Big Reversal

At midday, the Dow was about 13130.  Volume was low (nothing new there).  I came back from lunch and the Dow was only up about 60 points.  The Nasdaq actually went into the negative territory (down around 20 points).  I noticed a huge reversal in the shipping stocks.  Those have been on a tear.  I currently own Diana Shipping (DSX).  It was over $41 this morning and started falling on heavy volume and is now down over $1 for the day at $38.

I don’t see anything specific that would have caused this reversal.  This kind of reminds me of those midday reversals after the market’s been going down for a while.  Bottoms typically reverse for no reason and when nobody sees it coming.  That could be what we’re seeing here.  A midday reversal for no reason on no news.  I’ll continue to sniff around to see what caused this.  Perhaps nothing.

Still holding shorts, longs, & cash.


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