WEDNESDAY MAY 21 THOUGHTS

As I drove in on the way to work this morning and observed the $4.19 price for regular gas, I began to ponder when oil would hit $130/barrel. Didn't have it wait long as when I turned the radio on, there was a monologue by some analyst in regards to oil hotting $130/ounce in Tokyo. Here is something interesting- this is arguably the first time that futures contracts on crude oil are lower than in present, i.e. the market is discounting the entire summer much less winter heating season. Something to monitor for equities should oil completely reverse today.

Same story going back to the Bill Murray theme- most of the solars/oils up pre-open and not a whole lot else. A few ideas (which will get fewer and fewer over the next week as we get into the Memorial Day timeframe with newsflow and trading drying up whereas the LIE out to the Hamptons gets clogged):

SOLF- smashed its earnings. Stock traded to 31 early this morning. With it having run-up sm uch, I am inclined to trade this on the short-side, but beg all of you out there to be careful when playing this.

HPQ- reproted earnings they kinda-sorta announced last week when they announced the acquisition of EDS. Stock down irght now. If market rallies today, I wlook to trade this on the long side and particularly around unchanged.

ADLR-received FDA approval on a drug. Stock a bit off of its pre-market highs, but holding nicely...if it holds the 6/6.10 area, could be a buy as day progresses

FSLR- one of the stupidest things i have seen in a long time. A brokerage house out there (who name I will not say but with the initials of FBR) cut their rating from perform to underperform...but raised their price targe to 200. great. So, they missed a several hunfred percent rise i nthe stock, cut it, yet RAISE their price target whic hshows how wrong they've been. if solars are strong, look for rabid shortcovering at or near unchanged.

MXC- simply insane. They maye have an oil well. May. Stock is up 400% in days. Looking to short giving right circumstances around the 42/43 level if stock opens higher (i.e. 44 1/2 or higher)

HNT - up yesterday on substantial call buying and takeover rumors. Nothing has happened. If it opens higher, looking to short thru unch.

Earnings list:

WED MAY 21 BEF

BJ .26/2.23B .52/2.43B 2.03/9.59B 2.24/10.25B

BWS .08/576M .21/599M 1.2/2.49B 1.87/2.66B

EV .43/277M 46/284M 1.84/1.14B 2.16/1.28B

SOLF 1.12/962M 1.10/995M 4.96/4.45B 8.16/6.39B

TWB .16/242M -.02/238M 1.79/1.13B 2.18/1.25B

WED MAY 21 AFT

CRM .07/236M .08/251M .34/1.05B .64/1.37B

CSC 1.39/4.41B .75/4.18B 3.83/16.44B 4.29/17.49B

GYMB .76/236M .21/206M 3.04/1.04B 3.39/1.15B

JTX 2.11/166M -.61/5.20M 1.51/278M 1.66/293M

LTD .07/1.88B .18/2.34B 1.40/9.68B 1.65/10.28B

LDG .61/1.39B .79/1.37B 3.06/5.53B 3.44/5.81B

NTAP .36/935M .27/869M 1.25/3.30B 1.44/3.87B

NTES .31/82M .32/85M 1.31/355M 1.45/400M

PETM .31/1.20B .34/1.21B 1.51/4.98B 1.71/5.37B

SMTC .20/72M .21/74M .91/303M 1.06/329M
SNPS .38/321M .39/330M 1.61/1.31B 1.87/1.41B


Good luck today.