Sold CHL (loss of $7/share), LULU (gain of $2/share) and YGE (even). Just too much unpredictability and negativity to hold these babies, even with small positions. I'm not going to wait for these stocks to bleed to death. YGE is actually hanging tough, and had been early in the day. But I will stay out of these. I'm still holding BIDU, MCD, NTDOY, UA, RIMM, AAPL and VMW. MCD and UA are for my nephew.
There's no doubt in my mind. With the Fed out of rate cuts and the US economy slowing, our market is bearish and getting more so by the day. Companies like Crocs and Under Armor are raising guidance and getting pummeled. The only stocks seemingly resistant to all of the financials (Citigroup) and housing subprime crap and economic slowdown today are Google and Baidu. Blue Nile, which reports tomorrow, is up 3.1%. McDonald's is up fractionally.
Other than that, I'm just relieved to prune those stocks out of my folio. When the market turns, I'll be back in.
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2 comments:
When the market fills your screen with red, its time to buy... not sell. I understand your need to pare down your risk, but you do that on all green days, not all red days.
You're correct, Tom. I did hold on to my core stocks. AAPL. RIMM. Nintendo ... I'm going to keep things simple, focus on just a few stocks as holds and trade the others. What's probably more important is that I devise a stop-loss exit for my trades from now on, and also recognize which stocks are truly short-term.
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