Thursday, February 9, 2012
Time to chill out
Well i have put on some more long positions, but at these levels with current uncertainty, that is pushing the limit of sanity with just any stock. ORLY just reported earnings yesterday; another great quarter. With the exception of being a touch vague on comp store sales, all was great. As for QCOM, well, gosh i couldn't resist. I may pay for that. The only other stocks that look good (other than adding to some i already own), are CASY, FCFS and KOG. Whether i add to any or enter one of the other three will have to be based on something other than what i am seeing in the market right this minute. I'm not saying this run is over, not saying we are in for a fall, just saying i need to let things develop more one way or the other. We are touching significant resistance levels in the S&P currently, and believing we don't stand the risk of reacting with a pullback of a percent or more would be reckless. That being said, the market is showing rock star strength; hanging in there and showing that the trend is still to the upside. Bottom line, i'm chilling out.