It looks as if my market time machine is broken. I thought we would be up rather good today but futures look weak. The day is far from over; however, the big key is after the bell today with Alcoa. Everyone knows it's going to be terrible, but the question is how bad and in my view, analysts want to hear their guidance, to get an idea of how bad the economy is hitting them (and if there are signs of improvement).
I made some long purchases yesterday, that I plan to hold. I will keep my QID short position for a bit longer, until the pain is just too much. JASO seems like it has the potential to breakout, so keep an eye on it. TXCO was up 12% in afterhours, to $0.90, so this may have a little roll in it. Frankly, I would be cautious of the tiny stocks, given the way futures are getting hit but we shall see. Volume is really light, REALLY light. Many investors cashed out and are sitting on the sidelines for earnings (smart people). As for me, I am an idiot, and will play earnings. I still own all my calls on FDO and may take some of the table, ahead of earnings tomorrow AM, just to make sure I book some profits.
All in all, this seems like a great day to eat pancakes and relax. I will probably not add too much or sell too much either. I am kinda catch and hoping some buyers come and scare the shorts away with the low volume, creating massive short squeezes.
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