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August 29, 2007


Stock Du Jour (XHB Again) & Random Observations

Selling from the get-go, never let up all day long with a very weak close. On the bright side, even though the tone was very bad, it wasn’t as terrible as those days earlier this month (Aug. 1, 3, 9, 14, 15, 16, etc.).

Notable New Highs: PolyMedica (PLMD).

Notable New Lows: dELIA*s (DLIA), Borland (BORL), Timberland (TBL), Barclay’s (BCS), Cnet (CNET), Chico’s (CHS), Tenet Healthcare (THC), and every homebuilder out there: DHI, CTX, LEN, HOV, etc. (You may recall this post on Lennar.)

I’ll feature a weekly chart of the Homebuilders ETF (XHB) about which I’ve been wrong, wrong, and wrong (well, not all that bad if you read all the posts ;-)). Picking the point of “maximum pessimism” is a tricky business.

XHB

This entry was posted on Wednesday, August 29th, 2007 at 7:07 am (utc+8) and is filed under Trading and Investing.

4 Responses to “Stock Du Jour (XHB Again) & Random Observations”

  1. Born2Code said:
    August 29th, 2007 at 7:16 am

    not sure if PLMD is a “notable high” since it was bought out.
    since i made the argument, way back when, that we shouldn’t get into XHB till it puts a bottom and starts trending up i am feeling a bit guilty about my $29 limit order for WM.

  2. C. Maoxian said:
    August 29th, 2007 at 10:02 am

    Born2: I didn’t notice PLMD was a buyout till after I posted, so you’re right, it ain’t notable.

  3. Aaron said:
    August 29th, 2007 at 11:58 am

    The action today came on light volume, which it could be argued would not be as negative for the market as the earlier heavy volume days. The market seems to be in a range until the September FOMC meeting, when it should get more clarity in one direction or another.

  4. C. Maoxian said:
    August 29th, 2007 at 5:00 pm

    Aaron: Well, there’s no denying it was ugly, just a little less ugly than the super-ugly days earlier this month.

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