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The Tape Changes Its Tune?


But still not ready to give up on Wal-Mart, GE.


Hello from New York, where I just got back from Superfly's first Parent-Teacher Conference. It actually hadn't occurred to me before, but, after the meeting, I'm utterly convinced the kid is mine ("very verbal but not very enthusiastic about playing in large groups").

Want a sign of the changed tone of the tape? On the way to the conference I realized I'd tacked an extra zero on an order to get long some Wal-Mart (WMT) at the open. Two weeks ago, such a realization would have caused me to instinctively pull a parking brake U-turn. In this tape? "It's all good, I'll sell it when I get home."

Good meeting, good trade, good day. Here's what else I'm watching:

  • "More relaxed" isn't the same as "lobotomized." Just because I like the way we've held support -- not to mention today's action overall -- doesn't mean I think "Buy and Hold" has been resurrected. I'm out of Morgan Stanley (MS) and Goldman Sachs (GS) entirely, small in General Electric (GE) and teenie-weenie everywhere else.

  • Why stay long any GE? Because there's no "I" in "TEAM," and I'll be hosting the 8 p.m. CNBC hour with the lovely Donny Deutsch and Melissa Francis. We alone are worth GE's market cap.

With that brevity, I'm off to the train. Make it a profitable day, Minyans!

In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positve change in the lives of children.

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Position in GE, WMT

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