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Well, another el stinko day in bear-land! I've been getting a small handful of harassing emails about the continued upward movement of stocks (which always reminds me of the famed Australian Voicemail I got almost at the exact peak of the market a couple of years ago). Perhaps my detractors are hoping to get me rattled. Sorry, boys. It's not working. Go bother somebody else.
On a happier note, I just received The Mania Chronicles from Elliott Wave International, and I can't wait to read it. It has nearly 700 pages, and it's packed with the kinds of stuff we love discussing here on Slope – – particularly popular culture in the context of the financial markets from 1995 through 2008.
I'll let everyone know what I think when I'm done, but a quick thumb-through makes this looks like something I will have trouble putting down. They're offering it for 34% off, so if you want to get a copy, click here. I was kind of surprised it was only $79 for a very big book on such a niche subject.
I'm not going to do any more posts today. With the markets unable to dip, even on bad economic news like today's retail numbers, I feel like I'm pounding sand at this point, and I'd rather just let my individual positions work themselves out. I will say, however, that I am able to deal with drawdowns with barely a blip of emotions since:
I am dealing strictly with risk capital (there is a firewall between my trading and my "living";
My trades are based on logic, not emotion;
Profits delayed are not profits denied. I have come back from far worse than this! I have every expectation that 2009 will be a terrific year for me.
So I'm going to do some other things besides Slope for the rest of the day. Thanks, as always, for popping by (and a particular thank-you to regular commenters!) Good night.
I was watching UNG this morning, which had traveled all the way back down to a support level. It was a tempting long position, but after having seen UNG crack a prior, similar support level (shown below, tinted in blue), I decided not to do anything.
At first, I regretted this, because UNG moved nicely higher – – but those gains for the bulls vanished, and it has – once again, broken support (magenta tint).
I've avoided UNG for a while, since it can't seem to find its footing. I'm glad I likewise didn't touch it this morning, in spite of its brief bounce.
We haven't mentioned AutoZone – "the widow-maker" – here in a long time, even though I've got puts on it. Well, lo and behold, the stock has actually lost its mojo, and it's down about 15% from its high way back on April 30 (which seems like about 20 lifetimes ago). This has become a really slow mover, but at least it finally started heading south (even in the market we're in).
There's been a lot of excited chatter about legendary hedge fund manager Paulson buying up an enormous stake in B of A during Q2, making him one of their largest shareholders.
That's awesome for Paulson and his investors, because the average price of B of A in Q2 was about $9. It's currently about double that. So this has been a fantastic investment.
What's a little perplexing, though, is why people would consider an investment made last quarter, at much better prices, to be a clear "Buy" signal for this stock. As I look as this chart, it doesn't exactly look like a raging buy to me………..