No kidding. Volatile doesn't begin to describe today's session. Hoku Scientific was up more than 10%, then retraced. Google traded down to 510, climbed back up to 529 and is hovering at 525 now. I picked up GOOG at 529, pondered getting more at 512, but was gun-shy. Then I got more at 526.
I emptied out of RIMM and AAPL. No catalyst ahead for either, and RIMM is among the most abused of all high-growth stocks. For short-term trading, there was no point in being in either anymore. I even sold my NTDOY.PK, which seasonally trades down between January and March.
Microsoft's bid to buy Yahoo has kept today's market slightly positive when it probably was going to sell off. Yahoo could hold out for more than $31 per share, but that would be ballsy on their part. Leverage belongs to MSFT. Yahoo opened at 28-plus, came down to 27-plus, and then returned to 28.32. Is Yahoo a good trade here? Seems that it should be.
Intuitive Surgical has kicked arse today on great earnings, and so has Flowserve. Too pricey now, of course. PetroChina and CNOOC and upstanding today with gains of about 5%. Still trading cheap relative to their moving averages.
Goldman Sachs was hovering at 200 before I took a nap (6 a.m. Hawaii time). Now GS is at 207. Boy, talk about what coulda been easy money. China Mobile is up even though Cramer panned it yesterday. Of my Top 25, only six are in negatoid territory: RIMM, AAPL, BIDU, AMZN, MSFT and GOOG. I still hold on to Google. Good chance it can rebound as it did last July after that earnings report disappointed the street. I don't plan to wait two months, though, for a run.
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