Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Setup For a Turnaround Tuesday?

By

In this muck, cash is king.

PrintPRINT

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.

    Want top traders to sit at your desk and share their insight and ideas?
    Minyanville's Buzz and Banter- 14 day FREE trial

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE