CF Industries (CF) reported earnings tonight and the stock is up to all time highs in the afterhours session. The Casinos had a nice relief rally today with Las Vegas Sands (LVS) leading the charge. She was able to break $40 until the indexes broke down in the late afternoon. The high flyers were all over the place today with Google (GOOG) & Priceline (PCLN) rallying a significant amount only to give most of it back.
The Financials had a very interesting day today with many of the large investment houses trading uniquely amongst the collective pack. We’re still in that unknown area with the Financials. Many traders are in the long camp but to hold onto call options and build size is getting increasingly complex. Bank of America (BAC) basically closed at its highs today and Citigroup was bullish as well. Chinese Internets were on fire today. SINA & BIDU were both up over 4%. United States Steel (X) is still on a big run from below $20. She ran over $23 today staging a pretty hefty comeback rally after getting thrashed consistently for the last couple months. Steels & Coals are still among the worst performing sectors.
I got pretty heavy in the Financials today and I’m still holding positions long in Goldman Sachs (GS) & JP Morgan (JPM). I really did not like the close, however, and I may have to act quickly tomorrow morning to adjust my position size or cover completely.
STICK WITH LUCCI!