Big gain yesterday, big move down today. Still waiting for POT earnings on Thursday.
Freeport McMoran copper and gold reported earnings today,they missed estimations and recorded a 14% profit loss caused by a poor seam of material at their huge mine in Indonesia. The stock got crushed like the rock they mine
The financial sector continues to defy logic again today, one bank in America today, Wachovia Corp. reported that it lost 8.9 billion dollars in the last three months and will slash the dividend 87 percent and eliminate 6,350 jobs... The stock price went up 28%!... Freeport McMoran made a profit of 947 million dollars over the last three months, their price fell today by 6%! bonkers!
I bought another 50 of the ETF, SKF today. Like i said ealier I'm gonna keep on buying these during this financials rally. The idea is that the steam will run out of the rally and people will sell off the shares and it'll be back to a bear market. Thats when the profit for SKF should kick in. Its gonna look like a losing trade for a while but I think it will turn a good profit in a couple of months. Dont forget, the value of SKF goes up when the value of financial companies goes down, its a "short" trade.
Weakness in oil didnt help the fert companies today, the dollar had a little run today and that pushed oil lower.
Roll on tomorrow, another day, another play.