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Setup For a Turnaround Tuesday?


In this muck, cash is king.


Greetings from New York, where the market is sailing into the Heart of Darkness but I'm going to pilates class. Honestly, I may miss an opportunity but I least I won't be tempted to call a bottom. I'm splitting today's work into pre- and post-workout. Here's what I'm watching in the former condition:

  • Toyota (TM) is down 6% and 5 bucks. It makes sense, but wow, it's somehow frightening when folks catch up to the stuff you've been scoffed at for thinking in the past. Another reason to work out: Feeling my trades getting crowded makes me want to cover too early.

  • Apple (AAPL) is almost 10 bucks below where it traded during the rumors of Steve Jobs' demise. I'm not lending any credence to the rumor whatsoever (at gunpoint, the reverse would be true). I'm simply saying this: If you think "The Shorts" are out there making a killing by spreading false rumors I don't think you understand how the world really works, trading-wise.

  • The Ag/Coal/USO names are shocking lower, considering how weak they've been going into today. Capitulation? Maybe, but again, I just can't see any reason to be a hero.

  • "Turnaround Tuesday"? Sure, this morning's action is a perfect set-up. Heck, today's action is a perfect set-up for Monday afternoon turnaround. That said, the trend is pure misery and cash simply couldn't be a happier place to be hanging.

  • I'm going to Las Vegas in a couple of weeks (tasteless though that seems now) for Mrs. Jeffmacke's birthday. It's a long-planned trip becoming tackier by the second. On the upside, near as I can tell and judging by the love being offered to my "not given to gambling much" self by a resort whose name I won't share (but is either Wynn, Las Vegas Sands or Boyd), my group is going to have the whole Mojave Desert to ourselves.

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No positions in stocks mentioned.

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