Fed minutes dash hope of a rate cut in the near future

Today's market reaction to Fed's March meeting minutes is expected. Now we won't see a rate cut until, maybe September. Now it's hard to find good news to push the market higher, unless we get unexpected stronger earnings in 1Q.

1. Nasdaq was down 0.7% and Dow was down 0.7%. Now we don't need to listen to the Dow up 8 in a row talk anymore.
2. I expect more volatile actions the next two days, with more news come in. Nasdaq has to break 2400 to signal a short term down trend, and break 2500 for a short term up trend, and we're in the middle of the channel.
3. My opinion is for the market to break down. Too many bad news and conditions can derail the Goldilocks outcome, and lack of good news in the pipeline. But you never know.
4. Uranium's spike to $113 should provide support to URZ and EMU. Both are speculative plays, and can go up or down big per cent every day. The key is to add on weakness and hold on for long term.
5. Today, Paladin Resources Ltd., an Australian uranium producer, raised its hostile bid for Summit Resources Ltd. by 20 percent to A$1.23 billion ($1 billion), matching the price Areva SA agreed to pay for a minority stake. These kind of news are good for uranium stocks in general, showing the market is really tight in finding new resources.
6. RIMM showed so-so earning results, and so-so forecast as well. And in the middle of the preliminary earning release, in a typical RIMM style, it states that SEC upgrade the informal review into a formal review. It's down 2.3 to 146 today and down 10 to 136 after hour.
7. Last time it has a negative news is the iPhone news on Jan.9th, RIMM down 11 during the day to close at 131, and in the next few days, it touched 121. Let's see what happen tomorrow.
8. Because I hope the "good" earning news will pop the price so I can buy put again tomorrow morning, I didn't add any puts recently. If tomorrow it can drop the same pre cent as after hour, then it will be good news for shorts. The 50MA is around 137 and 200MA around 110. Hopefully, this time I can get all my loss on RIMM puts back.
9. I sold last MZZ and added EMU yesterday. Now I'm out with MZZ.

Next plan:

1. Hold QIDs, may add CFC and CNB puts. Financials with mortgage exposure can be shorted on any strength.
2. Will not add RIMM puts, but will wait a few days before I take off puts, depends on how the stock does in the next few days. I have puts expires in June, Sept, and January 2008. Time is on my side, I think, with iPhone out in June and economy slowing.
3. Another potential "bad" news for RIMM is, the SEC formal investigation implicates one of the co-CEOs, or both of them. If one of them or both of them are forced to resign, it will be a sell off for RIMM.
4. For uranium plays, I'll monitor them carefully, add on weakness. URZ and EMU can be easily doubled in 12 months. On the other hand, they can lose 20% in a hurry, which I'll view as great buying opportunity.