basehitz

Starting to Position for Correction

"Happydaze" brought up BBBY. From Barron's:

"Leonard Feinstein, a co-chairman and co-founder, sold 1.1 million shares through family trusts and a charitable foundation, banking $34 million, or about $30.90 per share. Warren Eisenberg, the other chairman and co-founder sold 1.05 million shares for $32 million, also at about $30.90 per share. Neither had sold stock in more than two years. Each owns about 2% of the company's shares"

These guys sold $64 million in stock, about 1/3 of their combined position. Boo Yah!

If you have a subscription:
online.barrons.com/art...;mod=yahoobarrons

Starting to Position for Correction

I don't believe the rally is justified either. As another poster noted, volume is not encouraging. Unfortunately, I sold too soon. But I won't short yet. Seems every couple days, someone gooses the market again. Whether it be yet another govt bailout, analyst upgrade, financial firm upside surprise, whatever. It seems an orchestrated attempt to jawbone the rally higher. Therefore the delay is shorting.

On another of your posts Mark you noted the 10 years wated by longterm investors that bought the permabull mantra of those types. Fortunately, that was not my sad tale. Nevertheless, I was infuriated yesterday when Power Lunch (aka cheerleading central) was reminding viewers that they were saying all along you need to stay in the market or miss the first part of the rally. They (conveniently) failed to mention they were cheerleading all the way down from 1500 and now those who followed this advise are now 40% underwater even after this impressive rally. I almost can't watch CNBC without getting pissed off anymore.