BAGAKOAA; April 6, 2010 That was an “E” ride.
April 6, 2010 That was an “E” ride.
OK you can ignore the portfolio shot I posted this morning. Most of the names on the bottom part of the list stopped out on me. Stopped out of ARMH, BA, AAPL, yes Apple, INTC, GD, IBM, CVX, and TEVA. With the worst behind me for the day, I re-established a few positions in the last minutes of closing. Back into AAPL at 247 and change, back into INTC at 21.66, back in to IBM at 124.77, got back in CVX at 77.90 (nice grab at 74.56 Doyle), and back in BA at 68.32.
There are a few of you too young to know what an “E” ride is. Years ago when Butch (a friend or was till I wrote this-not to worry as he doen't read this blog) was the only living person on Earth, Disneyland used to have different tickets for different rides and you would buy admission and get a packet of tickets with about 20 A tickets and 15 B tickets, and 10 C tickets and 10 D tickets and 4 E tickets. E’s were the best ride and that was what you called them. "I am going on the 'E' rides." Today the market took us on an E ride. So what happen?
At about 2:45 EST the market was down 1007 points. As you know it finished 350 points down. Ironically I was on the phone with my buddy Butch while he was nostalgically talking about a market crash during his long illustrious life and the market being down 800+ points at the very moment the market was truly down 843 points, but I did not want to stroke him out by telling him. I let his lovely wife tell him later. He is fine, he has a slight twitch in his eye and a small speech impediment, but he should recover, better Debbie than I to tell him. LOL Did I just put LOL in this professional blog?
So what happen. Well a lot happened. There was an order entered that was a few decimal points off. Millions, Billions what's a few zeros between friends. Despite that it was the match that lit the oil fire, the oil was already on the ground (250 points down before the entry error), because we had more bloody rioting in Greece and the Greece parliament added to raucous by passing a bill to eliminate wasteful programs and get rid of bureaucracy and other social programs designed to pay people to do nothing. Perhaps we should consider passing an amendment to the constitution and allowing foreign national to run for office here and elect a few of the Greek gods. But I digress. So that was some of the oil on the ground. Big buck guys did not like the fact the European Central Bank didn’t tighten credit or buy some assets, the retail sales coming out were a bit soft as well as earnings from some retailers were not all they were supposed to be, some squiggly news out of China about property values, a few sizable IPOs in China were pulled off the drawing board, and of course the oil slick that will now cover the world, kill the oceans, and prevent us from having meaningful sexual relations with our partners (Ben, not to worry it is a rumor). So all of that brought the Dow down to its resting point of 10,520 or for those of you in the smart section of the class, 1128 (S & P 500).
So let’s take a cleansing breath, see what the job report brings to us and have a nice glass of wine. Well after today, for some of you it will be a cheap ass glass of wine, but enjoy.