I love feeling like a genius. Almost any stock I buy, I can create a win.
After the market took the leadership stocks straight up in the first 4-5 days of this rally, I went on the lookout for some names that had been left behind. One was Gafisa (GFA) so I restarted a position in the Brazilian homebuilder as it was just beginning to breakout. To repeat in retrospect, I should have just piled into the same 20-25 leadership stocks that apparently every other human on Earth wants to be in the past 2 weeks. Sometimes you outsmart yourself.
It's been slow and steady going until finally the past 3 days the stock has caught the bug.... it's up 7% from entry so I am going to take a quarter off the table. Normally, I'd take more off with the extended nature of this market but I am still hoping for a gap up euphoria type of blow off top that takes the market over 1130 and causes every last holdout to go long the market. So I can sell more into that if and when. The stock is approaching the early August highs; should hit them tomorrow on the premarket mark up ;)
I've heard today that once S&P 1130 breaks we're going straight to 1150 from at least 4-5 different sources. Is the market going to do exactly what everyone expects? We'll soon find out. I do feel like Tom Hanks on that deserted island, talking to my volleyball... "look at me, I'm the only one on Earth betting against the market!"
Long Gafisa in fund; no personal position
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows