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Monday, February 6, 2023

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Ignore that big giant number on CNBC!

The silly DOW (see 11/22 article) is holding back the market again.

JPM – down 1% on a normal sell-off
GM – Titanic continues to take on water
C – also profit taking
DD – “”
PFE – Another shipwreck
KO – normal pullback
PG – “”
BA – pulling back from 10% run
AXP – “”
AIG – “”
AA – “” 25% run
HD – “”
DIS – big problems there

The other 17 stocks of the index are up or flat. So we have a normal pullback on 10 stocks with just 3 real losers (PFE, GM and DIS). Yet millions of people stare at this figure like it is the be all and end all of market indicators! The Nasdaq is up 5, the Russel is up 4 and the S&P is down 2 so, on the whole, the market is holding strong to the major gains it has made.

I’m not jumping into new positions but I’m not ready to sell off too much either today. Even Ebay is kind of up…

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Rimm is halted and possible heading for a catastrophe when it opens (I hope so because I have a lot of puts). It seems that NTP will not be settling for $450M, an amount RIMM could have come up with. If your Blackberry suddenly stops working, short these guys fast!

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