European debt issues still loom. Japan has a heavy debt burden and now this huge hit from tsunami, earthquake, meltdown... What about the US. Congress has hardly made a dent in our deficit. Plus whatever may happen in the middle east. Iran is now sword rattling about protecting Shia in Bahrain. Too much poop is flying for much market exposure for me at the moment.
You should have sold when it hit hit $100 today. The Earnings were terrific but they were already partially factored in. With the problems in the Middle East it's just too risky for big investors to be in a stock over $90. Take a look at what happened to AMZN, AAPL and NFLX today.
If gas at the pump really jumps to $4, then it will slow consumer spending this quarter. I'm personally waiting till Gaddafi flees Libya. I sold out today at $98 and now have cash to buy back in after the market drops 500-1,000 points. I expect the problems in Libya will drag out a few weeks and oil will soar in the mean time.
People who drove VFC up $10 today, got burned on at the close and will bail as VFC starts to drop tomorrow. I hate to quote Cramer, but "Bulls get rich, bears get rich, but pigs get slaughtered". Those who missed the opportunity to sell will regret it over the next 2 weeks. The market has been looking for a reason to correct and Libya was the trigger. We'll see some early bottom fishing and then the market will sell off another few hundred points, by the close. This will happen for the rest of the week. I would expect the S&P to drop below 1,150 over the next 10 days.
Bottom fishers will get cut to pieces day after day, as they try to catch this falling knife. I used some of my cash to buy SU today, to ride oil prices higher over the next few weeks. If oil from the Middel East gets shut down. We'll be forced to get a large portion of our oil from Suncor in Canada.
If oil pops over $110 a barrel. Sell ALL your stocks.