Morning Stock Market Thoughts For August 22, 2013
— Futures are pointing higher for now. And we’ll see if they can hold up at the open. I’ll also be looking for stabilization in TLT. There is a lot of weakness under the surface. So although I’m quite long, I’m watching the damage closely. The XOM chart alone is enough to have me worried.
— Weekly jobless data also came in this morning, higher than expected. I don’t know if this is good or bad in the grand scheme, so as usual, I’ll let price be my guide. It’s the only thing that pays, right? (I hate when people say that)
Trading Thoughts On Stocks I’m Watching Today:
Due to my modest cash reserves I’ll be cheerleading my stocks and seeing how they act at the open. I’m in a “wait and see” mode – but if the downside follow through continues I may need to cut some losers. Stay tuned for updates.
— SNV started off strong but ran out of gas. I’ll check back at the close to see where the traders are jockeying.
— The market has lost any expectation of TINY making any money, ever. Short term this is bad. Long term this is… mediocre. I still think the idea of the company is cool. Too bad Doug can’t make it work for HHVC shareholders.
— Tech and the IWM are still holding up pretty well. ITB looks weak, which obfuscates the picture somewhat.
Other Thoughts and Good Articles I’ve Read Today:
— In the meantime, you might enjoy a video Chessnwine found: Jack Schwager Hedge Fund Market Wizards Trading Techniques.