"When I have nothing to say, my lips are sealed".
- "Psycho Killer", Talking Heads
And so they were. I've just been standing aside for a week now, watching the circus we call the market self-destruct. To understand how bizarre the action has been, consider that one day last week GE dropped 5% because some of their coffee makers were recalled. And GE doesn't even make them. They've been out of the small appliance business for years now. Is the company General Electric worth 5% less because one, yes one coffee maker caught on fire?
But after today's action, my Fish Finder sonar bottom dectector has finally started beeping. I went long on RFMD, AKS, and AUY today, thereby reducing my cash from 40% to 15%, as low as it was in the March '09 bottom. I mentioned AUY on May 14th. I think it's now reached buyable levels.
Not that I'm long term bullish. Indeed I think this country is headed for total disaster if things don't change very soon. But in the meantime, say the next month or so, we may be looking at a time to finally put on the long hat.
Three Ways to Move Forward as a Trader
14 hours ago