Markets are going way lower. We could easily test 9200 and then possibly 8500 on the dow. Buy and hold has been transformed into buy and rot. If you have gains lock them in or at least shave shares. If your only down a few percentage, take your cash and live with the idea that your purchase of that stock was a "bad trade"...ie your short term catalyst for buying it was wrong. Stocks are going to get way cheaper soon and valuations will start to look weird. Don't fall for the valuation trap! I have been smashing this market all over the ups and downs...hitting head fakes out of the park.
Did anyone see Cramer last Friday? Great show. He was all over it, his tone, his demeanor, he knows this market is going to get cheaper and he had to say it, even though it was killing him inside, you could see the pain in his face, I must note I think Cramer is a babbling stock pumping idiot 75 percent of the time, the other 25 percent he is genius. He beat the market for a boat load of years and not by some small percent. He called the Asia/aus sell off at six on Friday, stating on Sunday night they would be selling big time, he called it a 12 hour lead on getting out of this horrible market. Of course the Chinese and Aussies were leaving in droves and we try to buck the trend in the am? We are succeeding, if thats what you call it. Europe is 90 percent red and I don't think they will finish in the green. Stocks are risky right now, all of them, risk appetite is gone and the smart people are leaving the table with some really nice gains in their hands and will live to fight another day. DYODD.
As for siri, .82 is possible, depending on how fast it gets through .86, I might nibble at .86. Still dead money but I don't play the power ball so why not buy some rub offs, lol.
As for BP, they might go to zero and they should. They ruined the Gulf, nuff said? It never helps to have the MM running your board room. Everyone talking about their dividend getting cut and it should get cut, wtf, wtfau talking about, w country are we in? If I was holding their shares and people start talking about yanking my dividend, I wait for the next dividend and nice pop if it comes and get out of the way. I love seeing their stock slide, it should. I also love seeing GS slide and it will right through 140 and the next support level is way down. Got to run tons of foreclosures to tend to, I knocked off 18 work orders yesterday in Charleston, Mt P, Johns, James, Folly, N chuck, and I had one smack dab in the middle of the hood. Thank god it was 98 degrees, not to many people outside when its that hot.
Be careful this is a very tricky moment.
FAZ, FXP have been rocking. GL.