Rally time again

Markets at this time are lifting off their lows due to the downgrading of Rita. So I guess the end of the world is cancelled till later. Actually, the market has held up quite well concidering the ugly numbers from Oracle and AA. But, by the action you can tell people are not betting the farm on the positive outcome. Just a wait and see approach kind of a climbing the wall of worry. This should continue till monday when we get an idea the damage. Hopefully this thing keeps losing strenght.

As far as trades go, SHLD went up nicely and my QQQQ are doing quite well. The bouncers that I posted yesterday are doing a nice recovery move as the market contiunes to build. This is evident by oil. If the world was coming to the end for oil production in this region, then the price wouldn't be so far down. I think it is a combo of fear of post storm reaction like after Katrina and that global demand might fall. Oil is actually way below where it was before all thise Katrina and Rita mess.

Now the key to a sustained market recovery, will be that demand and economy activity won't slide off too much. I figure, if gas prices don't spike huge, this all might be a temporary blip. As far as tech stocks go though, they tend to backward load their quarter in the final weeks. Thus, if we get any surprise warnings, this could turn them and the market a heartbeat. If they sell I doubt that big money runs to areas like housing due to that material costs have risen considerabley and might put off projects outside of the hurricane damaged areas. Maybe healthcare and bios who knows ,but for now, the oversold bounce continues.

I sold my SHLD, ISRG from yesterday for a nice profit. I am keeping my qqqq into next week for more of a swing trade. Also, staying away from GOOG due to that all time high breakout and sell-off to unchanged weirdness. Kind of scares me know to trade it. Also, haven't done some of the techs like GNSS or SNDK due to I hate how they trade. With those, you have to get in perfect or they will whip you out in a heartbeat for a loss.

Oh well back to paint dry market. It isn't exciting, but it is profitable if you wait for the oportunity.