Deep Market Thoughts…P.U….But…

  • Posted by
  • on June 29th, 2008

Nothing has changed over the weekend except there was no emergency rate HIKE!

It’s very calming that China’s FINANCE Minister says Chinese stocks are ‘fairly’ valued . Won’t need that 20 mg of Ambien tonight and will buy China hand over fist tomorrow :)

The UBS auction rate scandal, while not really new news, is just so sickeningly front page again and lawyered up, that it is hard to discern the ultimate damages to investment banks.

A ray of hope for bulls is that Business Week’s cover is screaming about the housing price ABYSS . I think a few years ago they were calling Americans stupid if you did not have 4 homes. I just can’t link to such crap.

There really is nothing going on in the markets unless you are long energy names and metals, but it’s so negative and I have a ton of cash in my hedge fund that I looked long and hard for some non energy strength.

Here is my list:

BABY – Medical (long) – Wallstripped last week.
AZZ (got long Friday)
DR – Insurance
ELP – Brazil and Electricty so what could be bad :) .
FLIR (already long) and it was covered in depth by IBD this weekend – Wallstripped .
ANSS – Design Automation
OLN – Small Ammunitions
RDC – Oil/Drilling
Devry (DV) – never trusted the business model and too much volatility, but an all-time high is worth noting.

Disclosure – Long BABY, FXP, AZZ and FLIR, adding ANSS, OLN, RDC, ELP and DR sometime this week.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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