21 February 2007

Mixed Messages

Markets somewhat recovering from the bigger than expected CPI numbers. Dow taking the worst of it down .35% with the small caps the strongest down just .13%.
Market internals to the red with the a/d 12-16 on the Naz and 11-18 on the NYSE. Up/down volumes 1831-2629 on the Nasdaq and 826-1861 on the big board.

Novastar (NFI:NYSE) just getting hammered down 36%+ as it basically says no taxable earnings through the next 4 years...ouch...

No trouble in sub-prime world?

OIH just flopping around (bought some Mar. $140 calls at the close yesterday)...looking for yesterday afternoon's swing lows near the $134 level to hold back the selling...if not, I'll be left wanting and little poorer.

Probably not going to do much in the Naz futures today unless we spike up into the 1848-1850 level where I will be looking to fade...oops $134 level in the OIH just hit let's see if the buyers step it up...got to go...jfg.

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