Fast and furious selling

The oil and metal longs are throwing in the towel on many long held positions. Looks like many longs have been completely taken by surprise on oil and some metal stocks. To most observers the oil long trade was long over and there were enough hints of an impending correction but somehow many bulls believed in the 100 USD hype. There is never a lack of stubborn bulls or bears in most sector. That is what makes the market interesting.

Expect the money from oil and metals to find a place in new sectors. There are enough hints of where the money is flowing. Watch relative strength and you should find where the next set of opportunities are setting up.

I am eyeing a position in ABXA for my long term account. Having worked in the air express industry I have a fairly good understanding of these kind of businesses.The essential nature of such businesses is high leverage, most of the cost are sunken cost and a slight improvement in revenue can have magnified effect on profit. Buying some of these companies when the chips are down can be a good long term trade.

ABX Air, Inc. (ABXA) operates a fleet of 112 aircraft, providing air cargo transportation. ABX complements its air transport capabilities with package handling, warehousing and line-haul logistic services. The Company operates primarily in the United States but has the authority to fly worldwide. ABX also offer aircraft, crew, maintenance and insurance (ACMI) and on-demand charter services to freight forwarders and other major shippers. The Company sells aircraft parts, provide maintenance and repair services for airframes and aircraft components and conduct flight-training services for customers. Additionally, ABX operates a sorting facility for the United States Postal Service and has provided cargo transportation and sorting services. DHL Express (USA), Inc. (DHL) is the biggest customer of ABX, constituting approximately 98% of total revenues in 2005.

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