Put MCK in my "professional" basket - i.e. if you have to be fully invested and have to buy large cap companies, this is a buy. Personally, I am not buying much of anything.
So far my short positions are working out great despite a hit today. Amazon looks like a dying stock, and I have been in and out of it - shorting rallies and covering at 83. So far that strategy has worked perfectly, and the rallies are getting smaller and smaller. When this stock breaks that support level, look out below - next stop 50. The other two, The Globe.com and The Street.com have fallen 20-30% each since I first shorted, but I have been feeding them on the way down, so my cost basis has decreased. Significantly, TGLO has broken through all support levels and TSCM broke through its $19 IPO price. I'm feeling comfortable and just keep shorting more as they drop. Today was a pretty good rally though nothing like the rallies this sector has seen before. My other short, Citigroup, was more symbolic of a market call, though the valuation also looks pretty extended. I should have gone with my initial instinct to short Goldman, but Citi has still moved about 10% in my favor. Hopefully we didn't just see a bottom in the internet sector, or I'm in trouble because I've got a pretty big line cast at the moment.
My first baby is going to be born tomorrow (planned delivery so we know). If the market crashes the day he is born, I told my wife his middle name is going to be Amazon. (No, not really) The market tanked in '97 when I was on vacation. Maybe history repeats itself - my two week vacation starts tomorrow. Not to make anybody nervous or anything...I would never do that!
JJC |
