After Market Commentary

Another Late Day Selloff

By Mike ⋅ November 12, 2007 ⋅  Email this post ⋅  Print this post ⋅ Post a comment

I didn’t participate much today and only traded till 11 am, but I did manage to make some profits on the long side in the morning on Citi and Washington mutual. I also caught some on the short side on Cypress Semi by keying of the overall weakness in the Solar group. Tyson was a bust and took a small loss on it. Overall, it was a decent day with some nice gains, but of course I wish I had traded again at 3 like I usually do.

This is the second day in a row where the sellers took control in the last hour of trading. On top of that, we are now under the psychological important 13000 level on the Dow Industrials. Tomorrow should be interesting considering we again saw weakness set in again in the Technology group. Since these stocks have been thought to be immune to weakness in the economy and they themselves have actually supported the whole market, we should see a very interesting day develop tomorrow when the big guns come back to play. My current plan for tomorrow is sell sell sell. :-).