Turnaround and TGIF

Yesterday's market action was intriguing. The midday drop was scary, but the turnaround dramatic. My interpretation is that the beefers tried to push the market down to create fear and to probe for new sellers to scare out at lower prices. As stocks trade like commodities nowadays, that old commodity tactic of pushing a price through a logical place for stops occurs in stocks now, too.

So the beefers tried a bear raid, but found no new sellers and probably a few "real" buyers came in, too. After that, it was time to cover the shorts and I suspect some beefers with sideline cash came in as the "re-test" held.

That's it. Don't read "fundamental" interpretation by that demi-god, the "market" into the move.

Actions

Doing nothing. I was tempted to buy more FCX as under $22 was my price area, but decided I have enough. I don't want to get too long in this wild market.

PS: I supose this is bad luck, but decided to add a bit to FCX today on the pullback. I did some research on the stock early this AM in response to a question from a friend and felt better myself. I have room for a bit more, either later today or whenever I get a good price.

Word of the Day

"Dead-house" or "Deadhouse" - noun [ $100]
Deadhouse means a morgue.
Sentence: Based on the lack of response to their begging for handout, Chrysler seems headed for the deadhouse. GM and Ford may follow soon.