Meltup Baby!

  • Posted by
  • on October 2nd, 2007

Come on…Baidu up $35 bucks to another all-time high of $320. Not complaining obviously (long), but where the hell were the smartypants when it was ‘breaking down below $100 a few months ago.

Just today, Henry Blodget did a spoof piece (a good one) on Google hitting $2,000 and the lamest asshat on the internet took him to task . Mike does not read well, he’s too busy playing with boy nerds in his ranch house, but if he did, he would have read that Henry was just trying to think ‘outside the box’ because he was being taken to task for being negative of late.

See today, being bullish is like having ‘lepresy’. Even the shameless/conflicted cheerleaders like Arrington feel emboldened to attack the bulls.

Here’s the really good news for us trend followers…the lame price targets have not started yet. They are coming. Trust me. Just as Citibank cuts the homebuilders to a ‘hold’ from a buy yesterday after 80 percent drops, look for them to go bullish on Juniper, Cisco, Baidu, Verisign, Facebook, biotech and Google at Nasdaq 3,000 plus.

Talk about easy pickings…too easy. The pain headed our way after this stealth bull will be epic, but as I always say…whose to say when. Let the market take you out. Furthermore, since I was the ‘highly educated’ smartypants in the last bubble making fun of many of the big up moves from the sidelines, I know that stock opinions and price targets are for ‘asstards’.

At the end of this run, I will get caught. It will hurt, but I have made silly profits on the way up. I am not being a pig (that has cost me), but I am over 100 percent long again and have 100′s of new all-time highs to choose from. You don’t meltdown from this much strength…yet.

Just last month I bought Goldman into the abyss in the low $160′s with a market order and my fill came back in the $150′s . I knew that was wrong. Now you sell it at $126 and get $127. That’s wrong too.

China is making the Nasdaq 2000 market look like a wussy. That scares me the most and I have been wrong not to be there save my Baidu stock, but the US will likely catch up. I am hoping for another big hiccup to at least get people nervous. We may not get it.

Too much open field for all the all-time highs and to many bears.

Disclosure – Long Baidu, Verisgn, Juniper, Cisco, Apple, Google etc…

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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