Mkt

Mueller Water announced earnings last night, and to be honest, they looked bad. Revenue fell, but profits were up. After an initial sell off, it has rampaged higher. Only goes to show that it is not the numbers that matter, it is what the street is looking for and what they see for 07 that really counts. Bears watching closely today to see if it can hold its gains and on what kind of volume.

Buying GR yesterday on its two dollar down draft has proved a good move, as that stock shows good price action. This stock has very little street following......

Bought some UPS on the open this morning. Reason is that the transport index, which many were pointing to not more than a month ago as the reason this bull mkt might be over, has rallied back in style and is approaching a new high. FDX was up big in the pre-mkt and it seemed reasonable that UPS might have a move. It moved up but has now sold off and is hovering up 20 cts. If it takes out the morning low, I might bail.

Finally WCI seems to have caught a bid after rating agency Fitch lowered their rating on them yesterday, but this morning another fund announced in a 13-D filing that they owned over 5% of the stock. This is the third or fourth fund to announce big positions in this stock, with company like Steve Cohen of SAC capital and Carl Icahn as previous filers. Think this one goes higher.
Happy trading.