No kidding, JBIL is down pretty badly...sob sob. I had to painfully liquidate my FDC position to maintain margin level. SBUX did well for me today, earning went up 47%! Not to mention its the insiders and Ney's favorite. Although its down from 38 where I bought it (its now 32), I am definitely keeping this.
I dont know what Ney would say about KLAC in particular, but he is long on TXN big time and know that its one of the insider's favorite. Since they are in the similar industry and has similar patterns, it will be a star in 1998. Dont buy in the bullcrap that the semis will slow down...the spokesperson is likely to be an insider. Are you long or short on KLAC? If you were long, who cares? After a 4 point surge with high volume (double average), you can bet that it will plummet like a dog in the next few trading days. Make some protective strategy to cover your butt: in-the-money covered calls, puts.....
On his phone update tonight, he analyzed today's event as follow:
Specialists shorted and rallied all morning, then dropped the Dow again, then to rally to close. He noticed couple Dow stocks were shorted again in A DOWNTICK in the last hour. So his conclusion is, tomorrow opening, stock will move higher to continue short selling, then drop in the last hour. Which will stage for an UGLY Monday with big volume.
JBIL has gotten all QUIET lately. I guess the old and faithful JBIL heads left after losing money, and the newbies left with a bad taste in their mouths....I do too.
But anyways, I still think the future will be bright. Think about it, after the Oct 87 crash, slump in 90 and 94, and the correction in April 97, stocks came back in a major way (Although two corrections + a crash this year is too much!!!) Dont listen to that Asian currency crisis crap. The stock market will go higher WITHOUT healthy Asian currencies. The media will say that currencies are recovering in near terms, although actually not much has been improved.....just to rally the stocks. |
