- Yesterday's stock market action caused some folks to wonder if we were putting in some sort of top. Either in the short term or maybe something more dramatic. In addition, some also believe that the DOW leads in the last phase of a bull market. I don't think the bell was rung just yet. We'd have to scan the IBD rules for distribution days and follow-through days. We're not there quite yet. Also we're in the 401(k) dollar cost averaging season as money hits retirement plans and goes into the large funds and index trackers.
- I remain as I have been since early December, positioned with low beta holdings, cash, a little QID, and some mo-mo stocks. Granted, the latter has been performing poorly this week and I've trimmed some.
- The interesting thing is that my "earnings plays" for the CNBC stock gambling contest are working, but the ones in real life aren't so much. I should've bailed before earnings in the mo-mo names. Crazy to hold on. Lesson learned.
- Top 11% in the CNBC stock gambling contest! Moving higher. I was frustrated today because something was wrong with their website. I sold everything I bought yesterday but when I went to enter buy orders, nothing was working. Finaly near the end of the day I bought 3 stocks for earnings, MET, OII and TEVA. I wanted to buy more but ran out of time for today's afterhours and tomorrow's before the bell earnings. Drat.
