June 9th : PCX payload, Callaway collapse, and uhhh... making copper on Continental?

Well, I was running out of literary alliteration possibilities in my title, so think of copper as "pennies" seeing as my multiple trades with Continental Airlines CAL today yielded me all of 150 bucks minus commission (so more like 90).

Market finished even the second day in a row, as more and more .... neither bad nor good news comes out of the financial sector. Some TARP payments can be made back, some cannot! So this could of uncertainty hangs over our heads as it has the past few months, and the DJIA perfectly reflected that investor sentiment.

I did however, hit a massive homerun on one of my two favourite trading horses, Patriot Coal PCX today. The stock was trading in a a really clean bull flag, and was touching to new bottoms on the day when some share holder must have just puked. Whether it was a stop-loss order, or someone just had enough of seeing news lows, I was able to buy into PCX as 8.275 and then sell them for a huge profit later in the trading day. Hurray!

I got rid of most of my Cell Therapeutics position. I've decided I am not cut out for biotech stocks. There is just way too much guess work there. Technical analysis still speaks volumes about the trading patterns, but chart patterns and fundamentals do not - and that's just playing the game too blind for me. I am keeping a small position in CTIC with "free shares" that I'd accumulated along the way.

Callaway ELY crashed hard today falling an entire 18% on murmurings of share dilution and a cut dividend. Those are good reasons for a stock to drop, but the balance sheet says revenues at Callaway are still at $16 dollars/share, and again, just like Pulte, we are staring at a largely undervalued stock because of market uncertainty, and a little bit of bad news. The share dilution is actually being offered above the current price at $7.05, so I think I am in a pretty good spot to get my money back... (I bought in at 6.28, which I think was an amazing deal, but the stock proceeded lower to 5.92 for the low).

We'll see what happens tomorrow.

I'm thinking about investing in an Energy Transportation/Storage for natural gas, it's about time I invested in something with some kind of dividend!