%, but almost everything else is in the red or has a modest single-digit gain. No catalyst, no luck.

First Solar (FLSR) also fell, losing 4.03% to 114.42. One of last week's hotties, Trina Solar (TSL), dripped 5.06% to 17.26.

Chinese energy ate dust today. PetroChina (110.51 -3.45%) and CNOOC (168.80 -4.44%) sank. Whimsical solar play Yingli Green Energy (YGE) lowered to 9.88 (5.64%).

FXI tumbled 4.03% to 39.31. Freeport-McMoran (FCX) crumbled 5.55% to 61.07. US Steel (X) gave back 5.87% tp 39.11 and Posco (PKX) gave up 6.22% to 94.84.

VXX finished with a 9.26% gain to 30.79 after hitting a high of 31.34 in the final hour. Shares were below 25 last week.

FAZ moved big, 10.48% to 16.82. I've had good trades in FAZ before, but haven't touched it in months. Finnies are now just a wee bit too fucking crazy for me to decipher most times.

Staying in 100% cash while insanity prevails on Wall Street. Have fun!

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