Market Goes Woosh

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June 21, 2008

As I said in an earlier post, the market basically got TKO’d right at the opening bell.

So the market broke the 12000 zone and the SPX broke 1330 and that was my cue. I thought the market would go up today due to yesterday being up and bouncing at key levels. Not the case. So I jumped in short and made a hair of profit. So now I’m back in heavily short and likely staying there. Charts look ugly.

Bought FXP late in the day, up about 2%. Broke out today. FXP is the double inverse China ETF

SRS did well. Broke upwards today.

I noticed something interesting with CPST. The stock was down all day and in the last 10 minutes of the day someone came out and bought 880k shares on the second to last 5 minute bar of the day and then another 780k shares on the last 5 minute bar. This action pushed the stock into the green. Gotta keep watching it.


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  • Bob Smith

    Friday was options expiration day. Couldn’t this be caused by a short squeeze?

  • Bob Smith

    Friday was options expiration day. Couldn’t this be caused by a short squeeze?

  • Bob Smith

    Of course… I am referring to CPST.

  • Bob Smith

    Of course… I am referring to CPST.

  • http://www.stockrake.com Sensei

    I don’t think so. The timing was too good. Unless it was a big player who was able to make a good short cover inside those 10 minutes? That seemed like real buying to me.

    My own theory: Alt energy stocks might have a new upswing here due to oil prices potentially going nuts if the Iran/Israel thing + Saudi oil meeting doesn’t help oil prices this week. Clean tech stocks are one of the few sectors that the global recession is not affecting.

    CPST to me is one of the single best stories for long term growth that I know right now.

  • http://www.stockrake.com Sensei

    I don’t think so. The timing was too good. Unless it was a big player who was able to make a good short cover inside those 10 minutes? That seemed like real buying to me.

    My own theory: Alt energy stocks might have a new upswing here due to oil prices potentially going nuts if the Iran/Israel thing + Saudi oil meeting doesn’t help oil prices this week. Clean tech stocks are one of the few sectors that the global recession is not affecting.

    CPST to me is one of the single best stories for long term growth that I know right now.