Stocks: The Week of Cut & Paste
Yesterday the Masters sold off their positions and are now sitting in 90% cash, we talked it up in Feels like a Correction is Coming. The only recommendation we made was the iPath S&P 500 VIX Short-Term Futures (VXX) which happens to be up 3% today. The only sure bet for the next few days is volatility.
Rather then risk our necks, we prefer cashing out. We would much rather buy back our favorite stocks 5 to 10% lower in the coming weeks. Even if we are wrong, we would rather watch from the sidelines and not pay over $500 for Apple (AAPL). Yes we are the Antichrist suggesting that Apple Goes Vertical this Week then CRASHES ( Feb 14th).
The events of the day are the following:
Feb. 15 (Bloomberg) -- The euro fell while global stocks and commodities trimmed gains amid concern European officials will delay Greece’s second bailout, tempering optimism that China will get more involved in the region’s rescue efforts.
The euro slipped for a fourth day against the dollar, losing 0.5 percent to $1.3066, and weakened against 15 of 16 major peers as of 11:15 a.m. in New York. The MSCI All-Country World Index added 0.4 percent, erasing yesterday’s 0.4 percent drop. The Standard & Poor’s 500 Index was little changed near the 1,351 level. The cost of insuring against default on European government bonds gained for a sixth day. The S&P GSCI Index rose 0.7 percent, paring an earlier 1.4 percent advance. Continue..
Masters soundtrack for Feb 15th:
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