They raised guidance..but the stock shot up way before it was on the wire. I think my blackberry theory is correct..
http://quote.bloomberg.com/apps/news?pid=conews&tkr=RFX:US REFCO Assets Frozen Today in France REFCO Assets Frozen Today in France The following Is Being Issued by Maitre Frederik-Karel Canoy NEW YORK, NY -- (MARKET WIRE) -- 11/09/05 -- At the request of plaintiff Maitre Bertrand JEANNE, a French Public Officer representing the interests of Gerard SILLAM, three 30 million euros Court orders were entered yesterday in the Paris High Court by French Judge Eric VIVIAN. Is this your cause.......
I got burned on the big move up today. As best I can tell, it was caused by heavy short covering in the energy sector. The move occurred shortly after Oil spiked up a dollar in just a few minutes and settled above $60. Until now, the market appeared to have a negative correlation with oil. When Oil went up, stocks went down. imho, that may relationship have changed, due to the current heavy short speculation in energy stocks. The market taught me something new today. It was an expensive lesson.
For the pattern today 60+ points above the Open of the DOW was above the pattern upside max. Hence play the slide.
This is one of the reasons I don't watch news, oil, dollar, bombings in whichever hotel - this is moving inverse to that - just price. I used to watch all that stuff and found myself second-guessing. I still second-guess but now the noise factor is very minimal. It's actually more tiring to do that, go figure. Yes I was long before that run up, but getting the extra leg out of it was being right place right time. Took the short at 602 YM but missed the full ride down to 560s Edited to add: Yes, there will be some who think it's anathema not to be watching the latest killer news feed etc., for me I need to know less the why and the more that it 'is' - the news is in the move, makes sense? (I find out later the why)