I will be using their Garmin, OIH and Apple stop points, but stopped out of Google and Baidu on the run ups and earlier today on the rest. RIMM was an embarrasingly early trend sell by me months ago, unless it gaps down $40 points tomorrow (in which case I am a genius).
I was a buyer of Garmin last week at $90 (whoopass) and will be buying some more in the high $70’s on more weakness. I know my stop points and will adjust my position size for distance of the stops.
Google, Apple and Baidu could be in these major areas of decision by tomorrow morning at today’s pace.
Fasten your seat belts and be prepared so you can be proactive, not panicked and reactive.
If you have been buying the bank stocks, this must be the first time reading this blog. If you read this blog everyday and have buying banks and brokers, no one can help you or should help you. Go to the racetrack.
The last internet bubble was marked by the AOL/Time Warner merger. Here’s what we have going on today:
1. The Facebook/Microsoft chatter is now deafening.
2. Amazon is back at all-time highs and has an iTunes killer?
3. RIMM goes up 5 percent a day, so does Apple and Baidu.
Most important, the laggard internet juggernauts are up 15 percent the last few weeks – Ebay and Yahoo. These are the media and blog world whipping boys.
As my friend Phil twittered today- Something is building.
My thoughts are that the deals and rises are too easy and too loose. Too much back patting and knuckle fives.
I will continue to diversify and add breakouts because the tone is great and the fed is easing and the US government is spending like the good christian drunk sailors they are. I am listening to the tape and although I feel that a huge high beta drawdown is at hand, the tape says we are o.k.
Maybe this time a gigantic tech/internet merger is just the beginning. Stranger things have happened.
PS…next to me , if you like the market and are not following Phil on twitter , you are a putz.
My Chipotles partial sell at $108 a few weeks back looks wrongeroo. That’s fine. I see it hit $116. You see Rose, who works with me in the office, shouts out the opening and closing prices for the two stocks.
For those that think you can’t do this at home, you have not met Rose, my friend and blog reader, office manager for Blair’s real estate business the last 10 years and owner of Baidu at $130 and Chipotles in the $50’s. The only other stock she has ever owned is McDonald’s. You can learn this stuff and trend following can work.
No rocket science, just basic trend following and watching Wallstrip and bugging me for my favorite trends.
I will be more pissed to see the stock back at $200, than at $500 at this point which is the reason for selling more. I think thats where the stop is now on my position remaining which is a factor in the decision for sure.
It feels good to be alive, unless you are a Microsoft executive with stock options. The brain drain and Apple have been a dagger to the gut of Microsoft and while they remain full of cash, spit and vinegar, they bleed out a penny a week in stock price to their eventual irrelevance.
Now I am in the Apple store on Madison talking search and Apple with random apple lovers. It is freaking packed.
More goodness today from Google and Baidu as Google approaches all-time highs and Baidu tacks on 7 plus more.
While Facebook, social networking and rate cuts steal the headlines, the search leaders romp in the background.
Adobe guides up I think from a quick glance. Slow and steady has this rise been. Baidu has been the opposite, fast and loose, but added 18 freaking more points today.
Congrats to the SIRI longs and Baidu shorts. Keep reading this blog for my good luck.
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