Think about the message in this opening write-up…
It’s still wild out there. I’d mentioned last night that just because we closed on the highs of the day yesterday that it shouldn’t be considered a “bullish” day. Indeed, the sell off came quick, and the DJIA is already back down 300 — back to where it was a couple times during the trading day yesterday. Wild indeed.
I’ve not done any trades yet today, but let’s mention a couple of our stocks that have reported earnings in the last couple days —
Our long, Nuance, reported last night and it was a good-looking report, beating on both the top and bottom lines. The company’s growing and very cheap and got cheaper last night by making analyst estimates go higher. The stock’s up 7% today against the selling off markets. Staying the course on this one.
Our short, Cablevision, reported yesterday morning and it was a horrible report. The company’s losing subscribers — big-time — to Netflix et al. Which is exactly our reasoning behind the short. The stock got hit for some 20% or so yesterday and it’s down big again today, making what was already a very profitable short even more so. Staying the course on that one too.
Think about the message in this opening write-up: It’s still a market of stocks, not just a stock market. Get it?
Stay focused. Back in a bit.