American Spirit has not sold out yet. But yes my form of capitulation is just to get tired of the downward grind, of having to do swing trades to try and stay even. Of hearing threadsters proclaiming doom and gloom. Of arguing with them. My malaise is a contrarian indicator. But I still haven't given up. No way I'm selling LOR at 7 3/4 or UIS at 23 3/4 or IBM at 106. No way unless it's an emergency. In fact I would be buying here esp. on any dips. Longer term I believe the majority of quality tech or retail stocks are bargains here. If I had to pick sectors I'd buy wireless, networkers and specialty retail. I'd put in low buy orders on any bad day from now on and then either sell on the next pop or keep 'em until the winter. But sadly enough until I get my next cash infusion I can't afford to do much more than the swing trades and wait until shorts finally start panicking to get out fast. What will make that happen? The spin changing. The spin about interest rate hikes at an end and the economy slowing. Because several more rate hikes are priced into this market now.
Stocks I like right now are COMS, QCOM, UIS, LOR, ANF and a sleeper MMG (owns former communist country wireless). I'd try to get IBM under 105, SUNW under 70, CSCO at 60 and VOD under 40. I'd buy telcos on any dips. WFMI around 35. I'd buy MSFT on one more dip then sock it away. Ditto CPQ. Ditto some quality B2B's. LU looks safe here but was a better deal last week. I'd look at some financials. Banks. EGRP and SCH. The best e-tailers on one more drop then hold until November. AOL is looking cheap now. Euro internets are bargains. ERICY and NOK are sure things to stay steady and eventually do quite well. The only sectors I'd avoid are drugs (almost fully valued), REITS and luxury retailers.
I'd so all this if I had the cash which I don't.
Instead I'll hold what I can for awhile and wait for the reversal which should come soon. July could be a fairly strong month. But July might come early with the battering we've just taken. In fact this MIGHT be the best time to buy stocks for the year.
Right now I'm holding IBM, LOR, COMS, QCOM, SUNW, ANF, UIS, VOD, T plus two small positions I wish I'd sold a long time ago ESHR and FATB. |
