Tuesday, August 3, 2010

State of the Stock Market - 8/3/10

Commentary may be a little lacking this week - my wife had to go out of state for a few days to see an ill family member and as such, I am with my four and one year old sons all alone for the next few days.   Therefore, most of my time will be with other mattters, as I am sure any reader that has young kids will understand.  

I was stopped out of my UCTT and ISLN positions today early on - UCTT was flat overall and I made a small profit (I think 2% or so) in ISLN.   I also went into SOLF pre-market at $11.60 as an earnings play - I was pretty happy as it ran up to $12.80 around 9:10, but when the market opened it tanked and I was stopped out at $11.55, giving me a very small loss.   Fun stuff as always.   Besides LIWA in my IRA, I am back to total cash and likely won't trade too much this week.   I don't see a whole lot that interests me after the way so many stocks acted poorly yesterday.   Individual stocks are showing a lot of chop the past two days which makes trading them extremely difficult.   There is one particular stock I like but it has earnings next week so I may pass.

Overall, it seemed like a boring day but not a bad one - more of a consolidation type.  The numbers are still bullish for me and my bias therefore will stay that way, but if we continue to rally, I am suspecting it will be a difficult one to trade with lots of headfakes and confusion.  What else is new, right?  Good luck Wednesday.

2 comments:

polarpanda said...

Hi Mac,

Don't have kids but family and health very important. All the best with your wife's situation. Thanks for all you do and take care.

Johnny

Mac said...

Thanks Johnny - the person she went to see is doing much better but she really felt she needed to go visit. Thanks for the well wishes.