Wave Chasing

So, the Nikkei is still holding at down 2.5% at this point*, which I guess is better than being down by 3%, right?

I’m prepped for another down day tomorrow – if the EIA or mortgage survey numbers give anyone even the slightest cause for pause, we’re gonna see more selling – we tend to not get it out of our system in a day of late, and the light volume just makes things move more than they should.

Damn, I want to be wrong, and I would LOVE to be wrong, but I’m ready for more red.

Couple potential 3×2 trades tomorrow if I roll out of anything else and the markets aren’t absolutely ridiculous. PRM is also going ex-div on a special tomorrow as well and I’ve got my eye on that as well.

I’ve only got one holding that is really giving me some grief, and that is VFC. It goes down on any and all news, and doesn’t seem to be able to fight the tape at all. I’m still thinking back to school will be good for them – lord knows I buy a ton of their products between the North Face & Lucy brands. I’m not ready to dump it yet – I think once things turn a little overall and back to school numbers start coming in, I think there will be some strength in it again.

Guess we’ll see, won’t we?

*Well, as of 10:30 – Yahoo’s feed of it isn’t updating anymore for some reason.