Grin and Bear it
Monday, October 15, 2007 at 05:08PM 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.
Recommendation: Nil
Long: October Sports
Short: Cold Dinners
Disclaimer: The Giants and BoSox read my blog before tonight's sporting events.
Reader Comments (51)
i noticed you bought xom before earnings, are you going to hold over earnings?
todd
I am going to call the CFO tomorrow and request that the date be pushed back, or that they forego the call altogether this quarter.
I'll let you know how it goes.
Jeff
-steven
I got into XOM this morning. I know you didn't ask me, but I don't plan to hold over earnings. Being a newbie, I'm not familiar with the more advanced strategies to profit from holding over earnings.
I wonder what goodies'll be on the watchlist tomorrow... :)
Sometime soon you will be able to say, "Yeah, he was right, it did go up" or else I will end up in the discard pile along with Beanie and whatever else you scrape off the bottom of your shoe!
Stan
I'm pissed. I bought GLD a month ago because of you. I thought you meant PUTS!!! Just kidding. You and Eric have been all over it for so long my ears hurt. It never EVER has earnings. Maybe you could convince the CFO of XOM and see if he'd announce his earnings over at GLD instead. That'd mess everybody up. You could short XOM and make a fortune!!!
I should point out to newbies here that all you need to do is follows Jeff's watchlists and the Marketcast. Have a look at Jeff's 60 picks from last week. If you'd bought one contract in each of them, you'd probably be up about 60% this week. Maybe more, with BIIB.
I'm exhausted. Sure could use another week like last week. We'll see how it goes.
We eat stocks for lunch that get bought out almost every week, thanks to Jeff, so we know how buyouts work. Remember, if you have to send a press release out on your stock, then its a dead giveaway that no one in their right mind wants to buy it.
At this point you need to go with the trend of the group. SFM
Stan
really appreciate it.
now, I am really concerned..
has anyone taken the online version and found it helpful?
otherwise, I think that I'd rather take the class for 3 days and learn it.
Mimosa
Please do not take my comments as negative toward the online as I said several concepts only came together for me after that training. I have heard that the personal interaction was better live but as that is not available the online is still great.
Stan, I understand and have been right where you are. In fact I have dropped my $50,000 on the table several times with the big payday in mind. I hear about 1 in 10 really work and I hope that this is the one for you. I have not been so lucky and have those wonderful $50,000 markers out there still. In the company I own we are doing somewhat the same thing so I really do know what you are talking about. If I were to do this again Pam would trade the hammers for an axe!
I gotta go to bed. When did 6th grade math become so exhausting?
We're all putting our thoughts and ideas out there.
liz
Is that a Utah thing?
lol!
\ Is Jeff Kohler gonna have to choke a goddess? I think he's gonna have to get out this blog and choke a goddess!
LOL.
Ben
but long-time readers of this blog know that I expect a buyout on any stock i have a long position in.
...oh, and short positions too!
We need you man! It's time to shrink another blogger. I don't want to read anything Trading Goddess has to say on this site. Curiosity on our blogger award competition got me on her site over the weekend. All I can say is...
P U
Kim
Pull your claws back in.... Do you really think those pics are really of jer? If you have followed her site for any length of time you will notice that it is all about who she wants to be but never who she really is. Mostly hot air to draw the weakminded in to boost her alter-ego. Her "picks" never really do what she predicts - all open source information she gleans off the web...
JJ