Monday, November 27, 2006
I blame the fucking turkey for making me tired and lethargic. Fucking Thanksgiving cost me 100's of thousands of dollars-- and all I have to show for it is a lousy extra 5 pounds on my developing gut.
Days like this make me feel incredibly stupid. I mean, I saw the dollar decline and the frothiness in micro cap stocks, yet I did nothing but buy more. What am I fucking retarded or something?
I have very minor hedges, long MZZ and FXE-- but I wish I had more.
Just to recap:
If you own stocks today, you lost an amazing amount of money and will probably lose more tomorrow. Enjoy.
Every sector, but Gold and Oil, was hit hard and then hit again.
I am eyeballing SYNA and look forward to selling it short-- first thing tomorrow. As for my longs, I will give the market a chance to rebound. However, should it fail, I will draw down my positions and add to my shorts-- in order to hedge and lick my wounds.
BLDP, that perennial unearner, is defluffing even as we speak. UTSI is crumbling hard now, I'll short more if it bounces tomorrow. SIRF... well I won't bring it up again. I think WFMI is a short because long-term holders don't think it's a buy here. GPS moved convincingly under 50dma on large volume - like, sure, they're gonna get bought tomorrow.
And every one of my longs would've been a great short today.
The market has had a ridiculous runup in the past few months, and finding a decent stock for the money has become almost impossible. As for me, I won't even look at anything with a p/e over 10 and next I look at yearly performance vs the S&P, if the bitch isn't close to flat I'm moving on. It seems every stock I've looked at is up 75% ytd -no bargain there.
The only potential bargains I can find are BXC, CFBK and CLMT with BXC being slightly riske' and CLMT being a little overpriced if not for the div.
Happy [belated] Thanksgiving Broker!
Links to this post: