I ended the week with an appearance on the FOX Business Network, only to see overseas markets plummet and US Futures taking a dive similar to the days of early March. Was my appearance really that catastrophic?!? Just jokin's, folks, and more on the FOX appearance and others later this morning.
But, you know it's going to be a rough trading day when business partners of yours are calling your house at 4AM, only to say "wake up and get ready for a wild day". My response--start buying--but don't hit the snooze button!!
We have been hearing about this for some time this summer. My friend, Sam Stovall, the notable Chief Investment Strategist from Standard & Poor's has been saying that we were probably going to see a pull-back of somesorts. It shouldn't come as a big surprise that this is taking place in the final two--and very lazy--weeks of summer. Volumes are low, and many traders are simply apathetic right now only to recharge for the hustle-and-bustle of the post-Labor Day months. But what this does bring is an awesome buying opportunity!
I say don't hit the snooze button because you want to be aware of what's taking place. Cap One is reporting this morning that credit card delinquencies rose in July, and Lowe's is reporting a quarter well below Wall Street estimates. But, the positive data we received over the last 60 days should not be disrupted from a few minor hiccups. After all, we experienced the worst recession since the Great Depression, and cannot expect to simply fly out of this without a few bumps and bruises to full recovery.
LandColt Trading still loves oil, and will always love oil! Especially now that we're seeing some hurricane activity taking place. (On a side note, oil is trading lower this morning from the sell-off in Asia and Europe. Take this as a buying signal, but--more importantly--fill up your SUV!!)
More later (and a recap from the Neil Cavuto show),
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.