10:00am (EST)
We wanted to do a quick update after the market opened because we didn’t talk about too any specific stocks in our morning update. We did mention a few in the Members Area and we armed our subscribers with an array of weapons to play all three of the major indexes by profiling some options on the Dow, S&P 500 and the Nasdaq.
As far as some of the other stories we are following…
It looks like the Grim Reaper is knocking on Palm’s (PALM, $6.66, down $1.43) door after the company cut revenue estimates and said phones sales are weak. How scary is that stock quote? We have mentioned the intense competition in the smart-phone arena and Palm had its 15 minutes of fame…
[caption id="attachment_4356" align="aligncenter" width="446" caption="PALM - Hourly Chart"]
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Garmin (GRMN, $31.81, down $0.64) is down another 2% and sure looks like it is headed below $30. We took quick profits on a put option trade yesterday but like we told our subscribers, this stock could be in the teens in 6 months.
[caption id="attachment_4357" align="aligncenter" width="450" caption="GRMN - Hourly Chart"]
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The Greece news from last night was already a factor in today’s drop for the market but things got worse when we got the jobless claims number. The number for U.S. workers filing initial claims for unemployment benefits rose to 496,000. The higher-than-expected number was not good and caught Wall Street by surprise.
As a result, the Dow is currently down 170 points, or 1.6%, to 10,204 while the S&P 500 is getting hit for 18 points and is at 1,086, down 1.7%. The Nasdaq is at 2,200 after getting whacked for 35 points.
We also wanted to let you know that we have a new toy for the website. Take notice of your own personalized ticker tape folks! Yes, that’s right. You can EDIT the ticker tape on our site to follow all of your favorite stocks while keeping an eye out for our updates. You can also get a CHART by clicking on the stock symbol. How cool is that?
The bulls are down and we should see some signs throughout the next few hours if they stay down. We are waiting on the sidelines but have our helmet ready in case we go into the game. If we call a play, we will be sure to let you know…
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