Today, I wrapped up my yard work around noon today, checked the market and was surprised to see Legg Mason on the move. It was up as high as $26.74 (a whole $2.26 above its previous close). The only news release I could find indicated a rating change from sell to hold. I figured, bizarre, but weirder things have been happening in the market these days. So, I packed up the family and headed to the water park. Grew a little bored and decided to check the market from my handy dandy new phone (Blackberry Storm). In the span of about five minutes after I decided that the movement in LM was weird, there was a major sell off of LM. Probably some major investor unwinding a position. BUT I could not find a catalyst for the upward movement, let alone the massive sell off that brought LM back down. [more]
I guess I upset the TMF computers. This is the second day that I have not received a "Stock of the Day" pick in my CAPS quick stats page. Either I don't rate one, or I ticked off the machine...not sure how, but I must have done something really bad.
I voiced concern in a previous BLOG posting about Couer D Alene mines and their reverse split. Granted, on the day of the reverse split, I looked like king kong on TMF thanks to a little glitch, but the concern was that most companies that execute a reverse split on their stock in order to make things look better or to get themselves off of the pink sheets, end up trending back to the pre-spli price. CDE is already 4 dollars closer to its pre-split price. Prior to the split, CDE was trading around $1.40 a share. After the 10 for 1 reverse split, they bounced up to above $15 a share for a couple of days, and now they are down at about $11.50 a share. [more]
Aside from the freakish nature of the market of late, today showed me yet another squirrely side of Wall Street. Today has been a relatively sideways day on the market trading in a relatively narrow band. My portfolio on the other hand started in the red and only got more red as the day progressed. Why is this bizarre to me? We my portfolio includes to "short" positions in SKF and FAZ. My understanding is that these are contrarian plays and that when their underlying sector (in this case financials) goes one way, these ETFs go the other. So when everything is going red, I would expect them to be green. Not so, today. I don't mind a red day every now and again. Allows me to add to positions should I desire or need to do so. BUT today caused me to wonder what the ___? [more]
Where on Earth am I going to find $155,000 to pay my share of this growing debt. (see this article) [more]
Dow passed its 200 day moving average. Granted it didn't exactly blow by it, but it has passed it. The S&P is flirting with 950 and has been at a high relative to November 2008. Economic news, not completely doom and gloom, but something better. Based on what I have read here at TMF Caps and elsewhere, we should be expecting some kind of serious change, good or bad. [more]