We were down and ugly right from the get go this morning and it only got worse. The internals literally could not have been much worse, with volume almost 40:1 down while stocks were just 10:1. Now I guess we’ll see if it is a prelude to more to come, or as it was on Friday, climactic. We had a couple of short little rallies but none of them held. The only place to hide was in AAPL.
The problems were many today, starting with disappointing China numbers overnight showing diminished demand. Then came Lockhart’s resignation as of February, the weight of the market itself, and finally followed by the worst participation in an auction for the long end of the bond market in 12 years. If we close below yesterday’s lows in the Dow and the S&P500 we could see a quick decline of 200 and 40 respectively
Our trade in SSYS was executed as a buy @ market at the open $21.22 and stopped out @ $20.87. Not too bad. It hit $20.64 and then rallied to close only slightly lower on the day @ $21.36. I still like this one a lot, and you can rebuy it if you like and use today’s low as a stop…CAM
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