Hey, there’s a tech party and someone forgot to invite me. Although the banks are sucking wind (again), many of the old momentum names are ripping higher, which happens to be very bullish for the market.
Right now, [[RIMM]], [[CRM]], [[AAPL]], [[ERTS]], [[MON]], [[FCX]], [[MELI]], [[BIDU]], [[CLF]], [[HAYN]], [[CENX]], [[AG]] and [[FWLT]], just to name a few, are killing bears—all day.
If you’re short the market, the only thing that’s working is “fuck the banks,” “fuck China” and “fuck commercial real estate,” via [[SKF]], [[FXP]] and [[SRS]].
With my money, I will wait for a better opportunity to buy more [[SMN]], being that I’ve been exactly wrong on recent buy points. And, I will look to buy into select natural gas stocks, like [[CHK]], [[SWN]], [[NGS]], [[UPL]], [[TXCO]], or mortgage companies that invest in GSE agency bonds, like [[CMO]], [[NLY]] or [[ANH]].
However, it’s worth noting, the market still blows and will likely retest the lows of the year, sometime very soon.
Write that down, snitches.
UPDATE: SKF gets you short [[AIG]]. As you know, they’re entirely fucked. And, the Dow Jones Industrial Average just sandbagged themselves, via kicking out [[HON]] and [[MO]], while adding [[BAC]] and [[CVX]]. I guess someone at Dow is against diversity.If you enjoy the content at iBankCoin, please follow us on Twitter