Monday, April 27, 2009

20090427 PM

DOW 8,025.00 -51.29. Consider shorting for a couple hundred points down.
NASDAQ 1,679.41 -14.88
SP500 857.51 -8.72. Can possibly test 800.
Indices opened down, showed strength working higher, then flu news and economic news pulled down prices. With the abundance of bad news, the indices relatively did OK. May see additional weakness this week on lighter volume. Looking to close more positions to get to cash and let the news work itself out (bird/pig flu, bank stress test, fannie mae, BAC's Lewis implicating Paulson & Bernanke).
GLD 89.01 -0.71
SLV 12.66 -0.01. Relative strength within metals.
PTM 13.86 -0.44
With all of the bad news, metals didn't go higher. This is not a good sign near-term for metals.

EEE 1.13 -0.01
F 5.11 +0.11. Day range 5.02 - 5.42.
FAS 7.754 -0.656. Close long tomorrow to take loss.
NFLX 46.37 +3.64. Decent volume.
TRE 3.06 -0.03. May sell to avoid a little metal pullback.
URE 3.48 -0.42. Price destruction on lighter volume.

DBA 24.30 -0.45. PowerShares DB Agriculture Fund. The flu news pushed down agriculture and hogs. This could be a buying opportunity.
DNDN 21.55 +1.47. High short interest of 24%.
XLF 10.76 -0.18

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