Sell In Front Of the Fed?
We've got more news than usual and a funky fresh GDP number thrown into the Fed mix...
Greetings from rainy New York, where, as is generally the case on Fed Days, I'm wrestling with the desire to go out and play 18 holes ahead of what is traditionally "ungameable" and a wildly over-covered news event.
Then again, we've got more news than usual and a funky fresh GDP number thrown into the mix, making this more compelling than normal. Let's run some thoughts up the flag pole and see who salutes:
- 0.6% GDP? Folks, that's close enough for "gub'ment" data, from where I'm sitting. We're in a recession; let the healing begin and the already crazed stimulus continue.
- My cousin called last night to ask me if I was emotionally okay after Yahoo (YHOO). "You seemed... um... pretty worked up on Fast Money there, cuz," he gently offered. I haven't watched the tapes (I'm a House guy) but "worked up" sounds fair. Let's just say I'm not a huge fan of the Yang return thus far.
- On the other hoof, I am becoming more of a fan of Eddie Lampert and his Sears Holdings (SHLD).
- People continue to send me links and questions about my Daily Show appearance (of sorts) last week, reviewed here at the MotleyFool.com. Frankly, I was just sort of happy to find myself represented. The fact that I was bashed for spouting gibberish is simply part of the game.
- A final thought regarding TV, the Fed and the field position of the tape. I think I may have overstated my bearishness in suggesting that it's time to sell ahead of the Fed. Which is to say I remain much more constructive on the markets and I think the path of least resistance is higher. My point was simply this: we've had a greater than 10% run since the MLK Day sell-off. If you loaded the boat, prudence dictates trimming some of those winners now. I'm not inclined to short it here, I'm just stepping away from a situation that seems much more edgeless than the panic in the streets last Tuesday morning.
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