Standard & Poor's cut the U.S. debt outlook. Now maybe someone will do something before out nation's economy becomes the equivalent of a defaulted no-docs mortgage. DNS -140, -29, -15.
Watchlist highlights were SNDA (+17%), APP & SPRD.
Trades:
RES hit its trailing stop before rebounding (-9.0%). It's finally recovering a bit so I would have rather not sold. But I picked a bad entry point and it wasn't supposed to get this low, but it did and now it's gone ... that's the rule.
TAL got bought because I still had a limit order hanging out there. I wasn't in a buying mood but I'm up for the day so I'll just put in the TSL order and hope for the best.
Call options were sold for JDSU (-31.7%), RBN (-39.8), and VSEA (-23.6%) [TSL], and spread STEC (-54.66%) which was trading below the long call.
I'm retrenching and raising cash because there's been way too much red on these pages lately.
Reversal alerts: (8), t2: FCFS & SWN, hlr: ANR & MEE are sporting the best reversal patterns. ANR and FCFS have the best fundamentals.
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