Just a Note/Observation, the same people in my office who stopped contributing to IRA/401K at the bottom of the market just today started contributing again.
I take this as a clear sign that were are at the top.
Look at what ProShares is doing to prop up their inverse funds. Nine different funds (most or all inverse funds) are getting reverse splits. As an example, DUG went from just over $11 to $55 this morning. I guess the idea is to attract suckers who won't be as likely to notice the fund has been killed.
I sold my BAC and C for nice gains. Noticed on BAC board people starting to talk about $25 and even over $50. At around $30 the market cap would be about that of Exxon. I don't see that happening. A\
Art, QID may go green shortly.
Izzy, They just kicked my butt a bit on the QID trade. Took my medicine a short time ago and limped away with slightly less money. DNDN en fuego again. Reloaded some shares yesterday and quite please once again with that buy. Gotta love the short numbers in DNDN. FUEL for the move if approved on or before May 1st. Another new hire for the DNDN team. Dr. Gold is golden.
I am resigned to keep cash sitting on the sidelines until an attractive long position in a specific stock or stocks comes up. It is tempting to try to make money when the market goes down as well as up, but my track record for that strategy has been poor.
I am continually playing with some of the smaller biotechs... looking for another DNDN.
Actually profitable on NVAX now...and even on my airline stock RJET. Almost back even on KMX...should have gotten out yesterday, but had my mental "Good Until Close" order in.. and of course when it got close I changed my mind.
Izzy, Been trading around a QID position for an extended period of time. Did not take the opportunity to exit at a slight profit just over $16. Yesterday when the QID was taken down as the Naz climbed I added another two large positions near the lows of the day. This took my cost down to $15.827. Looking to exit 2/3 of that position in order to maintain some protection as this rally continues unabated. These moves do not go on forever. One of these days the cheerleaders will use change the song and the money will be made at least temporarily on the other side. We seem overdue for a correction. Will it happen and when remains to be seen.
The momentum of financials is incredible. I own some BAC and C, but not enough. Acted as a substitute for you Gooduntil and tried jumping into FAZ. Just felt the need to be slapped once again. Got my punishment and left. Will probably sell my C tomorrow morning, as I don't like the odds of this run continuing without a significant pullback. Meanwhile the one stock I really believe in (CPTS) has been trending lower. This is likely because of reduced guidance resultant from increased costs, but since these costs are related to advertising, training physicians, etc., this seems more like a good thing long term. Just in case C stalls out a little higher, I sold 100 May $5 calls and bought 100 Jun $5 calls for only .07 more than the May calls.
Thanks for taking me back to reality. I also have been lightening up and the cash is making nothing, but certainly better than losing. I have been a good boy and have been staying away from the short side for quite a while.
Unfortunately, took a position in KMX the other day (near the high) because I was told by a good source that they would blow away the earnings estimates.. they did, but the stock traded down. Was not nimble enough.. by the way, your friend at Berkshire Hathaway owns some.
Spent my money on 50 flats of Creeping Myrtle this week.
Izzy, Every attempt to make a short play has been painful. The path of least resistance seems higher. That may indicate that a contra play could work but it's a dicey quick move from my recent experiences trying to catch any short move. What catalyst will move the markets lower? Earnings projections remain strong this quarter and an early spring seems to be warming consumer and investor sentiments. Hard to sit on the hands but sometimes that's the best play. I've parked a lot of cash after a torrid first 3 1/2 months. Considering buying back at least a portion of those DNDN trading shares on the citi downgrade today. Now it appears that we know why it backed off recently. In analysts I do not trust. Have to admit to thinking about a FAZ play myself but thankfully held off so far. Is this the time? The crystal ball is clouded. GL
I have been hesitant to praise the turnaround fearing that it was not sustainable. Currently cautious as is my nature but fully aware that the past 15 months we have witnessed the fastest and greatest market turnaround since Roosevelt. This while fully 25% of the population are praying for Armageddon. The confidence inspired by saving the economy from going into depression is beginning to spill out and the psychological effects are underappreciated as a factor influencing recovery. This country still faces a problem of worker dislocation due to jobs being exported overseas. More troubling is the militia rhetoric being inflamed by politicians and media exploitive personalities seeking personal gain by fanning irrational passions. Anyone who believes tearing this nation apart will result in something positive is sadly and perhaps tragically mistaken.
My husband and I agree that gov will tax and take over 401ks iras, and in the end not worth putting money in any longer.Will you ever see the money you worked hard to contribute?I doubt it.Save on your own but stay clear of anything gov can change policy on on whim,you will always get the short stick.