Various sources have mentioned that NFP numbers would be an important factor in determining whether Shalom will have enough ammunition to gun for QE3 so that we can avoid shooting the US in the financial foot.
I jumped head first into CENX based on the rejection of the $10.99 psychological level, but we ended the day one cent below the 50% daily Fib level of $11.105 even in spite of breaking a new low.
Mind you, Glencore Traders are Swiss - most of them anyway, so the 1.5 cent price difference might make a big difference. So objectively, this is still bearish.
Right or wrong, I'm holding on as I've got a good enough price for now. P/S and P/B are still at great levels, but if the bears take control again, this won't be pretty.
The rest of the portfolio isn't looking great either and the potential BAC bull flag failed. What will it turn into next?
I may need to take off the rose coloured glasses with BAC soon, regretting that the bearish article that I read a few days ago may actually be (gasp) right...
-1.99% DJIA
-2.53% Roth IRA
-2.2% DJIA
-2.58% Nasdaq
-2.53% S&P
I'm going to be thinking about this all weekend, HSFTs. The first bit of US data next week is Non-Manufacturing PMI, so it's hard to tell whether CENX will move on Tuesday...
I might have done better with another financial sector stock, or some consumer plays.
Happy Long Weekend...
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