BAGAKOAA May 5, 2010 Oil and Greece
May 5, 2010 Oil and Greece
Well I missed the call on the service sector ISM survey today. It was in line and I thought it would have been better. ADP had OK numbers but I was expecting better. So we had a roller coaster ride in the market. We were down as much as a 100 and then almost back to even and then back down about 60.
I am still on record as this being a rally that initiated about February 19. This is not the correction I have been looking for. Another 7-10 points down and I’d call the rally over and say this is the correction I anticipated. But I don’t think so.
That is despite the fact I was stopped out of Bruker Corp. BRKR, a position I took up about a month ago. It was a health care play that provides instrumentation and radio imaging product whose financials looked sweet and I though would benefit from the health care bill. After an 8% drop I am out and it is on my watch list, and put in a 90 limit buy at 13.95. If my charting techniques are honed, which they are not, the next point of support is about 13.80 which would make it very affordable as I like this being a 26 dollar stock in 2012.
The portfolio also booted TQNT the chip maker spec stock I was pimping about 5 weeks ago. I still like it but took a 9% ding on it so I am out and watching. Unfortunately I am also out of VOD as Vodaphone got dragged down in all this chaos as well. The portfolio will be looking to get back in to this once I figure out the entry point.
Unfortunately the good economic numbers are not good enough. They have to be great to over come all the Eurozone scares, the oil slick that is covering the whole world, the cloud of ash closing all the Nordic airports, Washington’s 95 different banking legislation bills currently under consideration, and God knows what else. I don’t even think the great job report due out Friday is going to make us snap out of this. As I said this week was going to be sideways. Well sideways and a little down.
Tomorrow I will post the Salve Lucrum Portfolio with % returns and % holdings. I have to clean up the report later tonight. BTW did any of the 14 of you who visited the blog over the last few days notice I was dating everything April?