Hi Bob, Bill & JT et all
Just dropped buy to say hello. Wanted to echo BOB's comments. It's exactly mine. This is NO selloff, NO BK. It's called profit taking pure and simple. Don't buy puts, dont short anything you'll be whippsawed out almost immediately.
We'll all know when the BK comes. And let me say your interpretation of the BK and mine are different. A 10% correction in the scheme of things is quite normal and expected. I see no chance of a 20-40% bomb hitting this market. To the contary. We'll see 8500 before 6500 for sure.
We needed to blow off some steam here. We have just come from 6400 at the lows in Apr straight up, thank you GOD, and needed this short term blowoff. Bob is right MON down, maybe another 100++, Tues sideways to down till after Alan does his routine on the hill, and then it's off to the races again, with renewed vigor.
Don't be in PUTS, just use them if you have to for protection only. Hey I'm not silly enough to think a bolt from the blue can't come flying out to crash this thing. But I DON"T THINK SO!!!
Be in calls on BIG CAP stocks. My current list of calls I purchased today, YES BILL a buying Opportunity, was CPQ-IBM-INTC- I currently own KLIC-SVGI-UTEK-SIII-NXTL-BAY-IFMX. I'm lookimng to buy leaps in HAL-ORCL- MOTand some others based on smarter people than me, JUDY for sure. TOM certainly.
To contiue to play the downside is ridiculous. You have missed great opportunities to enhace your self worth waiting for this event. And folks that too will be a great buying opp as well.
I hope a contrarian view will at least keep you thinking. I don't say i'm right, but I've been enjoying this ride for months now, and can say with all honesty, it's has been scary, fearful, but incredibly rewarding.
Great trading to you all, With Warmest Regards, Jerry |
