I have turned neutral now, am lost as to why the market is so optimistic.
Perhaps, they are expecting tomorrow’s numbers to be real good?
Today’s data was bad, New York manufacturing went down, and industrial production missed expectations of course after the crazy 0.6% last month. However, the market decided to go up in full force. Bulls controlled the day in what is a rather abnormally low volume day. This is why the VIX also rose as volatility will be coming ahead due to this low volume.
Staying at the sidelines might be a good idea. However, risk play include shorting the 2 crazy hyped stocks-FCX, LVS, and perhaps a few other hyped up ones like SNDK. We have seen a few stocks being thrashed, such as CLF, AKS. Cramer keeps pumping FCX and that has put FCX on the highest red flag. Cramer is known to pump stocks that will drop really soon and greatly. FCX will fall real hard should tomorrow’s Philly numbers show another poor reading.
Still rather bearish in the short term, want to buy stocks at lower price as I am bullish long term.
Stocks to buy at low prices – AA, BAC, C, WFC, X, MGM
Stocks to Short high – LVS, SNDK, FCX
I am monitoring a few stocks only as it is easier and safer to be good in a few stocks.
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