I hate when that happens

The Dow has had only 5 up days since May 4th. This is 3rd-worst post-Memorial Day in S&P history. After last 7 times the S&P lost more than 1% on a post-Memorial Day, the S&P was up 6 of 7 times the next two days.

Looks like the double-dip recession is a self-fulfilling prophecy. We’ve had good and bad news reported for a couple of weeks, but it looks like traders only hear the bad. Lots of reports coming out the rest of the week, with the biggie on Friday. We’ll have to see the reaction.

DRYS looks like it may have run aground. The China PMI report hurt DRYS, but since I already played this a couple of weeks ago, and I still hold some long-term calls, I thought I’d pick up some more of the stock at these low prices. I’ll give it about a 15 cent leash which would stop it out a few pennies below the May lows. This article gives me some hope: DryShips – A Contrarian Stock That Could Offer Lucrative Returns As Global Economy Recovers

Here’s to a good trading day on Wednesday!