BAGAKOAA Jan 5 2009, Not much Pin action today
Jan 5 2009, Not much Pin action today
Unlike yesterday, the market did not really do much today. The afternoon picked up a bit even though there was bad news on the Pending Home sales. Ford had a great day and had great news about sales dispelling the myth (I bought into it) that the cash for clunkers sales spike would suck sales out of December. Ford looks hot and could even get hotter getting market share from everybody. Do your homework on Ford and Ford Preferred. Doyle, you were way ahead of a lot of folk on that one. Be proud of the profits you took in early December there are more on the way. Cramer was really pimping F on the show today.
GOOG launched its new Nexus phone and AAPL tried to take some wind out of their sales by announcing the sneak peak of their new tablet later this month. This is going to be the battle of the tech titans. I like bothe of them. I can see and 800 GOOG and 280 AAPL in our near future (12-24 mos). The retailers report this morning was also positive with and nice 2.5% increase in same store sales. Remember, the prognostication of a 19% increase in the S & P 500 in this blog is based upon two things, consumer spending and a housing recovery. Well we got one and lost one today.
In the portfolio, as mentioned I increased the position in GLD, added some more GIS, and bought 3 more April 2010 IBM 125 calls. These were the same calls I made the quick profit on on the 28th of Dec. IBM was down today and it looked like a good buy opportunity even though I am paying a time value premium and I am 4 dollars out of the money. I think its a good gamble and it is speculative.