Boy, was I wrong about MW missing earnings. There is never a sure bet when it comes to these earning plays. Well... there's never a sure bet when it comes to trading, period. Sure was glad I didn't play it though.
You know, here's what I'm talking about the confusion... you got a tropical-storm-soon-to-be-hurricane coming. It's not like Katrina, but at least it's the first major big one since Katrina. You would think USO and UNG would go up, but they don't. It gapped up this morning and just losing ground all day. Whatever. This means that the downtrend still holds. You don't trade the news; you trade the reaction. My short order for the coal ETF KOL got triggered and I think I should've taken some profit in the middle of the day when it started bouncing.
I'm going to list the things that didn't quite make sense to me, with what I guess was the reason in the parentheses.
SHLD misses by 12 cents but bounced hard right around 85 (GDP data that came out today)
ENER beats by 8 cents but falls after the open (Oil going down)
Potential big ass hurricane coming but crude and natural gas goes down (Dollar strengthening?)
Oh whatever... what do I know. Nobody knows anything out there. If someone tells me exactly what the market is going to do tomorrow or for any timeline I'd call him a fucking liar in his face.
FNM and FRE is touching that down trend line... I'm tired of playing these two stocks, seriously I wish the government would just come out and we're going to save it or say "let it burn!" It reminds me of a song by Usher
I was looking at the projected path for Gustav, honestly I was more interested to see if our home opening game would be ruined, but it looks like we won't know the full effect of the damage until probably Sunday or Monday. Either way, makes for a VERY interesting open on Tuesday when we come back from Labor Day, especially when we got ISM data coming out at 10 am EST as well.
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