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SRS Wakes Up...New Momentum
Posted On Thursday, July 2, 2009 at at 4:22 PM by Finance Fanatic
Finally, we saw a bit of a spark from SRS on Thursday, as unemployment worries brought the Dow down over 200 points, and SRS finally performed, closing up almost 9.5%. This weathered well for me, considering my right before closing purchase of SRS yesterday. No doubt continuing dismal employment data effects all aspects of the economy, especially the financial sector and the continuing problems with commercial real estate. With SRS, I would expect to see increasing weakness from banks coming into this next quarter. We saw several banks close just today, in which I believe that will definitely continue.
Like I said yesterday, we are in quite a heated battle with technicals, which is why we have seen this wavering back and forth the past two months. However, we have recently seen a bit more momentum on the selling side. 880 for the S&P is a key point to look at. If those barriers are breached, we should see some significant more downside in the markets. Usually short weeks work in the favor of bulls, however, they could not compete with today's economic data.
Next week, I will continue to add to my portfolio, as this week performed quite well. We saw oil get slammed today and I believe that will soon become a trend, so a short on DXO, or going long on DUG is definitely being watched. In all of this, my Lending Club investment continues to stay strong at 10.5% as people are continuing to look for alternative forms of financing.
There are many options for people looking to consolidate their high interest bearing debt and find debt relief. Bills.com is a great site to look for debt relief in your hopes to reduce your interest payments. In this type of economic crisis, it is best to limit wasted spending to high interest rates and there are many options to do that. Go to their site for more info. Happy Trading.
PS - A premium podcast (subscribe here) will be posted this weekend about more stocks on my watch list this week.
would you short FAZ after the R/S on July 9?
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If those barriers are breached, we should see some significant more downside in the markets.
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