It wasn’t pleasant in the market yesterday.
And it apparently won’t be pleasant today. Wal-Mart and Cisco have reported disappointing results. Cisco, I understand. But Wal-Mart? Maybe the rich, who are doing well, don’t shop at Wal-Mart?
The only interesting “news” is that George Soros’s biggest holding may be a huge bearish put on the S&P 500. MarketWatch (which is part of the Wall Street Journal) wrote a piece today that’s worth reading. Click here.
It has no information on his timing or cost.
Will I buy puts on the S&P? If I had been intelligent, I would have bought them earlier this week. Are they likely to make sense now? I’m mulling. I don’t see the world falling apart as it did in 2008. In fact, most economic indicators are pretty positive. Even Europe has turned a small corner.
Harry Newton who stayed in the country this week to enjoy the weather and catch up on stuff. I suspect a lot of people have been doing exactly that. Which accounts for recent desultory stockmarket performance. It’s OK to enjoy the nice blue-sky weather which I can see — over the top of my three 22″ inch screens.
My sundry tennis coaches have been telling me to whack my backhand harder. I’m happy to say, it’s working. It’s clearly all in the brain. If you think you can, you can.
Europe and high yield bonds are what it’s at. There’s big money to be made after the mild correction runs its course. I’m already salivating at the prospect of buying more Bank of america after a pullback.