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March 5, 2009 Thursday Evening
Just when I thought it was safe to go swimming, the stock market got whacked badly by the banking stocks as well as the discussion of bankruptcy by GM, General Motors auditors today as a viable alternative. Add on top of that, news that 12% of all US homeowners with mortgages are either in foreclosure or delinquent on monthly mortgage payments, a record 5.4 million homeowners late or 1 out of 8 homeowners. Other headlines today was unemployment reached 8% as worst job losses since 1940’s, C, Citibank stock prices go below $1, first time ever, MNC-Monaco Coach files for bankruptcy protection (I had one of those diesel coaches), and Asian banking stocks continue selling death spiral. Clearly the market is not done adjusting for where the economy may end up.
As far as a countertrend rally that appeared to be starting yesterday and day before, today’s trading action and sentiment is what we were really looking for as far as the sharp drop in stock prices caused by more news events, panicky feeling of despair, and irrational “sell first, ask questions later” mentality.
The stocks that we are long should continue to be held long and more money should be allocated tomorrow on new long positions, holding over the weekend. Stock prices are likely to drop more tomorrow giving you better prices to go long. It is doubtful that a big buy program will be initiated on Friday for fear of a Black Monday where stocks go down sharply. But that is when you want to buy, when fear is at its height.
The stock list below has added new buy signals. Read notes and understand color coding.
Note the remaining short positions in banking stocks should be covered tomorrow, STI, KEY, USB, noted in red highlight.
Oil had little change and closed at $43.86 per barrel.
Intermediate Trade Positions: New ideas: Read notes in stock list below.
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