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Hard Times Ahead for Microsoft, Toyota, Citigroup


How to squander sector dominance.


Greetings from New York, where my call is extremely important to the folks who've had me on hold all morning. Being a cynic, the first dozen times they expressed their heartfelt gratitude for my willingness to hold, I took it with a grain of salt. "Oh, sure," I thought, during the brief pauses in between high-decibel obscenities, "Wouldn't they actually answer valued phone calls from important customers such as myself?"

But, just as the Chinese once wore down captives with single drops of water, I gradually began to believe this company thought of me as highly as I think of my dogs, my kids and Mrs. Jeffmacke combined.

They didn't simply appreciate my business. No - they considered my calling out to them very important. The way the end of serfdom was important to the development of Europe. The way the decline of the plague was important to the beginning of the Renaissance. My call was very important to the folks who were going to walk me through the process of getting email on my iPhone and, dang it, the least I could do for people who think so highly of me is to wait patiently for a human being with whom I could talk (and, by so doing, no doubt make their day).

It is only through my superhuman humility that I deign to share with you what I've been doing when not being elevated to the level of Global Force by the recorded voice ringing in my ear for 3 hours this morning. My only caveat: is that this in no way makes us "equals". You are you and I'm sure are appreciated, indeed loved, by any number of people. I, in stark contrast, am very important:

  • I decided the price action of Citigroup (C) was worth a trade, if not an investment, and acted accordingly for a few hours this morning. After playing Ike and Tina with the one-time banking superpower for the last couple days, I've decided to declare victory on half (just to pay for the Post on my ride to NYC). I'm letting the rest ride, captain.

  • The Ultra Short ETF (SDS) and I have been through similar stormy weather over the course of the week as well - which seemed a waste of time for a person as important as I am. As a hedge on my Citigroup foray this morning, I added to the SDS position with a pair of slightly separated stops. One has been triggered, leaving me slightly long the SDS - but not even with enough conviction to risk staying that way for a train ride into the city.

  • My newfound self-esteem has me wishing all the best for Microsoft (MSFT), the most asinine company ever to become a monopoly and accumulate $30 billion in cash (okay... not all the best). Let's leave it at this: I don't miss them - and I rather doubt they miss me.

  • What did I miss? How about the trading top in Toyota (TM) earlier this week. Bulls make money. Bears make money. Very important bald guys getting cute looking to sell at $70 get slaughtered. I was on the wrong side of that old trading axiom: "Never let a trading gain turn into a loss." I've got just a bit more than an issue of the Post left in TM profits - and I'll be locking 'em in for a better day before I leave today. Without the yen on its side on a consistent basis, TM is going to have a tough time gathering much steam.

  • How was my week overall? It started with a day off and ended with 4 hours on hold. I've got 2 bright spots to carry me through the weekend. 1) I sold my Wal-Mart (WMT) 10% ago (no, not at the top... Which I'm happy to take as a knock if you happen to be the person who bought it at the bottom) 2) My call, and, by logical extension, I, Jeffmacke, are very, very important.
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Position in SDS

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