Good evening ,
We had a pretty good day in the market. The QQQQ is doing it's best to work off some overbought conditions and each time the market tries to really push ...it gets hit with some fundamental bad news. This is very normal of this period in the market cycle. Traders don't know if good news is bad news or vice versa...the fact is ..I think this market is very similar as I have said before to the mid nineties. The biggest tell for me was Bernanke's speech earlier when he said in so many words that this expansion can go on...it is similar to speeches Greenspan made and makes me think that this lull in earnings will not be as bad as the 3.% expected and some nice earnings surprises should come.
We have been overweighted TECH because we think it will outperform and outearn and is undervalued. We will see soon if I am correct.
Late in the day we put NDAQ back in the portfolio !!!! It has been a trading vehicle for us on the up and downside but now I do believe it is on the runway ...we also added NYX as arbs are about done with this one and it also is taking off.
We will get avg. prices on those by tomorrows close and we have
INTC we got at around $19.04
CNQ we got at about $53.58
BLUD we picked up at $29.51 has earnings Wed. p.m. and is the riskiest stock I have had in our portfolio ..but my theory was we would be rallying pretty good by now and the Momo players would jump all over it ...we will find out !!!!
EMC....our calls did fantastic !!!! We finally blew through the 14.00 mark that had been holding him back forever !!!! Saw EMC at 14.20 I think and is a good run from 11 where we got it the second time around !!!
GLW is struggling a bit as economic concerns is weighing it down...big screens don't sell in a recession but ...as you know I believe the economy has already discounted the lull and we go up from here.
NSM can't get out of it's own way even after a decent day for semi's but I still like it !!!
TSM July 10 OK INTC JUNE 19 OK GS May 205 OK QQQQ JUNE 43 44 May 43 OK
All of our specs are doing good outside our model portfolio ...One member got in on GLBL and had quite a day !!! He will be helping with charting and is a huge asset to the TTT HEDGE FUND !!!
DIA puts are being held to keep us at about 180% invested.
We will update before the bell and also congrats to TRB holders and get your $4.00 out of those APR 30.00's OK !!!
Tom
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