BAGAKOAA JANUARY 20, 2010 RED, BLUE, AND BROWN
JANUARY 20, 2010 RED, BLUE, AND BROWN
I got EBAY wrong, I got housing starts wrong, and I got the election in Mass wrong. No I thought Brown would win, I just thought the election results would be a boon to the market. Just like the republicans lost their ground in 06 and 07 by being aloof and arrogant, DEMs lost a stronghold in MASS. (Sorry I will try not being political here, but it must suck to be Harry Reid) But the market did not play out like I had imagined.
Sometimes I feel like a fluffy monkey day trader, oh yeah in a casino.
BAC report slightly lower and had little apparent impact on the market. I think (and that can be dangerous as proven in many of my posts), that the negative inertia was set last night (Yes I was watching late night Bloomberg), when China started saying they want to slow things down a bit by tightening credit. By 6:30 AM PST that had been translated into “China is going to raise rates, Chinese steel purchases will slow, and the sky is falling.” All of the helped the dollar early in the day which tanked energy and commodity stocks, then the general alarm was sent out that the recovery is questionable and techs started to slide and the sky is falling. As part of the commodity drop, Gold lost some of its luster today. GLD came down to 108 a share.
So what’s a fluffy monkey day trader to do? Well I followed Cramer’s lead. He was out early buying bunch’s of BAC. I don’t like the stock but have some preferred. The portfolio picked up more RIG, CVX, IBM, and GLD. If I had a little read button I would press buy buy buy!
Let’s see what tomorrow will bring. To quote Larry Gatlin, “I’ve done enough dying today!”