Guidance was terrible and the future is all that counts. (Maybe they should have saved some of these "great" Q2 earnings and moved them to Q3 -- which can be done fairly easily with simple accounting.) OLN was a nice trade for me (bought at 11.09) but no way I was going to hold through this earnings release. It spelled trouble.
Don't worry, WFC will get back down to $6 and the Dow will get to 6k also...just a matter of time....all the govt intervention which cannot go on forever has turned the markets into Alice in Wonderland --thru the looking glass.
OLN is not in the same league as OXY--- that is another thing to consider, and OLN business in NOT stabilizing...earnings going forward will be a "LOSS" in the next quarter, or didn't you read the news or listen to conf call.
Just wait until Bernanke is forced to start raising interest rates....don't know when that will be, but the Chinese are very antsy about all the U S govt debt and how we are managing it. Geithner has been dispatched twice now to try and calm them down....
As soon as interest rates start rising, that will be the time to seriously short the markets....this whole recover/green shoots stuff is all hocus-pocus//smoke and mirrors. When interest rates move up ato 2% this whole "recovery" will have vaporized AND WE WILL BE AT 6,000 on the DOW...wait and see........could take 18 months but IT WILL HAPPEN.
The way the market works these days, the "future" is Q3 and you don't need to know much more than that to look elsewhere. If you ex-out the environmental refund, the loss is going to be a big one. The dividend is definitely in jeopardy of being cut as far as I am concerend. Time to look elsewhere.