Super nice here today, 75 degrees! Of course now the cold rain moves in for two days just to ruin a good weather mood. Such is life in New England.
Loyal reader Watchtower, who must have a perfect memory, recalls another item I wrote a while back after attending a lights out great Depeche Mode concert. If you are interested in that writing sample, you can find it in this post. Thanks to all for the kind words.
Catch it at the 0:46 second mark on.
There was some weird action today in two stocks I have been involved in. Now it just may be a random sort of thing, but it is this kind of funny business that will make one want to pack it up and head out from playing this market at all.
First up, Western Refining (WNR) posted a premarket sale this morning at a price of $12.00. What's the big deal? The previous close was $17.50 or so! The stock opened up normally but that early sale generated plenty of confusion and questions. Another "fat finger" trade? Who knows. Very strange though, but it was just the beginning.
Transcend Services (TRCR) had it's very own mini flash crash today. Wonderful. After closing Friday at $23.50 TRCR opened down as much as 15% to $19.64! The stock recovered a bit and I exited the stock at $22.30 for a nasty 5% loss. Here is a 10 minute chart:
That long tail on the monster down move is on huge volume.
Now this could have been one large block sale priced to sell, but it just seems way out of line here. TRCR is a low volume traded stock to be sure, but this is still on the wild side.
When the overall "Flash Crash" happened a while back, stocks seemed magnetically attracted to the very bottom of the crash lows. I think the same may be true for these two stocks. I am not waiting to find out.
Silver and gold miners (I am long PAAS, AUY, SA, and CEF) took brutal beatings today and some even broke down from where their previous break out occurred. Ugly stuff all over for me. With just two weeks to go until vacation I am looking for exits before I leave.
This market is getting harder to trade as overnight gaps, mini crashes, fat finger trades, and other games make entry and exit points almost impossible to put in place unless you are in front of a computer logged into your trading account. Some of us mere mortals have to actually work a day job which precludes doing that. I am no fool, I know what I am into here, but right now the market is full of monkeys and clowns so unless you like bananas and red, squeaky noses, it's probably best to sit this out.
I say to this market, Ya Suspect!!:
Have a good night.