Hi Brian, Ah yes, the Wilshire 5000 is a good index to use to track the equity market. Forgot about that.
Actually, I've been coming back to the bullish fold. I sold half my QQQ puts and reeled in -200 QQQ shares just yesterday :( - (could have made out a little better today)
I just called my mom to have her buy back her 100 BRCM shares short-against-the-box (no sh*t, she's 70 and I've got her trading BRCM :-)
I am still short 200 QQQ, EBAY and SNDK. Although, getting burned since I shorted a while ago.
There may be some more downside on NDX, but, it looks like 4000 should hold through earnings season - that is - after CSCO reports on May 7, I might start to get nervous again if NDX cannot maintain any momentum - will just have to wait and see. I still believe $300 for BRCM is doable sometime this year and $400+ on RMBS.
Yesterday and today seemed like some final margin clean-up going on by the brokerages - any thoughts?
Cheers, Keith
P.S. The long bond is in good shape. If the 30 year yield heads over 6% again, that will be my trigger to bail. Inflation is Big Al's excuse to give the equity markets a panic attack. JMO.
P.S.S. Wondering when Abbey Cohen will pronounce that technology is undervalued due to the sharp selling - hehe. |
