Looks like the bears pushed the market around, and got as excited on the bearish side, as I got bullish just a couple weeks back. It looks like we have some trading opportunities in a few stocks, especially with the preponderance of shorts banging every bid in sight!
In this market, you have to be nimble to pick up stock, and also be nimble to sell them. Wynn Resorts (WYNN) trading at 36, was just 55 two weeks back on a good short squeeze. This looks like a play at this level, especially with the high short interest in this number.
Potash (POT) at 69, gave back 17 points on this pullback, and tested 66 today. This looks like a decent trade also.
The banks? They still make the market cringe, as every CEO as been shown to be terrible liars, and an incompetent judge of their prospects, and they only seem to be successful at getting a handout from the taxpayer.
But the TARP II money was voted in, awaiting Obama's signature, so maybe even this beleaguered group can get a bounce, so shorts can be reloaded at higher levels.
But I owe my daughter a trip to Disney and Fantasyland. In Wall Street, the fantasyland is the balance sheets of these financial firms!
But it looks like the bears have set their sights on the two closest and most dearest firms of the Fed. So we know their is an audible out there somewhere! Why else was the TARP II money voted in so quickly?
Which means the "good bank" "bad bank" is lurking behind the curtain.
But OZ sure looks like he is naked!