Friday, March 25, 2011

A what-next weekend


11:23 am (Hawaii). Most stocks pulled back before the closing bell and the market finished fractionally higher. DJIA +50.03 (+0.4%) to 12,220. Nasdaq +6.64 (+0.2%) to 2,743. S&P 500 +4.14 (+0.3%) to 1,313. Despite all the tragedy globally, a fairly positive week for bulls.

AAPL closed at 351.59, ensuring that I didn't sell at the top, but that price was still off its high near the close above 352. Shares traded below 352 in afterhours until the last few minutes, when some wild and crazy guys took it to 352.44 on predictably scant volume. AH is a great time to throw out a preposterous ask price and get hit on it by a desperate or foolish (or both) buyer. I actually thought about re-opening a position before the bell as AAPL sold below 352. Ruled against it, though. Not worth the risk if it's only going to add another buck. And the prospects of chaos over the weekend is not what I want hanging on to any bag of shares.

Then again, iPad 2 global mania will be at a peak, and with no negative news over the weekend, AAPL could gap up on Monday morning. Still a few hours until afterhours trading is done. I'd consider a buy at a cheap, cheap, cheap price. Otherwise, I'm content to be 100% cash going into window-dressing next week. If the hedgies take the market down temporarily on Monday (for any "reason"), I'll be ready for the discount.

Silver plays were mixed. SLW +0.33 to 43.95 afterhours. EXK down, PAAS down, but PHYS and SLV up. 

UCO up 0.76%. WNR finished at 17.05 (+3.6%), pulling back from a 6% gain early on. That Mr. Fly. What a freaking genius. If there's one play I would feel somewhat comfortable holding over the weekend it would be WNR. TSO was up 2.1%. Big, small ... oil refiners are stealth in this environment. Even if the Middle East suddenly went pacifist, Japan still needs to import energy in a big way for a long time. 

Sold out of gas in Ichinoseki, Northern Japan (Mar. 17, 2011)
(photo: AP)

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