Friday Mid-day Update

11:30 AM

It has been a pretty tame day in comparison to what we have become accustomed to recently. Still holding all of my positions but I am looking to unload EXM and DRYS with earnings coming out fairly soon. I expect there will be a push to get in these stocks later in the day, for those who want to gamble on earnings and I am going to use that as a chance to take gains. I get the feeling many think institutional money will be put back in play on the first trading day in November but I'm not so sure. To tell the truth, I don't know what earnings are going to be like for these shippers. Usually, I don't like to hold through earnings as it is mostly a gamble. However, recently I have been holding a small portion of my commodity plays through the report and then flipping them in premarket before the conference call. I did this to perfection with AKS where I sold up around 16.5 premarket and I think the high during market hours was 15ish. But I held there because I knew steel prices were high enough through the quarter that they were going to report good earnings, guidance was just going to be a problem. Bulk ship rates have been hammered since the close of the Olympics and I really have no idea what earnings will be like. So I have no edge and already sitting on big gains. Hence, I am selling on further strength today.

Hold on more on that to come ...

12:48 PM

Just sold my DRYS at 19.65. May go further but up over $7 a share since my buy on Tuesday over 55% gain in four days. It still might go higher but I think we might have a good point to reenter very soon. More about that soon...

1:41 PM

Sorry the updates are intermittent but I have had some personal business I have had to take care of throughout the day. As I write EXM is again trying to break through 11.75. If it gets through I will follow and sell some when the momo dies down. My biggest concern ahead for the market is the upcoming election. The turning of the calendar often brings in new money as it seems the whole world has become technicians. So we could rally Monday but I don't want to have much invested on the run up to Wednesday. One stock I do like in front of the election is alternative energy plays such as APWR. Thinking back, this might have been the reason for the run up yesterday. On Wednesday oil spiked and APWR went no where. Yesterday oil prices were down and APWR finished up over 10%. Today it is consolidating yesterday's gain but I might look to add on a run up into the election if the market can remain stable.

2:43 PM

Taking gains on STLD here at 11.95. Look to reload next week.