Thursday, August 30, 2007

Market Update

After a great day for the bulls yesterday, the market opened down a 100 points today before rallying. I am seeing a lot of strength out there especially in the Nasdaq which is firmly in the green. Semis, disk drives and computer makers all doing really well along with biotech. Solid moves in SNDK AAPL RIMM GRMN DELL NETL AMD CELG BIIB TASR FSLR . Tech is leading the way as it has the past few weeks and being long the Qs or QLD is a very good bet.

US economic growth in the 2nd quarter was faster than estimated. Commercial construction jumped 28% which was the biggest move since 1981. It appears the US economy is still strong though the housing crisis is taking its toll.

Two speculative names that I am buying here are JADE and BRLC. I have previously had postions in them and am buying here. They both look the type that could double in a matter of weeks. HDTV maker BRLC in particular has an extreme short positions despite excellent revenue and earnings growth. JADE which is a manufacturer and retailer of fine jewelry in China has delayed filing it 2006 annual report due to a change in its auditors and the stock has been shredded over the last few months. I believe both of these stocks are poised to move considerably higher over the short term.

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