Friday, April 27, 2012

Cobwebs and scopes

8:40 am (Hawaii) Well that was a waste of half a morning. Getting up (or staying up) early this week caught up with me. I slept right through what turned out to be an interesting open. AAPL has been stagnant, now bordering on 601 and possibly lower. The big money is playing everywhere else. EXPE opened at 39.20 and ran to 43; it was at 32 at the closing bell yesterday. AMZN, which I bought at 220 and sold at 219 afterhours yesterday in a pure chickenshit move, opened at 224.83 and ran to 228.69. Now at 225.37 after selling off to 220.22. It just won't die or pull back below 220, though it closed yesterday at 195.99 (before earnings were released). Was it accounting deception that produced a $0.28 quarter (versus $0.07 expectation)? Not a worry at all, not to traders.

Still keeping a close eye on SWKS, CRUS and ZAGG. The latter reports on May 3, CRUS has a tasty P/E (still below 13) despite the run-up. PCLN is riding EXPE's coattail, up 3.4% today. Tough to hold anything into next week; I want a selloff day to get cheaper prices. ZAGG below 12 would be nice; it was at 11.82 earlier. While I slept. Now at 12.29, up 2.5%.

Even GVSC, which got pounded yesterday, is up 4.1% to 17.65. Thinly traded issues (403k so far today) are too annoying. Indices pared down in the past 30 minutes. Maybe I'll get the prices I like. Careful out there.

Update 9:11 am So how is it possible that Spain gets downgraded/degraded and the market blows it off completely (after an early swoon)? This shit doesn't disappear in the long term. For now though it's just a rowdy boy at the fair. Drunkard at the carnival. They kick him out and he's ignored until his return. But he will return. That's what makes a buy of ZAGG or PCLN (May 9 earnings) difficult on this day, Apr 27. Plenty can hit the market between now and then. ZAGG and PCLN could still explode then. But it may ride lower before that. Or more likely both will simply climb (like today) on anticipation and peak out by earnings day. 

Price action dictates. And if/when the market gets rattled by the usual May fear, there won't be much reprieve for those holding the bag. 

So all's good when it comes to Spain, right? For today, the answer's yes. 

If you think bankers tell the truth, see what Santander's CEO claimed today

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