Thursday, June 25, 2009

Bookkeeping: Reversing Yesterday's Buy on Excel Maritime (EXM)

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It looks like the bottom is certainly not in on Excel Maritime (EXM) - despite a horiffic month and not being near any sort of resistance it is acting poorly again today (negative on an up day for the market) so I am going to reverse yesterday's purchase and take it down to a sub 1% position - the low $6s are support from April - if that breaks it could be going back to sub $5, don't want to risk it right now. I was hoping it would participate in a bounce... guess not.

As on schedule, the market goes up with quarter end mark up (in my book 2-4 days before quarter end)... with SO many people anticipating this phony price scheme to create better performance, I am surprised it is going on right as scheduled.

The morning jobless claims surprise is quickly forgotten ;)

On the S&P 500 we have a potential head and shoulders formation being created with the right shoulder forming now (technical goobly glock) - this would be broken if - again - we can break back north of S&P 940s area. S&P 915-925 would be where I'd expect the market to fill in the right shoulder and then from there we wait to see what happens next. In the bigger picture we have really gone nowhere since early May on the S&P... just a lot of hot money going from 1 theme to the next based on the news of that specific day.


Trying to figure out the strength in this market today, it appears to be housing (Lennar report), home furnishing (Bed Bath & Beyond as competitor Linens n Things went extinct) and some stabilization (at very low levels) for rental cars per Hertz (HRZ). Not really things we are involved with much other than 1 homebuilder.

Also China Architectural Engineering (CAEI) - with those 3 words together in 1 company name you'd think it would trade at Google valuations, but only a $1 stock, well $2 today after the 60% move.

Long Excel Maritime in fund; no personal position

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