Sold Expedia (EXPE) at 23.97. Established a short position in Broadcom (BRCM) at 52.65 in the Trading Portfolio.
Market sentiment is extremely bullish right now, and that is usually a sign that things will cool off. Remember that market sentiment is generally a contrarian indicator. The underlying logic is... when everyone is bullish, who else is left to buy? Likewise, when everyone is bearish, who has anything left to sell?
BRCM is one heck of a mover, so I will keep a close watch on it. If I need to I will cover for a minor loss quickly.
New on the Watch List: Suntech Power (STP) - A solar play for China.
5 comments:
You can call me a copycat but I unloaded the entire Expedia position as well @ $24.12 and shorted a chunk of BRCM @ $53.72. Pretty active day for me but just another day for you.
You win, I lose. My BRCM is not looking so hot. I wonder if this is how it is in San Quentin.
You’ll have to ask Tookie about that. Oh wait you can’t.
STP is a good stock to watch, but what about some of the other pure solar plays? The vote in California with the CPUC is in 2 days. Cramer only mentioned the major pure play stocks on Mad Money yesterday. If he could talk about the smaller stocks that he would. Look for XSNX to trade up along with other pure solar panel plays like DSTI, SPWR, and WWAT.
Ya, I actually first started watching STP from a mention in Red Herring. I will take a look at the stocks you mentioned.
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