The January 3 Report

Market Commentary - January 3

My first report for the year! Happy New Year again folks, the bandwagontrader is back again. I'm retooling my blog so that my reports are short, crisp and to the point. I don't imagine having my fingers typing gazillion words everyday will be beneficial in the long run.

I woke up late today, by choice, given last night's horrid performance by the DOW. What a way to start the New Year! The Phisix, a slave to the DOW, fell and is hanging precariously at 3,500 - 3,501.38, down by 115 points or -3.2%. If the DOW continues its consistent nosedive, it's hello 3,300.

16 stocks up, 101 down, 30 spared. Total trades today were a lowly 6,542 with probably 90% selldowns.

New 52-wk high : none, and I'm not surprised
New 52 Wk low: AAA, BCB, TUNA

Active stock AC (-6.42%)
Top Gainer was CEU 6.40 (+16.36%)
Top Loser was PNC 4.10 (-29.31%)

Today's volume: 2,852,863,173
Value is 2,425,757,000 (amazing given the volume)

* All values are based from Technistock.

Foreign Houses:
DEU -176M
CLSA +64M
MACQ +79M
JPM +142M
UBS -48M
ABN -46M
DBP -3M
PEP -62M

Surprise surprise, net foreign BUYING? Confirm these tomorrow in the newspaper. Even if it's foreign buying, I wouldn't be surprised that this is start of the year window dressing.

STOCK...

Up On Cash.

STUCK

My ass to the chair and my eyes to the screen... doing nothing.

SUCK

All the blue cheaps.


Stay safe my friends. Don't go long unless these are mining stocks (which have been lackluster, even LC/B, PX, OV). Do continue to monitor gold stocks and oil stocks. Oil at 100? It's a major resistance, it'll probably correct so stocks like OV and OPM might be ripe for the bottom picking once oil corrects. OV broke out of a rut recently but OPM is near its resistance. Between the two, go for OV. This is not an endorsement though as these are very volatile times.

Look at the chart of DJIA the entire year of 2007 was like a major consolidation phase. 2008 - a continuation? Or a breakout of the consolidation?