Boeing Runs Out of Altitude, Ideas

Greetings from New York, where I’ve got the day off from television. I’m pacing myself, but if you flip your cable through the NBC family in a timely manner tomorrow, there’s a chance you can create a 24/7 Macke Experience. That’s more of a warning than a goal.

Here’s what I’m doing while not making awkward attempts at self-deprecation:
 

• Morgan Stanley (MS), which I don’t own after watching it smash its head on the mid-20s repeatedly, just turned in numbers explaining why the stock couldn’t seem to break out. As my man Guy Adami likes to say, “People lie; stocks don’t." The tough part, of course, is understanding what the stocks are saying. At the moment, Morgan Stanley is saying “Lower."
  
  
• Apple (AAPL) reports tonight, and I’m well into playing Hamlet with the shares on which I've yet to take profits. While I don’t play the trombone, I’m a huge fan of many of the apps being released at the iStore.
  
  If AT&T's (T) devices were capable of making and maintaining a phone call, I'd be an unabashed fan of the iPhone and Apple products as a whole (one of which I’m typing on this moment). As a disgruntled would-be phone caller, AT&T managing to control expenses enough to beat by a nickel despite missing on revenues leaves me ice-cold.
  
  
• Those doubting the mysterious power of the chapter of the Trading Book explaining how the best earnings come early in the season, should take a peep at Boeing (BA), Freeport McMoRan (FCX) and WellPoint (WLP). Boeing is your Tell of the Day for those looking for an answer as to whether or not widely expected horrific numbers are “in” the weaker stocks.
  
  
• Judging by my "you can never be too small in bad stocks" New York Times (NYT) play -- which I think I put on and puked up before I could even discuss it (you’re welcome) -- Boeing’s entirely non-shocking miss will crush the stock. Either way, I want no part of it. As they say in aviation, Boeing is running out of altitude and ideas; not to mention execution and customers.
  
  
• Given the run we’ve had and the names I’m long, a sell-off makes so much sense that I wonder why I’m long anything. The answer is yesterday’s rally, which, while not in itself inspiring, suggested the short side remains a no-play zone. Put it this way: If you’re short Caterpillar (CAT) still, and the company is up 5 straight points after guiding down by 50% yesterday, what type of catalyst are you waiting for to drive shares lower? Cash is generally declining in value and shares refuse to break. The combination leads to a very stressful shrug being my posture of choice.
  
  
• In the interest of sharing, noting Caterpillar's follow-through and playing that which is working while chucking that which is not, I’ve dumped half my Wal-Mart (WMT) and opened a position in Coach (COH), which I’m playing for pennies with tight stops as the stock opens lower. I’d like to play fundamentals rather than momentum, if given my druthers, but my druthers and making a profit only align on occasion.
   

With that, I’m off to get my mind and body right with some Pilates. If you’re looking for more Macke (and not even Mrs. Jeffmacke is, but hey, who am I to question the preferences of others), you can check out my radio chat with Dr. J Najarian this morning here. Radio is fun and a good hedge, given the beating I keep giving my own face.