Market Wrapup

It's hard to recover after a terrible jobs ADP report. However, the real unemployment report comes Friday, which will not be good in my view. As for the market, I am bullish still; however, have more of a nervous feeling. I am standing by my S&P call; however, if I feel a bit weary, I will sell my calls and shares. Note that I specifically chose the SSO, the specific strike, and specific month because if we don't achieve that price objective, we will at come out big. I'm up 95% of the calls since my purchase, so I have a safety net on the 10 contracts. I am keeping a big cash position - roughly 25% because there is no need to risk my year. In addition, I believe there is no need to rush and buy things. I sold my small cap technical plays today and moved it into small caps that have some instrinsic value (at least in my view) - FNSR and HIMX.

A report came out today that shows that bearish sentiment is very low and is equivalent to January 2008. That is very worrying because that is when short sellers can step in and destroy a market. However, like I said I am not sacred of this market but little nervous.

As for today, the only positive stocks I had was THQI and BEE. The uplifting news on THQI came from the CEO on their outlook for 2010 (below is the link of the interview). Also, I see where goldman raised YHOO's Price Target from $14 to $17. I also noticed it raised it's target to AMZN to $102. I like PCLN also (mentioned before) and raised that to $130 I believe. I will post a link to that.

As for my purchases, I took a stake in HIMX today. This is a Tawian semiconductor that is specialized in LCDs. I will post report later. I also bought WFC because I still like banks and believe the worst is over but they are not totally out of the woods. I like WFC, JPM, and for a spec BAC. The regionals are a bit speculative, due to their exposure to construction loans and commercial real estate; however, I like STI and USB.

I'm off the to the gym, lata.