It's actually quite depressing listening to Tom Costello on CNBC talk about how awesome this rally has been the last 2 months to take us back to 4200 on Naz.
I am sure many did well the last 60 days and I am thrilled for them. But I can't sit here and say the last 2 months has done squat for me. Sure, I had a few winners, but the losers simply beat the hell out of my winners to make the last 2 months a bitch. Now, I look at all the enthusiasm...I mean all of a sudden CNBC is pounding the table....serious Bull rally and etc, etc.......Makes me feel like they want to get this market to 4500 by end of earnings and then boom, down we go.
Additionally, this rally is not very broad. I mean if your in select stocks you may be doing great, but if your diverse, or in the wrong stuff, you could be getting killed. Now, I look at the stuff that has ran hard, and I am scared shitless to buy at this point in time. Thats what got me before..chasing these high flyers after they have run. I love NTAP for instance, and hell, it may continue to run to $150 - $200, but dammit, the minute I buy it, it will drop and restest $50 in the summer. Same with alot these high flyers of late. Sure, I want in, but dammit, fool me once, shame on you, fool me twice, blow my brains out. I just refuse to chase these high flyers right now. Instead, I will selectivly look at the quality companies that are still beaten down, and hopefully be given the chance to buy NTAP and SUNW at cheaper prices then today.
Opinions anyone ?
Keith |
