Wednesday, May 9, 2012

Wild Wednesday (updated)

3:43 am (Hawaii) No truce in sight over the other side of the pond. Europe still frazzled and puzzled without a clear solution in sight, though it's inevitable after all this drama that stimulus will be the result. I sold GSVC at a small loss (17.98), sill holding AAPL, which is off its low (561+). FAZ is up 3% and I'm holding that too. The market seems to want to bounce here, so I'm leery of holding anything like FAZ. This is probably the last time in awhile I'll dip into GSVC; the small caps are getting squashed and AAPL is more prime to recover from this dip than anything else. Already back to 566.

Update 4:17 am Out of AAPL at 562. Tiny position, so the loss was miniscule. Market just doesn't have the push, buyers staying out, and AAPL's Fib retrace (546) is still in play, my guess. Still holding FAZ.

Update 4:39 am Out of FAZ at 23.53. Not quite the top, but it's teetering and I took the 4.4% gain. That leaves me at break even for this morning after the small losses on AAPL and GSVC. FAZ was my smallest position, so that insurance was welcome.

No idea where the market goes from here. After all these down days, a bounce would seem logical, but I'm not counting on that or anything else.

Update 10:01 am Back in FAZ, small position, at 23.17. (17 for Jeremy Lin, who is reportedly warming up for today's playoff game). No other positions, so this isn't a psuedo hedge like it was yesterday through this morning. I got some sleep through the session and was surprised to see AAPL moving to 572+ and GSVC rise to 18.50. AAPL is due for a bounce, but it will always depend on the institutional money, not us retail guys. And GSVC's move was very suspicious; it ran from sub 18 to mid 18 in a span of just 3 or 4 minutes. Then it sold off back to 18, then sub 18 within a few minutes. (GSVC is at 17.70 after hours.) There's a lot of funny money in there, big boys just using the market and the little guys like toys. So I leave that alone for now.

Same with ZAGG. I don't touch it, not with all the controversy, even though the product is gaining reach (via Wal-Mart, other big box stores). Too many tentacles on that thing.

Until Europe shows sign of maturity, the banksters are hanging on the edges of cliffs. Once talk of stimulus returns, I'll be happy go (and stay) long AAPL and FAS.

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