NASDAQ 2,281.07 +58.75 +3.64%
S&P 500 1,098.38 +27.67 +2.58%
Yes, indeedie, this was a day for the risk-takers, pimps and whores. Average to below-average volume in most stocks. Really, is this going to stick? If you rented today's trade in AAPL and caught it below 261 at the conclusion of Obama's pep talk, and got out above 263, nice trade. If you're holding overnight, it comes down to Anticipation of a great WWDC vs. Fucked up economic debt crisis spiked with general unrest (Koreas, Gaza, Bleeding Earth in the Gulf, etc.).
I still want some AAPL below 260. My own fault for missing the recent ride up (from 231). Why am I not interested in other stocks? I don't trust the financials, especially my former favorite Citi, and don't want to trade every single bump and collapse to stay ahead. The Euro banks are tempting with their crazyass 3-5% daily moves, but no thanks. Energy? That would be worse than having to deal with a crackhead going cold turkey, though the smart traders shorted BP, OIH and USO when Deepwater Horizon collapsed.
Obama's talk brought more attention to natural gas, nuclear and clean energy in general. He stopped short of talking up solar stocks, but those will likely move up anyway as oil prices rise. BP moved up 3.1% to 37.72 today. Haliburton exploded.
I don't want to outright short the market here, though I'd be willing (again) to hedge an AAPL position with VXX.
It's AAPL and maybe some GOOG with a hedge pending a shift in the environment, and I don't see that happening for a pretty long time. For now, there seems to be a minimum of selling pressure, and I remain a watcher from the bleachers. Cash still under the mattress. Beware tomorrow morning's menu of news.
Photo: Pimp Don Juan via Photobucket
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