10:39am (originally posted on Kudrna's Stock Market Blog)
Terrible action today. The bounce we had was a very poor effort and I'm glad I was able to sell of some Sirius XM (NASDAQ:SIRI) and Apple (NASDAQ:AAPL) shares for a profit this morning. As predicted, AAPL is starting to trade to the lower 190's and with this action, I may even have to wait until the upper 180's before I feel comfortable accumulating. Nasdaq, even with good tech earnings, is acting atrocious. I'm much more comfortable sitting in cash and not trying to be a hero or Nostradamus predicting upside right now. Oil is looking better and Gold is being beat up. I'm looking to start accumulating SPDR Gold Trust (NYSEARCA:GLD) soon but am waiting on some momentum to the upside before I jump in. I'm also looking to add to my Marathon Oil Corp (NYSE:MRO) but since I don't trust the oil bounce either, I'm going to wait a bit. Again, I'm going to play under the radar smaller cap stocks in the meantime. You can read my previous posts to get the update on why I'm playing the smaller caps and which ones I'm looking at.
Good luck out there.
Disclosure: Long MRO and SIRI