The sky was crying, like a baby, all night long,
Nothing could please it, quite for a while.
Although the sobbing was so innocent, but strong,
That heavy clouds opened sky for smile.
Begin the smile with a growing rainbow bridge,
Everything changing in a swampy air,
The sky was dropping wasted clouds over ridge,
Letting them go to their safety lair.
Sun was caressing open sky with tender beams,
Emancipate the sky as passion lover,
In rampled, shameless bed, where everything is gleams,
When on the floor, like mist, is falling cover.
Alone, the rain is hitting ground.
Alone, like echo in the park,
Slow dancing tango all around,
Just shades are melting in the dark.
Alone, the wood is burning down.
Alone, like cigarette in pack.
I am of rustic circus clown,
Who follows old and tired hack.
Alone, in biggest reckless town.
Alone, like broken useless car.
My life is strange, unspoken noun,
Nobody wants pronounce so far.
Today’s trade is not for the faint of heart. It is quite speculative and definitely a step away from my strategy of buying quality large cap stocks on weakness that I have outlined in a previous blog entry. Today I bought IAMGOLD Corp. (IAG), the world’s 10th largest gold mining company, at $7.84. I have bet on gold outperforming before when I bought Streettracks Gold Trust (GLD) on 12/30/2004 at $43.80. Now, almost 2.5 years later when gold has already risen well over 50% in dollar terms, it is difficult to count on it going up as quickly.
Clothing is a very difficult business to be in. Branding is everything and you either got it or you don’t! In difficult economic times, when an average wage-earning consumer is struggling to meet a higher mortgage payment, an annual update to their wardrobe will move down their priority list. This is why mid-tear clothing brand specialists such as Liz Claiborne Inc. (LIZ) and Jones Apparel Group Inc. (JNY) disappoint and take a big fall.
"Why is OfficeMax Inc. (OMX) down so much today," you ask? At first look, things don’t look so shabby at the #3 office supply retailer? There is certainly a major operational improvement from a year ago quarter, a profit of 76 cents / share vs. a 37 cents loss a year ago. Granted, this missed the analysts’ lofty expectations of 94 cents, but not by that much in the grander scheme of things. Did this warrant a 15+% drop in the stock price, or is this another common overreaction on the earnings news?