I’m embarrassed to say that I own Citigroup, I picked some up about a week ago at 1.80 as a spec buy. I look at it as call option that never expires, however it could very well expire to zero. I’m curious to know if anybody else owns it?
(C) current market price: $1.25
Comments »I have no desire to get long right here. I think Chart Addict sums it up pretty well, we have not yet reached a capitulation point, longs beware.
Last night, Fly gave a great shopping list of stocks to buy for when we do hit that point. The list can be found here. For now, I will use words from Danny’s soon to be famous NL, be patient and let the setups come to you.
Top pick: Cash
Note: AZO continues to preform well
Upcoming earnings, Wednesday:
Going through a few charts tonight, I am amazed to see the amount of selling pressure throughout equities. It is also worth noting that The PPT Market Overview score is near 2, which is typically a great place to get long.
I am hoping for some premarket blood tomorrow morning, which in my opinion, would lead to some extreme buying opportunities for a short term move higher.
Here is a pretty interesting Fibonacci fan, courtesy of our beloved Tim Knight. Also, take a look at the VIX, it’s in BTFO territory.
Remain cautious and keep your position sizes small. However, If we do see blood early on, it might be worth it to take on a few long positions, in size.
Comments »If you know anything about coming back from a vacation, then you would know work the next day can keep you pretty busy. I have yet to anything pertaining to the market, but I am close to making a few small buys.
In my opinion, we need one big washout, like a huge gap down tomorrow morning to really get me to the long side. I’m also too scared to short stocks here, as the market is technically oversold.
For now, I will sit here and watch the market bleed a slow death, happily knowing the majority of my money is in cash. I will also use the time unspent in the market to put together a few tutorial videos on how tho use The PPT.
developing…
For now, it’s back to work. Hopefully we get a wash out tomorrow morning. See you guys tonight.
Comments »It been a long and adventurous week for The Cajun.
It all started last Saturday in New Orleans.
I took the wife to a world famous New Orleans parade called Endymion. It was her first time in New Orleans during Mardi Gras, and it was filled with Funnel cakes, egregious amounts of beads, and a Kid Rock concert. The night ended in the French Quarter as she got to see just how many people gather around New Orleans for the festivals– and yes, New Orleans is back!
The next day I headed out to Minnesota for a week of business. I will spare you the details, as I already outlined them in one of The PPT Forums.
This trip was filled with a lot of 1st’s for The Cajun. If you can believe it, this was actually the first time I have ever been on an airplane– that right there was an experience in itself. I also got to experience what cold weather feels like, as it was my first time up north in February.
As my plane arrived in the Twin Cities late last Sunday night, The Cajun stepped out to experience the coldest wind known to a southern boy. The wind chill was negative 20, and breathing became uncomfortable. However, I throughly enjoyed it. It was pleasant to see snow for a change.
In a nutshell, the week was filled with meetings during the day, and 2.5 inch ribeyes by night.
After my last meeting Friday afternoon, I made my way out to the city. My first stop would be The Mall of America. I wanted to see how the Mall, of so called America, was doing in a recession. This place had four stories of shopping, which would have looked like heaven for my wife, a theme park, a Best Buy, and a Hooters in it. Their were plenty of people shopping, and you would never know our economy is in distress.
After I left the female version of heaven, I made my way to the local (BWLD) Buffalo Wild Wings to catch a few wings with iBC’s Tech guy. Jeremy and his buddy Nick made it down to show this Cajun what downtown Minneapolis is all about.
After a night that would resemble one of Chuck Bennet, I made my flight back to New Orleans.
The wife picked me up from the airport and we headed out for a few drinks on the town. After all the fun was over, we made our way back to Lafayette, were I am now enjoying the awesomeness of The PPT.
I’ll leave you tonight with a snap shot of the most widely watched stocks as well as the Top Ten stocks, all of which will show up on your dashboard each day you log in.
Monday:
Tuesday:
Wednesday:
Thursday:
Friday:
Note: Links will bring you directly to PPT score.
