Market Wrap 2/12/09

The markets were in tank-ity tank mode today. But then there was a leak that Obama is going to help pay for people's houses who are in trouble. Great. The DJI recovered from 200+ point decline to almost positive in about 45 minutes. Dorks! The recovery put the S&P back inside its triangle pattern. So could see a bounce up to test the upper TL around 900.

Then there was talk about creating all these jobs with the new stimulus plan by building/repairing roads and bridges. Well, not sure how many white collar workers and burger flippers are ready to get their hands dirty? I guess all those former home construction workers might be able to ramp up relatively quickly. And a lot of talk on CAT will benefit from heavy equipment sales. Well, there's already a lot of CAT equipment already sitting around and rusting that will most likely be used before any new equipment is ordered. Unless CAT has some hefty margins on parts? Not seeing any jump in revenue. I pass a sky-lift rental business on the Tri-Rail frequently and their lot is jammed full of cherry pickers. The I-95 expansion in WPB is nearing completion too, so those people will have to be re-allocated too.

Bought some GLD in the morning for $92.75 and then sold when things starting getting wacky for $93.55 - a nice little 80c profit. Better than a poke in the eye with a sharp stick as they say...

Traded SPY

Traded SPY on potential breakout, but adjusted stop too soon and got... stopped out! Go figure... At least broke even.

Starting to record my trades live with jingproject.com for setup, execution and review to help improve trade discipline. Will keep them offline, at least until I get more proficient.

Took a small position in JPT

Took a small position in JST today. It's been testing support for a while and has a potential for a small bounce and potential large bounce. The chart is from yesterday when I ran a EOD scan.