Monday, March 06, 2006

3/6/2006

What the heck happened today? Well the oils dropped due to the speculation that opec may not cut production on Wednesday's meeting. So if energy price dropped, should it not help the market? Well not today, the market dropped due to concerns about more high Fed rates in the future. This market continues to be on the fence and very emotional driven. Any slight positive or negative news just set it off the charts. With emotional days, I tend to buy if no material news comes out against a company. So today, I bought more shares of dvn, nbr, and anf which lower all of their cost basis. ANF was hit with a downgrade, but one good sign was that it bounced about a dollar off its low. I'm surprised that wfmi was up today and maintain near the 64 level, which is good. This week I'm guessing all eyes will be on the energy situation with opec and the Iran situation being refer to the UN security council.

Longs Cost Unrealized g/l:
dvn 60.11 -2/share
wfmi 65 -1/share
nbr 67.470 -2/share
anf 59.09 -1.75/share

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