Let's face it... I didn't even have time to take off my jacket in today's episode of Sell's Kitchen. Someone mysteriously took off my glasses, unbuttoned my price levels, and pushed me gently into the wave - or The Twist, rather. And that someone, unfortunately, was me. Here I am in Hong Kong, thinking I'd have some fun along with my business development, sleeping through most of the trading day since my 9 am is Wall Street's 9 pm, but instead, the profits I was hoping to make ended up in someone else's portfolio in a big time Machiavellian world class way. Seriously.
I need to do something... but what? At the very least, I know that when Fisher, Kocherlakota, and Plosser ever speak, I should watch out.
I've only got one option in my arsenal, and that is to average in to the strongest stocks at the moment of greatest pain. That is one thing I didn't do right when Lehman hit, which in hindsight, I should have done.
If I theoretically cut all my recent losing positions right now, I would reverse most of my recent gains and be left with some pennies... should I do it tomorrow?
No, I'm not going to do it just yet. Something significant has changed today - and that is, volume ticked up by a whole lot on most of the stocks I've been watching. It may appear in the form of selling pressure, but if anything was missing over the past few weeks I've been stuck in this Dante's Inferno Paolo & Francesca type of position, it was volume. And now it's back - for better, or for worse!
JPM was sold down to $30.34 (-5.92%) today and if it breaks below $30 to the $20's, I'm going to view it as the bears illogically taking it to the extreme. I think around $24.99 on JPM is going to be my signal to act - and I've literally got one bullet left...
-8.07% SBA
-4.09% Roth IRA
-6.72% CENX
-14.57% JRCC
-7.54% BAC
-2.49% DJIA
-2.01% Nasdaq
-2.94% S&P
If I were dead, I would be rolling over in my grave... Wait, I might already be dead? How are my vitals, Doctor? Come closer and have a look...
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