Monday, November 27, 2006

Market Dump and Black Friday

Here's today's pop quiz.

Q: When can I be pleased watching the Long-Term Portfolio lose nearly 1%?

A: When the major averages are down quite a bit more.

So, we took a beating today... a continuation of last week's sell-off. We see the Nasdaq fall 2.2%, and both the S&P and Dow down about 1.3%. The dollar is weakening, oil prices are being pushed higher after an attack of an oil facility, and Black Friday sales didn't bring all that much cheer.

What saved the port somewhat today is the (AMZN) short position and also the favorable Supreme Court ruling in the Price case (better known as the 'lights' case) for Altria (MO). While the ruling didn't push MO up today, it definitely played a role in keeping it at an even keel on a strong down day.

Enough of the market talk... so, I went to Circuit City at 5am on Black Friday. I wasn't there for any of the big ticket items, so there wasn't any need for me to stand out in the cold. I picked up a few XBox360 games for $18, some DVDs for $3-4, and also a couple of DVD Box Sets for $13.

I got Season One sets for House and Monk. Both are great shows that I only get to catch once in a while. Anyway, QB and I spent a ton of hours this weekend watching House. I think we have another 8 episodes to finish off the season. If you've never seen it, check it out.

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