Everything I am looking at looks ready to pull back.
I also see that CNBC is yapping about a half point rate reduction at the next fed meeting. They are even yapping about what might happen if there is no half point cut...the market has already factored that in, blah blah.
I personally doubt there will be a half point cut. I would be very surprised if there were. I would expect a quarter and not be surprised if there were no cut at all.
Therefore, if the television seems to think that things will be terrible if there is no half point cut, then the market will go down.
However, the television is always wrong. Therefore, if there is NO rate cut, the market will go up.
Yeah, that makes sense.
I bailed on all the stuff I bought on January 8th with the exception of a little bit of CMRC, all my KLAC, and some CSCO. Made money on everything except the JPM short which went up right after I shorted it so I got out fast. Long BWAY last week at 1 7/8 after Will Tally mentioned it to me. Short only one thing, IFIN on Jan 4th, check the chart, a perfect entry. I almost covered it last week, and decided to see if it would fail to recover and tank more, which it did today.
Oh. I got out of half my CMGI at a break even and am holding the rest at a slight profit like an idiot...waiting till I'm down again before I sell it all.
I'm trying to find an oil/natural gas deal of some kind that might move up before the end of the decade. Looking at PGO and GEOI but have not made a decision. I might just play the SI stock contest with them and save my money. <G>
I'd like to see the market do a nice clean pullback from here overall. If we get one, it's an easy move on the COMP up past 2940. |
