Mr. Sensitive

February 28, 2014

FSX Friday Update

Filed under: Uncategorized — lbej @ 20:34

Believe it or not, stocks actually reversed course on Friday afternoon after making new all-time highs in morning trade.  At one point mid-afternoon the NASDAQ was down more than 30 points, leading all the major averages lower.  Crazy Vlad Putin was doing what sense and reason couldn’t do—he was popping the equity bubble.  But then a second sentiment reversal struck in the final hour of the session and a wave of buying turned the Dow and S&P green and cut NASDAQ’s losses by two-thirds.  What do I make of it?  The story’s intact, as far as I’m concerned: we’re going to 5,000 on the NASDAQ and then we’re going much lower.  2014 still feels like 2000 to me, and the more the Street insists that it isn’t like 2000, the more like 2000 it feels.  I remember 2000, and the Street said it wasn’t like 2000 in 2000, either.  Guess what?  It was.

The Family Stock Index led the major averages again this week, wrapping up a solid February in which the index gained 5.5%.  That still leaves us down 1.8% for the year and more than 200 bps behind the S&P 500—January was just that bad.  The internals are improving steadily, though, as decliners now outnumber advancers by just 13-to-12, and several of the year’s biggest losers—Zondro, Ruby, and Yours Truly—have rebounded sharply over the last two weeks.  The FSX still has a lot of technical damage to repair, and it’s hard to get too excited about our prospects when I’m expecting a nasty bear market in the back half of 2014, but…going out today at 17,013 gives us our first close above 17K since January 22, and I’ll take it.

Advancers

  • Ruby (RJET) +8.1%.  Forget the groundhog.  Here’s a bona fide sign that winter is finally over…in Hilton Head.
  • Zero (Z) +6.0%.  I need someone to choose my outfit for Jeopardy! tryouts next month—I think the market just nominated Zero!
  • Katie (CATY) +5.4%.  Brinky slept through the night last night for the first time in one hundred thousand years, give or take.  Is one night without the Brinkredible Hulk slamming his massive fists against the door of his room over and over and over and over worth a five percent pop?  YES.  YES, IT IS.
  • Josie (JCOM) +5.0%.  Josie won’t beat on her bedroom door with her fists like surly Cousin Brink.  Her tiny, cute fists wouldn’t make a sound!  If Josie wants to express her desire for nocturnal freedom, she’ll have to use her head, either figuratively or—like Cousin Jenny—literally.
  • Nicole E. (NICE) +3.8%.  Katie got her hair cut to look just like Nicole’s, and the market gave a nod to the original.  I have to say, though, that if Katie ditches the glasses and starts wearing enormous, weird bracelets and necklaces, we might have a problem.
  • Mario the Younger (MAR) +3.3%.  The last trimester is the part of the pregnancy that makes a man really, really, really glad that he’s not a woman.  Yes, that’s just one more ‘really’ above the standard ‘really, really glad,’ but still.
  • Jenny (GNE +4.0%) and Lee (TGI +3.2%).  Jenny started reading Drawing Wolves this week, and investors are betting that I may have finally found the editor my book needs.  If something I wrote is nonsensical doodoo, Jenny will say so, because Jenny can get away with it.  She’s been perfecting the sweet-but-insulting routine for almost thirteen years.

Decliners

  • Charlotte (ICE) -1.9%.  Charlotte was so looking forward to picking out my Jeopardy! outfit.  That darn Zero always gets the sweet gigs.
  • Wilson (WILC) -1.9%.  Wilson was so looking forward to death.
  • LULU -2.1%.  Katie’s cat really gets on my nerves sometimes.
  • Brinkley (BCO) -2.4%.  Katie’s kid really gets on my nerves sometimes.
  • Jodi Ann (JOY) -3.0%.  This one is causing me some concern, cute baby or no cute baby.  Caterpillar—the other big US player in earth-moving equipment—is up 7.4% in 2014 while JOY is down 6%.  Last year, CAT and JOY both struggled, and the divergence in the stock charts means one of two things: (1) Jodi Ann is undervalued, underowned, and ready to explode like a coiled spring as fund managers comb through industrial stocks for laggards; or (2) Josie has much bigger fists than it looks like in pictures.
Name Ticker 2/28/2014 Change
Brinkley BCO $30.41 -0.74
Charlotte ICE $208.84 -4.07
Dustin DST $94.06 -0.02
Icarus FAST $47.19 +1.58
Jenny GNE $11.49 +0.44
Jodi Ann JOY $55.00 -1.73
Josie Ann JCOM $51.40 +2.45
Justin XOXO $11.93 -0.02
Katie CATY $25.41 +1.30
Lee TGI $65.20 +2.00
Lisa LNCE $27.09 +0.37
Lucas CTG $16.25 +0.26
Lulu LULU $50.30 -1.09
Marcus MCS $14.09 +0.25
Mario T.E. MGEE $38.58 -0.17
Mario T.Y. MAR $54.23 +1.72
Namilita NL $11.21 -0.14
Nicole E. NICE $41.08 +1.50
Nicole M. COLM $83.09 +0.55
Reagan REGN $332.41 -2.57
Ruby RJET $9.58 +0.72
Wilson WILC $7.98 -0.16
Winston ED $56.05 +0.76
Zero Z $83.60 +4.72
Zondro ZQK $7.80 +0.19
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