It looks like the bottom is certainly not in on Excel Maritime (://www.bestwaytoinvest.com/quote/EXM">EXM) - despite a horiffic month and not being near any sort of resistance it is acting poorly again today (negative on an up day for the market) so I am going to reverse yesterday's purchase and take it down to a sub 1% position - the low $6s are support from April - if that breaks it could be going back to sub $5, don't want to risk it right now. I was hoping it would participate in a bounce... guess not.
As on schedule, the market goes up with quarter end mark up (in my book 2-4 days before quarter end)... with SO many people anticipating this phony price scheme to create better performance, I am surprised it is going on right as scheduled.
The morning jobless claims surprise is quickly forgotten ;)
On the S&P 500 we have a potential head and shoulders formation being created with the right shoulder forming now (technical goobly glock) - this would be broken if - again - we can break back north of S&P 940s area. S&P 915-925 would be where I'd expect the market to fill in the right shoulder and then form there we wait to see what happens next.
Trying to figure out the strength in this market, and it appears to be housing (Lennar report), home furnishing (Bed Bath & Beyond as competitor Linens n Things went extinct) and some stabilization (at very low levels) for rental cars per Hertz (HRZ). Not really things we are involved with much other than 1 homebuilder.
Long Excel Maritime in fund; no personal position
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