OK, so 1st day of new month, sell in May and go away so far 1st day = trend wins.
I was hoping with the early down move it would really stick so we could get a real nice bounce Tuesday. As it is and as this market is really sensitive to news flow, mid-day defenses were launched regarding MER and LEH and the market got a hefty bounce off the lows. Still down decently (S&P and ER both down over 1%) but well off the lows of the day. More like the middle of the days range.
So, Tuesday I would love to revisit Monday's lows and see if we can get a nice bounce. The trend here would be lower overall, but it won't be a straight line unless we get dramatic news. The brokers look awful, as do all the financials. S & P downgraded the sector (duh) and frankly I just don't see how or why anyone wants to step in front of that freight train on the short side. GS has SIGNIFICANT room to the downside. You want a short for the long run? OK, take Fast Money's STOCK OF THE YEAR and send in your short, it'll be under $125 at some pt this year, mark it down.
In the meantime, let's see what news come out tomorrow.
FOr the many that have asked, our 2nd issue of SMALL CAP MONSTERS newsletter will hit the "stands" July 1st. Our 1st issue from last month has been a SMASHING MONSTER success!
SATC, our 1st stock is up roughly 50% in a few weeks from $1.80s to $2.80s (was $3). DEPO, our 2nd stock is up better than 15% in same time frame.
We have at least 2 more small cap MONSTERS in the coming issue. If you have any interest email me at email@example.com and we'll steer you to the signup in the next week or so. We're also launching a Small Cap TRADER service that will include the newsletter. Prices right now, fyi, are roughly $199 for 6 months of the newsletter (plus a weekly update) and the Small Cap Trader, which gets all of the above, plus intraday plays when appropriate and trades on small caps. That service is $599 for 6 months.
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Good trading tomorrow, folks!
Just want to send out a prayer for the gentlemen who I saw get hit by a taxi today on Amsterdam and 73rd street. Was pretty horrific, the man was in bad shape when he was taken away. A few people really tried to help and hopefully he'll be ok. Sometimes in the middle of our own self indulgent nonsense we realize that there are a lot more things a lot more important then whether the Dow and Nasdaq were up or down that day, or that week, or that year. We humans are very fragile, and life is indeed precious.
See ya on the other side,
Michael "Waxie" Parness