The bears came out swinging today and the longs didn’t even decide to leave the locker room…Just nothing but relentless selling. Why? what has changed in the world since last week….we know no more or less about the state of the economy, just another opinion of how things will play out. I got hit on some of my positions but not worried, panicking never made anybody money…we will soon come back to our senses. But if one thing always hold true…when there is blood in the streets, usually it is time to buy. The VIX surged today suggesting fear is back…fear of what? our own shadow?

I have some plays which I intend to get really involved with tomorrow. The first is commodity stock ANR (Alpha Natural Resources) at 23, this is a bargain for a bounce to 25…it was off 12% today. Also, I am looking at Chesapeake (CHK) at 19.30 for bounce to 22. I missed the initial commodities run, but they have been coming in and may not be over going down, but I am legging in.


Long good entry points

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This is an update to my blog article about Wells Fargo (WFC) on 6/2/09 . I bulked up my position on Friday..my 1982 dodge truck is now full of certificates purchased at 23.46. I believe that this thing is still a buy @ $24, but I have hit the maximum space available in the back of my truck.

Without boring you with additional fundamental data points, basically as the economy gets better (ie. housing, jobs), we will see $28 bucks (16% gain)…heck $30 is in the cards. It has been treading water technically, but as July earnings approach…we may get a nice run ahead of fundamentals.



Very Long Wells Fargo

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Hmmm…Nvidia (NVDA) chart looks interesting. I think I may be looking for an entrance this week, chart says this one may have some legs yet. Might kick the tires under $11 bucks.


No Position 

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