Grin and Bear it
This will be a pretty shaky week. Not for technical reasons, but for fundamental reasons. Most major companies report earnings this week. Make sure you know when and where your companies report, unless you are into that whole "Oh $#!+, surprise thing."
Speaking of fundamental reasons, I don't like the price action here in the market. Here is an intra-day chart. Fundamentals are the only thing that can keep our heads above water (below: SPX 20Day).
If you are not long GLD, or OIH, don't bother talking to me. I don't like being ignored, and if you are not reaping profits on the most bullish commodities on the planet, then yes, you have been ignoring me.
Speaking of profits, how could I not like the moves in TBSI, DRYS, SNP, VDSI, SII, DVA, SNDA, SLB and CNX?
My shorts performed wonderfully, most notably ZION, ATI, THQI, NCS, CPA, CAH, AVTR, GLYT, JCP and a few others.
I took down XOM. I felt pretty good about that. I won't discuss any more entries until tomorrows video though, so don't ask.
Next topic... BIIB. I can't imagine this being the case, but if you didn't sell yet, take a look my last takeover offerings I gave out early...UIC and BOBJ. As you can see, there is no upside left. Even when the price falls short of the takeover price, don't ever hold. Sell. I have tried this on a few occasions, most recently AH. If you can remember this takeover candidate I gave you earlier this summer, it was priced $4 short of the offering price, and I held for a few days only to realize what an idiot I was.
Don't get greedy.
Since China has been breaking my balls, I softened the blow by reducing my exposure. I see some softening in the "buy it all now before it bursts" department... therefore I am adapting to the potential risk. This wasn't a major sell off by myself obviously, the Chineese market would have crashed.
In closing, my bets tonight are on the New York Giants and the Boston Red Sox. I better hurry home before dinner gets cold.
Long: October Sports
Short: Cold Dinners
Disclaimer: The Giants and BoSox read my blog before tonight's sporting events.