Today looks like the best risk reward in a while with stops set at the AM lows. I found it interesting that GM was strong from the get go despite some pretty ominous news about Fiat. People are tossing out some big numbers for what it will cost them to buy back the put (from $2-4bln) but I think the real question is whether any U.S. court will really let Fiat rock the financial boat.
I liked this analysis I saw of Taser. The Google chart looks like it is starting to show a similar pattern. It is an interesting rally if it leaves behind the high-beta, momentum names. I am a bit surprised RIMM had no mojo at all off the trendline or the 200 day. CME also makes the list of momentum disasters. On the momentum success side we have the homebuilders being led by TOL. Lots of renewed chatter in here about deflation but with housing prices and home builders humming I can't really take it too seriously.
Kind of a slow day overall to me. I have been feeling that way a lot lately so maybe it is just my being out of synch.
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