Buy ACLI ...laters.
Just in case the market decides to fire a rocket at short sellers, I decided to go long ACLI as a hedge. The stock has been bouncing around $53 with lack of volume.
Someone asked me about oil stocks... well, the group is falling. Probably because oil is falling. I would wait for oil to find a bottom, because it takes a lot of global events to push oil back above $75 (ie, vicious war in Middle East, hurricane in Gulf, oil rig shut down etc.). VLO is usually a popular oil pick, but it's not doing so well today- that should tell you something about how Wall Street generally feels about oil stocks... it looks like money is shifting out of energy stocks as we lack news.
Finally, I'll wait for tomorrow to go long NUAN, and perhaps CNTF instead of PALM. I probably should have shorted RMBS above $16, but we'll see.
Someone asked me about oil stocks... well, the group is falling. Probably because oil is falling. I would wait for oil to find a bottom, because it takes a lot of global events to push oil back above $75 (ie, vicious war in Middle East, hurricane in Gulf, oil rig shut down etc.). VLO is usually a popular oil pick, but it's not doing so well today- that should tell you something about how Wall Street generally feels about oil stocks... it looks like money is shifting out of energy stocks as we lack news.
Finally, I'll wait for tomorrow to go long NUAN, and perhaps CNTF instead of PALM. I probably should have shorted RMBS above $16, but we'll see.
posted by Gio at
10:34 AM
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