That was actually going to be the title of my 1st book (Rule the Freakin' Markets, St.Martin's Press was what it eventually was titled). It's a horrible title, don't ya think? Thankfully my pitch prevailed and an International best seller was born!
Meanwhile, back at the ranch, or back in the Trendfund.com chatroom, we are simply CRUSHING THIS MARKET!
FXI calls from 2 days ago = another doubler!
We nailed MBI for $2.00 on a $10.80 stock! We've long the SOV June $7.50 puts from .40 as I've been short that thing for us since nearly $11 and I still stay it sees sub-$5 soon enough. The financials are NOT bottomed, I can't take listening to CNBC every day and every day hearing some complete and utter FOOL say they have and you should buy. ABK today showed why not, once again. STOP IT ALREADY! PLEASE! If you are buying bank stocks here you are so out of your freakin' mind its ridiculous.
You don't want to short them? OK, fine, cool, but don't buy them, pleaseeeeeee! They have a LONG way to go DOWN! Period, end of story. Why in the world and how in the world can anyone honestly think that C is a buy here? I don't care if it goes up, you're nuts to buy it. Whatever, I just really can't take it sometimes listening to the nonsense the pundits put forth and try to justify.
OK, enough, it don't matter, I am sticking to the plan of picking spots and not getting attached to anything either way here. We go up and down like a rollercoaster every day, there's just no reason to hold a lot of positions overnight. It'll be interesting to see what AAPL does off earnings. Frankly, they may buy it back up but I think eventually it'll work itself back down to the $120s or $130s. But, its a cult stock and as such it may see $200s before that happens. I certainly am not getting in front of it until it shows me that it wants to go down for real. For now its the type of stock investors look at as "safe" because obviously its a well run company and you can justify owning it if you are a fund manager.
AMZN #s were putrid. First glance they looked ok, but as always the margins are gonna kill it for now.
Does anyone else but me get tired of hearing what USED TO BE good fund managers have to say? Is it really news that Bill Miller is bullish on banks and has AMZN as one of his top holdings? I mean, when was the last time he was right on anything? If I'm not mistaken the guy said to buy ABK and MBI when they were $15ish. How's he doing? There are a lot of bull market geniuses, trying to pick bottoms and buying ABK and MBI does not impress me, sorry. Having AMZN as a top holding doesn't impress me either. Let's stop looking to guys who have been crushed call wise lately as gurus. Same goes with Abby Joseph. She's wonderful if the market goes straight up, but she's absolutely atrocious when we go down, just as most fund managers are.
And, just as I am when I get too biased one way or another. That's why we try to stay NEUTRAL and view each day as a new opportunity for da Ka-chingos!
Thursday should be interesting. MSFT reports after the close and we hear every day some praise for the company. They should beat handily, but the stock is up a lot the last couple weeks and seems to have a ceiling around $35. I suspect it'll be $32s by the close, so do you really want to take a shot they beat when the upside seems limited? I really don't want it either way, but we get a lot of people asking about holding over earnings. Look at AAPL and AMZN Wednesday for 2 good reasons why its better to pick your spots then take pot shots!
See ya on the other side!