Looking for a Green Close-Minyanville

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Looking for a Green Close

Jeff Macke Jun 26, 2009 3:10 pm


		Adventures in Boeing, RIMM, and more.

You want the tell of the day? If this market loses as much as two-thirds of yesterday’s gains, stuffing your depreciating dollars under the mattress is the best long I can think of. For those comfy in the deep end of the trading pool, use foreign currencies instead of your mattress.
We sprung back over the 900 level in the S&P (SPX in ETF form). A close under for 908 for the week is your over/under for danger. Anything below 895 is the ghost in the horror movie snarling “Get... out."
You ever notice that the shapely teens in horror movies never take the advice of the disembodied voice? Invariably, those who stay end up suffering horrible deaths. The guess here that those people (not that actors) feel better than I do about Palm. I took an unplanned emergency leave halfway through this column and now Palm is 170% above its May 10 level. Anyone know where Socrates scored that hemlock?
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Living in the now, I bought some Research In Motion (RIMM) despite its Canadian-ness. The company has a great product, it's down 17% in 2 weeks, and it seems to find buyers every time it goes under $70 (something like $20 in Loonies).

On June 22, Research in Motion closed at $68.11 after trading as low as $67.75. Today, the company was $68.70 early and found fairly aggressive buyers. That allows me to have a spectacular stop (anything below 67.75).

I bought the stock just under $70 after seeing the bounce. No promises on the trade, and I’m not even recommending it -- just throwing an idea out there as a starting point for you all to research for yourselves. All I can promise is that I’ll tell you when I sell -- after the fact, of course, since feeding my family is the top priority. That’s as nice as it gets on the Street of Tears, folks.
Finally, I know it’s Friday and fairly quiet, but it’s hard not to respect today’s action. It’s a long way off, but a green close today would be impressive, no matter what you think “should” happen.

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