Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Whipsaw Wednesday – Dip Buying Or Just Dips Buying?

|Includes:Caterpillar Inc. (CAT), CMG, DIA, DXD, GMCR, IBM, MA, MCD, MMM, MO, MON, MOS, OIH, PCLN, QQQ, SCO, SPY, SQQQ, TM, USO, UTX, V, VXX, WYNN, XOM, XRT

SPY DAILYWas that it?

On February 24th I wrote "TGIF - Sell in March and Go Away?" and I laid out my case for why I thought we were going to fall off the table in March and we have, indeed, fallen right off the table right on schedule since then. I said that Friday, that the post was intended as a bookend to mySeptember 30th bottom call as I felt that we had captured all of the upside we were likely to see off the "good news" that Greece was "fixed" and the economy was "improving."

I'm not going to say anything bad about the economy here, I'll let Michael Snyder do that with his "15 Potentially MASSIVE Threats to the US Economy over the next 12 Months" - I think he pretty much covers it! 8 trading days ago (2/24), we had two short trade ideas in our Morning Alert to Members, they were:

  • SQQQ April $13/17 bull call spread at .70, still .70 (even)
  • DXD April $13/15 bull call spread at net .55, now .70 - up 27%

SPY WEEKLY In Member Chat that day, Exec asked if I was getting bearish andmy response was:

Bearish/Exec - Are you kidding, this is me painting a sunny picture! Give me a few drinks and I'll tell you how off the rails the Global Economy is right now… Do you know how much Kool Aid I have to consume not to scream short on every single stock I see. CAT $116, CMG $386, DIA $130, GMCR we already did at $70, IBM $200, KO $70, MA $415, MCD $100, MMM $88, MO $30, MON $80, MOS $59, OIH $45, PCLN $593 (did them too), QQQ $64, SPY $137, TM $85, USO $41.50 (got 'em), UTX $84, V $117, WYNN $119, XOM $87, XRT $59 (got 'em) - and that's just off my watch list of stock I like to buy when they're cheap! We are not just priced for perfection, we are priced for perfection plus a return to full employment a forgiveness of all debts without write-downs and inflation without rising interest - we are priced for Nirvana!

It's a big list but, of course, they are pretty much all winners now, with PCLN the notable exception (so far). Later that day, during Member Chat, we
continue reading

Posted in Immediately available to public || Join Member's Chat - 5 Comments Here »

Tags: CAT, CMG, DIA, DXD, GMCR, IBM, MA, MCD, MMM, MO, MON, MOS, OIH, PCLN, QQQ, SCO,SPY, SQQQ, TM, USO, UTX, V, VXX, WYNN, XOM, XRT

Email This Post Email This Post Facebook Twitter LinkedIn del.icio.us Digg
Stocks: CAT, CMG, DIA, DXD, GMCR, IBM, MA, MCD, MMM, MO, MON, MOS, OIH, PCLN, QQQ, SCO, SPY, SQQQ, TM, USO, UTX, V, VXX, WYNN, XOM, XRT