Beautiful start to the day, I think I have 3 stocks in the green; however, I am a bull, always looking for the Larry Kudlow "mustard seeds". As for the market, the retail sales data wasn't too bad; however, the jobless claims wasn't great. As for my view, I am bullish short-term; however, bearish long term. I feel we can rally another 5-8% on the S&P but I think it can print 650, maybe 600 but frankly, I am not that bearish. I was short commerical real estate in January and covered all 3 weeks ago. I was short VNO, KIM, MAC, FRT, and long SRS; and will get back into some more of that, when the timing is right. The fundamental story hasn't changed for commerical real estate but when shorting stocks, timing is key.
As for my trades today, I bought some TTWO (bought another 250 @ $2.53). There are some bearish views on this stock but under $10 I like it and will buy, especially as it approaches its 50 Day Moving Average.
X is painful and frankly this stock should be banned for trading. This stock was at $216 last year and now its at $17! I mean analysts wrote reports on this stock last summer saying X was going to have $28 worth of earnings and put $265 price targets on this bad boy! What the hell were they thinking? Did they not see this recession coming? I guess not, its at $17!!! Its selling below 1x earnings...even if they make $6 EPS this year, its selling at 3x earnings.
PCR remains my biggest position and I still like it.
Good trading and be back later....
Top picks: TTWO (you heard it here first last night)
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I bought 1,000 TTWO. You are on fire!
ReplyDeleteBarry
RF,
ReplyDeleteExcellent call, is this a day trade?
Barry -
ReplyDeleteCool, just remember the key is "scaling" in.
CJ -
Thanks. It can be a day trade, if that is your style, being up 7%; however, I want to build into this name and hold for either days, weeks, or months. I'm a swing guy, day trading aint my style.
RF
I really like TTWO as well. I have been following TTWO for years and now around $7, the stock could be a takeover target again, for ERTS or ATVI. TTWO has some new games coming out this fall, which should boost the bottom line.
ReplyDeleteNice!