Friday, August 12, 2011

The Day Ahead: August 12.

After another huge move, tomorrows news will focus on July Retail Sales to get a snapshot of the economy.

Reuters: The day ahead

The reversal today again will give momentum to the bulls to get the market back on track.  With the big selloffs, the big money has been picking up shares cheap.  The key will be holding these gains and rallying forward.  I think this is a good time to stay long, but if the gains persist, it'll be a good opportunity to go short on the market.  It was announced that 8 of 11 expected IPO's have been pulled this week due to market conditions, which is expected.  But you can already see that recent IPO's are starting to lose their appeal.  Though OPEN has rallied the last 2 days from an analyst upgrade, it's still down ~45% from it's peak.  FSL is down 35% in the last 2 weeks.  And SODA, a darling of Jim Cramer, got crushed today down 34% from an earnings that beat, but guidance was weak.  It's down 43% from it's high set a couple weeks back....i hope to many people didn't follow his BUY! BUY! BUY! screaming!

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