Markets are absorbing two sets of WEAK economic news......and doing very well so far....down 60 on Dow & 13 on nasdaq......@1158AM
S&P gave another "hammer" to Bear Stearn's by downgrading their debt to negative...what else is NEW......it is NOW six months ...since we first heard of Sub-Prime issues......housing as we all know is a cyclical industry...but dont tell that to investors....they "never HEARD that before...as everybody has become daytrader".....so NO NEED to do any homework.......just follow the latest headlines or rumour...& trade accordingly......everybody is behaving like a "hedge fund"...repositioning for next 10 minutes.......
This a real BULL market in stock market sense......and has shown REAL RESILIENCY to all the manipulation & agendas.
In my portfolio SNDK is the star of the day UP almost $2...on analyst upgrade & a shutdown of Samsung Flash production lines for a month...positive for SNDK & negative for AAPL.....SNDK will benefit from higher prices for FLASH Memory & AAPL will face "higher than anticipated cost for Flash in iphone,ipod...so it is an ipain........
RIMM is continuing its run towards new HIGH UP $2+ only $9 away from its alltime HIGH of $235...last trade $226++
SNDA is continuing its RUN into new channel by crossing above 50dma...UP 62 cents.....
UXG down 7 cents.....
STP down 15 cents....should move UP before close as it goes into its ER on thursday before OPEN.......
Among GREEN stocks @ 1153 AM are:
RIMM,SNDK,FMCN(deeply oversold),ICE,CTRP,WYNN,LVS,NMX,GRMN(new HIGH),
MR(reports monday).
Looking for Third UP day @ close $$$$$.
BLOG does not give buy or sell.
Good luck on rest of the day.
Saleem
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