Talk about an algorithm gone bad over at Gabe’s TechMeme .
A few years ago I started writing about Techmeme from a stock person’s point of view. I felt I got an edge hearing what the nerds were saying about the tech stocks and startups because they did not own the stocks. Fading the nerds was pretty profitable as they hated Apple, Google and Amazon all the way up.
I still am addicted to TechMeme but now we are getting headlines from TheStreet.com, which can’t be good for us stock guys looking for an edge anymore. It’s another sign of noise creep from the financial world.
I find it hard to believe that anyone in the tech blog world links to Cramer’s ‘Stop Trading’, yet his shout out to buy Apple is doing just that right now .
Gabe??…what’s up with that?
Cramer is pounding the table after Apple has run up over $45 off it’s lows into earnings. I am long from below $120 on this go around and sold half way back at $140 so I will hold into earnings what I have left. This Cramer call seems a little late into the recent rally though.
I am also selling half my Amazon into their earnings Wednesday. The after hours Netflix thrashing is a reminder to how fast gains will disappear in this difficult tape .
Both stocks are way below their all-time highs from last year and I just don’t think they can muster the strength or numbers to challenge them. Hope I am wrong.
If they disappoint, Apple will be back in the $130’s and Amazon back in the 60’s in no time.
Still not a tape to be betting the farm on tech stocks.
Disclosure – Long Apple, Amazon and Netflix