Well, the emergency rate cut prevented us from tanking thus far. It hasn't really helped us move up, but at least for now the bleeding has stopped. Pretty scary really... what the heck now?
Same store sales numbers came out this morning for a lot of retailers. Overall the picture's bleak. Fortunately, Wet Seal (WTSLA) came out more or less in line with expectations (-7.5% vs -7.3%) and they re-affirmed their 0.05-0.07 EPS. This is really good all things considered. Had the numbers come out horribly, I'd be crying.
I picked up a position in Kongzhong (KONG) at 2.45. It's a company I used to own/follow, and I know that it's a favorite of gaamblor's. He's been pushing it my way for some time, and today, I finally bit the bullet with a (very) small starter position. From what I can tell, it's now trading substantially below its cash value, and current projections have the company remaining in the black. Anyway, not willing to buy a substantial amount until I get a much better idea of what's going on. Plus, I'm skittish and scared for the most part.