Carnage continues. Markets rhyme, the IWM trade we talked about yesterday presents itself again. Of course I take it. Big opens are an invitation to sell and that has happened twice this week already. Pump and dump is how it works. Along with rotation into old tech, energy, and financials while high-beta gets dumped. See old tech-Oracle, Cisco, HP as real safety plays, although Micrsoft and IBM did give it up. Likewise, CVX stays positive but the others don’t. Tomorrow may rhyme with Monday, but I am down to one long and one short, I like remaining in the black. Scratched on the Sears, stopped out in the morning on Monday’s CELG nibble, got filled again at the close. This is all just trading, although it is tempting to reflect on macro concerns. The yield curve is flattening, but the banks are only giving it up gradually. FAZ is nicely up though. Full disclosure.
You will probably ask me about PLUG, down over 20% today after being up over 20% yesterday. On both days, the daily trading volume is over 110 million shares. The float is only 87 million, shares outstanding is a little over 100 million. I will not even try to explain this.