Is the end near? Well, nearer than it was yesterday, I guess. But in the meantime I think buying opportunities abound. You don't need a neurosurgeon to rewire your synapses to know that buying low and selling high is the prudent thing to do. For starters, look at tech.
If you think the bear market has returned, you are missing the chance to buy on the dips. This is not to say that long-term structural problems won't remain, but does anyone seriously believe that the executive, congressional and monetary authorities of the United States will accept anything but reflation in the second half of 2009? It is the only standard by which they will be judged and they know it.
By hook or crook (no pun intended), employment, interest rates, confidence, the price of shaving cream, gasoline, a shoe shine, a shot and a beer, and stock prices, are poised to rise.
Yes, the news is bad, but shouldn't the investor see a sweet spot? Those who would object, and I admit they have a legitimate argument, should still hold their noses with their eyes wide open and buy. They can complain later as Ted Williams did when he swatted a home run and disdained the congratulations of his teammates with the remark that he shouldn't have swung because the pitch was outside the strike zone.
Gratuitous aside: I'm not a big NBA fan, but how can you not love the Knickerbockers' David Lee. Great player (what a game against New Orleans tonight!), winning personality, but apparently he's trade bait, according to those with deeper knowledge of basketball economics.
And OU did beat Texas -- in basketball tonight. Power forward Blake Griffin had a double-double as the sportswriters say.
Update on Kev's portfolio:
Ford (F) Sold at $2.15 on 12/24/08, gain of 46.5% booked from purchase at $1.15 on 11/20/08. Last price $2.64.
Advanced Micro Devices (AMD), bought at $2.19 on 12/15/08, up 15.07% at $2.52 on 1/12/09.
Palm Inc. (PALM), bought at $2.04 on 12/15/08, up 189.7% at $5.91 on 1/12/09.
Developers Diversified Realty (DDR), bought at $4.86 on 12/31/08, up 23.87% at $6.02 on 1/12/09.
PowerShares DB Crude Oil Double Long ETN (DXO), bought at $2.24 on 12/29/08, up 25.89% at $2.82 on 1/12/09.
BancFirst (BANF), bought at $50.41 on 1/08/09, down 14.3% at $43.20 on 1/12/09.
5 comments:
Shold I panic now?
Certainly looks like it. I appear to be a contrarian indicator!
Oh well, take the dogs this weekend -- Arizona and Baltimore will win outright.
Well I am in on ford, palm & advanced micro as of yesterday...if this ain't "blood in the streets" I don't know what is!
Oh by the way, what do you think of the article in the times today on the hording of oil on land and sea....just like the oil crises during the Carter years....guys I worked with said oil tankers sat in the lower NY habor for months at their "high water mark" while everybody sat in line at the pump....whats it all about alfi?
You should be doing all right, then. Palm has taken off again.
As for oil, I'm clueless except for supply/demand, which can only tip to higher prices this year.
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