Another day where the markets are screwed around with by Uncle Sam! Seriously, why can’t the Fed wait until 4:01pm to release their statement, everybody else that has important news does so before or after the bell, why can’t the Fed, for pete’s sake, do the same thing. In any case, I was seeing some very strong gains in the portfolio until Benny and Gang started yakking away. Nonetheless, I still managed to finished the day with a profit.
LXK has seen much of its gains erased over the past two days, but is still well positioned to see an increase in share value at its current price.
Overseas Shipholding Group (OSG) is showing a lot of strength here lately, by breaking out of the wedge that had been in place for the past two months – a nice breakout to the upside. It doesn’t show any levels of resistance between its current price and $46.
Hewlett Packard (HPQ) is also breaking out to the upside despite the fact that this market continues to trade sideways. Some descent market strength could really launch HPQ to much higher levels.
One of my favorite stocks of the year, PetMed Express (PETS) is marching to its own drummer, getting close to the $19 mark. While it got close to filling the gap, it didn’t get quite there. Somewhat disturbing too is the huge pullback off of its highs today. We are now looking at a very bearish candlestick as a result.