Despite the underlying commodities being up (agriculture and oil) the stocks in the commodity space are down. To me, this points to continuing liquidations / forced selling. It is remarkable that for much of the past year there seems to be a shortage of capital (delevering?); even on a huge up day only certain sectors are up, as if there is not enough money to push everything up at once.
Even more troubling is NASDAQ flat on the day? I find this worrisome and cut back Apple (AAPL), Research in Motion (RIMM), and Baidu.com (BIDU) to the bone - 0.1% stakes. I thought we'd at least get some sort of bounce here off of Friday and into today- nothing.
The action right now is completely head scratching. The dollar should be down, not up, on printing presses of American working overtime. But I've been saying the action has been random and abstract for many months now.
I continue to believe money flows of hedge funds are dominating price movement more than anything else - as leveraged bets are being forced to reverse, price action seems to be against any common sense rules. Perhaps some funds with the "technology" trade on, are now also being liquidated.
It remains a very dangerous market. I cannot find any rhyme or reason out there; the rip tides under the surface are telling a completely different tale than what appears on the surface.
Long all names mentioned in fund; long none in personal account
Monday, September 8, 2008
Troubling Action in both Technology and Commodities
Posted by
TraderMark
at
11:31 AM
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Labels: Apple, Baidu.com, Research in Motion
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5 comments:
Mark, with the continued sell off in coal and fert, are you lightening up your last week purchases or sticking with your original they got to bounce sometime thesis?
Hal 9000 is so powerful... I hate it.
At this point I'm keeping them and taking the pain
This showcases just how short the windows of opportunity are in those names.
Honestly this market is not about fundamentals, and just trading vehicles so it continues to be a struggle to eek out anything. Very frustrating.
If JRCC can hold above its 200ema I'll be able to sleep good tonight.
Oh, how things change in 2.5 hrs.
Hedge funds are dumping, need a lot of $$, more than Ben&Hank can print for now. That's why $$ are rising. LOL
you guys are crazy. JRCC a stock that go from 6 to 60 in less then a year, now drop back to 30 and you guys keep saying cheap. Unbelievable. Mark, did i say buy REW, SMN and stay away from commodity?
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