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.

Advertisements

0 Responses to “Big Reversal”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




KARL’S TWITTER (www.twitter.com/karleggerss)

  • Steady decline in the ADV/DEC all day on the #NYSE. 2 hours ago
  • Earlier this month, the odds of a December Fed hike were at 20%. Today, 63.8%. 1 day ago
  • Rate hike odds for rest of year according to Fed Funds futures: 11/1/2017: 2.8% 12/13/2017: 63.8% 1 day ago
  • Big beat by Philly Fed manufacturing index. 1 day ago
  • Initial jobless claims: 259k vs. 300k est. 1 day ago
May 2008
M T W T F S S
« Apr   Jun »
 1234
567891011
12131415161718
19202122232425
262728293031  

%d bloggers like this: