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Thursday, October 30, 2008

Thursday GDP Shrinkage

The market gapped up big as GDP didn't suck quite as bad as expected, but it looks like traders are fading the gap, so we are heading down right now. Oil is down $2, the dollar is up despite the rate cut, and the Euro looks like it's going to reverse it's recent strength. The strength is in utilities, consumer staples, and financials, weakness in energy and basic materials.

On the earnings sheet, SKT has reported, and is up 2%., DGLY is down 25%, CIR up less than 1%. AVAV is breaking out to a new high. Not on the earnings sheet but breaking out are LHCG, VASC.

Yesterday I mentioned paper trading as I have no desire to out real money at risk in this environment. One of the problems with paper trading is you don't put in the due diligence you would with real money, and you take chances you wouldn't normally take. DGLY was a huge mistake for 2 reasons: 1) I bought it for a dumb reason (trying to catch a potentail short squeeze), and 2) I did not double check the reporting date. I never buy stocks just before earnings. So, I'll eat the loss on DGLY, and will add AVAV.

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