TIMING IS EVERYTHING...

We got lucky as we timed the finance sector bottom, at least for the time being. BUYING Citigroup below 30 when others were yawning, was profitable. Better still, gettin into FNM and FRE (Fannie Mae and Freddie Mac) yesterday at 29.50 and 31.7 - was excellent timing. Both are up almost 4 bucks today. WM, Washington Mutual at 17.5- was a steal yesterday- its trading at 20 today. What happened? Fed SPOKE and he spoke for a rate cut- and more- thats what the interpretation of his terminology says.

Meanwhile technology is down- is it the Dell effect? To my mind Dell's earnings should be a non-event. ITs out of favor with the consumer. If Hewlett or Apple stumbled on their numbers would run for the gates. So technology is a BUY- am holding onto all my tech names. OVTI - the company that provides camera sensor chips for mobiles raised its guidance for the next quarter and the stock was up to 20 in early trading but is down to 18 and change. It looks good so am buying some here for a quick trade. As technology picks up for the year end hallelujah... this one will run up. The Indian infotech giant, INFOSYS is just about beginning its bounce. We are in at 39 and 41...! The currency effect of a strong rupee seems to be discounted. A targt of 50 seems do-able, I will take 49!

Homebuilders are up from the bottom. Finally someone noticed the falling knife is on the floor and picked it up. To my mind holding onto our KBH and DHI will be worthwhile. ALL the possible negativity is in there. Bargain hunters will rush to buy once the fed eases and finance becomes so to say cheaper.

I bought some puts on XOM as oil looks like going down from here but XOM is still strong at 89 or so. Some January $80 puts at a buck a piece look good for a trade if oil begins its sojourn to $85 next week. The crystal ball is crystal clear so far- and I am happy to bring the right trades at the right time... Hope you benefit as much as I do.

BOTTOM is in sight

Bulls stampede success is what I call it. Also the bears covering their shorts helped carry the rally to a mind boggling best in 5 year point gain for the DOW. Up triple digit -3 times... 330 somethin. We had a good day, to say the least. My fantasy of a triple digit for the Nasdaq did not quite materialize but I was more than happy with a 80+ gain on it. S&P crossed 1450 once more- sufficeth to lead us to more gains in the comin weeks as technicals look better. And the bottom sure looks like its far away and conquered.

May I not get carried away to much by the bullish moves. I would rather carefully calibrate the next few trades to preserve the money we made and make more in the next trade. Am watching for now and happy with my current positions in BRCM, NTAP, GLW, VCLK, INFY for technology. The high fliers - AAPL, RIMM and GOOG certainly were good trades but in mona's market we are wary of double digit losses that can tempt us to take losses and miss the subsequent bull run if it occurs. We are content as you may have observed to buy fundamentally good companies that have been beat down- we identify the trading range in such stocks and buy at the lower end and sell at the higher end.

Forgot to mention Freddie Mac and Fannie Mae that have been beaten down to pulp -too fast. I am placing an order to buy a small position in - FRE at 29 and FNM at 31 a bit below where they are trading now. Washington Mutual - at 17.5- is another addition. Risky only because of the crushed sentiment. But overall if the FED chairman, Berny behaves himself this evening when he `speaks' again (tis an overkill these days...hearing him speak) - financials and housing stocks have got to bounce back to respectable levels.

Bears beware, the bulls will take us to new heights if I can believe that, you got to, too! Grunt! Grunt!

"CAPITAL IS NOT SCARCE-VISION IS"

GRUNT... grunt... make way for the bulls. I hear a stampede.

I was wondering what the catalyst would be if not Citigroup- to send the markets soaring after a larger than warranted swoon last week. I certainly put my money into CITI at 29.85 - it was the last chance to get into the stock at such depressed levels. Its up to 32.50 already this morning as the confused investors/bargain hunters/bulls start digesting the fact that the ABU DHABI infusion of funds into the compnay is POSITIVE news.

There is some more sense that the Fed will cut rates again in December- based on comments by a `top Fed official' to that effect. We cant put a gun to his head if the Fed does not cut rates... but for now the market gets a positive comment and reacts fast and furiously before someone distorts the hope.

The mantra for me as a trader is sell on a rally. Not because we will revisit the 12800 on the DOW anytime soon... thats over and done with. But because we are in the money in some stocks too fast. EBAY in at 31- on Monday. A 3 buck rally is enough for me as a trader. Will rotate into JWN- at 34. I believe JWN (Nordstrum) goes closer to 40 and not 30 as we proceed to the year end.

Look for a triple digit rally into the close today- I am boldly saying the reversal is here to stay- we shall not collapse at the end of the day as we have on many occasions last week. And that will spur momentum on the upside... thank heavens... for a change. Oh we already have a triple digit rally- I was referring to a triple digit rally in the NASDAQ (tongue in cheek)- too much optimism will get me into trouble but who cares... I am no Jim Cramer - no one reads my blog anyway.

I am spotting bottoms in some stocks. LOWES looks good at 23- for one. Housing stocks- am afraid to repeat -they have bottomed. Dont catch a falling knife... but to my mind the knife is on the floor. Pick it up, it wont hurt ya now. Come on, some of these have good balance sheets. Am tired of hearing about the `uncertainty' - in housing. Am holding onto DHI - and KBH.

On the other side of the trade, when no ones paying attention to oil stocks, am looking to buy some puts on XOM and SLB once again- as oil looks like tis goin to sub-90 before it goes toward $ 100 again.

"Capital is not scarce, vision is!" someone once said. A lot of the capital abroad, the likes of the ABU DHABI kind, will be put to work buying American stock... and if we stop being blind-sided and look at the reality- for now it looks like good news. If the emerging markets would rally as foreign investment soared to new levels... its our turn now.

Once again we here were right in not `throwing in the towel' or `folding under pressure' as the markets `corrected'! Will bring more trades your way- as the market settles down... hang in there.

BUY CITIGROUP...

Thats the word for my blog today. BUY CITI shares under $ 31 if you can get them. Foreigners are buying a part of it at this level- someone saw a bottom for CITI under 30 ... and decided to invest 7 +billion... dollars in Citi. Its no secret- it was Abu Dhabi Investment Authority that made the move. Whats more, its likely to invest more funds in distressed sectors- real estate, banks and the like. I guess they are talkin of a distressed nation- USA.

On a lighter vein, Pulte Homes is reaffirming its numbers. Companies in the distressed sector are comin out and commenting. Makes for a short term bottom. KBH at 20 looks good for a bounce if nothing else.

Lets vote for a bottom if Citi news is good enough... sentiment can change to positive at these sensitive levels. The markets have corrected 10% that is healthy and hope it makes us wealthy.

Stay tuned. Opening bell is next... this tuesday morning. Futures were up across the board cautiously I should say. I see the bull comin our way again...

Lets shut up about recession- to be or not to be- and all will be taken care of. Watching for a triple digit rally- and we take it from there tomorrow.

This blog is in honor of CITI - GROUP- the stock that ran under $30 for the first time in 5 years- maybe a decade... check it out. Its worth much more- if they break up the company- that would be a windfall. Meanwhile sufficeth that some foreign investor- found it worthwhile to pull the trigger while all and sundry were downgrading and downplaying the financials out here- except us at Monasmadmarket. Feels solitary with no one commenting. Wish someone would write in response to my blog.

PRICING IN...

The stock market is PRICING IN a recession, if you may. That was todays price action in a nutshell, like it or not, got to trade. Started above 13000 and ended 12740 or somethin... could not dare to see the exact level as it dove below the AUGUST closing low of 12840 or so.

I was away for thanksgiving. Took a week off from my blog. Nothing new to write about? No, just too much cliched... trading was getting boring.
Buy on a dip and sell into a rally and buy again and sell again. Our trade for last week was TGT- in at 53 and out at 57. Buying Citigroup on a downdgrade was not wise. We got in at 31 and change... and it ended the day at a sub-$30 level, $29.75 to be precise. Averaging down may be a good idea- wish it went to $25 once and for all- this deterioration is killing the sentiment. By the time it goes to $25 everyone and their uncle and grandma will be out of the stock... and it will be flat forever until bargain hunters (are there any left I wonder) start buying.

If theres anything more pessimistic than anything... its the stock market. The same woes cause more bloodshed. The wounds are open and analysts and politicians dare to open their mouths wide about the same issues pouring salt over the wounds -OUCH!

One would think the black friday shopping numbers that were quite okay compared to the dismal projections... would bode well for the market as the consumer is still out there.

But, no! They paid attention to CITI again- its cutting 45K jobs- thats good news to me- it implies a massive cost-cutting exercise. Good start to clearing a lousy mess? No, Citi fell 2 bucks or so and dragged all financials... !

Housing stocks were downgraded due to uncertainty... well, the timing of downgradin the sectors that are down 70 to 80 % already, is unbelievable. The investor is puzzled... and misguided. If they did not sell KB Homes at 30- or 25, they sell today at 21. Ridiculous. Unless they know these are going bankrupt. Who knows?

The market has reached a double bottom technically - from August...but I would not put more money into the market. Its too late to sell the losers and a bit early to buy and average down... so lets watch whether we hold 14000 on the S&P and 12500 on the DOW.... Technology is correcting- I think it comes back strong into year end. SO BRCM (in at 28.75)- its about 26.5 today... and NTAP (in at 25) -its about 24... will hold on to them. Adding EBAY tomorrow- if it goes sub-$30 will put in an order to buy around 28.75... for a longer haul. P.E ratios on these stocks are in the teens... - market is pricing in too much gloom- !

The good part about pricing in- is that its all in the prices. IF a recession is priced in the stock market these days... then if we do (the question remains in some minds) get a recession, we are already priced for that- so we can start going higher.

To my mind we are in a recession in some sectors-for instance, housing and finance sectors and many retailers as well. The prices are down enough- between 70 -85 %- to suggest a recession is on.

As the stock market digests the fact that we are in a recession and then by the time a public announcement is made- that US is in a recession... it will be time to rally. As recessions are accompanied by remedies (is the FeD paying heed... ) there should be less to fear. Just go out and shop and have a good christmas, all! The prices take care of themselves but sometimes they make ya sweat.

About the year end, well, once the Fed meeting is done, second week of December, we will know if we get another rate cut- we then rally fearlessly... on and into the year end. Until then we drift up and down, triple digits at a time.

Hang in there. Things can get mighty worse- one day collapses are not ruled out- lets make the most of those moves. The bear is all over the place. Got to find the bull and its might... a stampede is needed ... at this point. An oversold market cant rule that out either. Ha... tis quite amusing... if you are a trader- opportunities have come in knockin on the doors, windows, trap-doors, ceilings... every day... !

FOLDING UNDER PRESSURE?

At one point this day when the market was close to the August lows... I felt its time to `fold under pressure' and `throw in the towel' or whatever thay call it when the SELL SELL SELL. But I stopped watching as it all ends soon. The market is way oversold so we look for a bounce and hang in there.

Nordstrum saved some grace- It beat estimates... and did not warn so is up 4 bucks in a down market. In at 31- sold at 35 today. Not bad in 2 days. Bought some home builders- KBH at 21... is at a new 52 week low and some NTAP at 25- as technology corrects and folds under pressure, if I may use that expression one more time...

Not much else... the worst scenario is all over the markets. Recession, apocalypse, collapse, gloom, doom.... no room for optimism... no ones lookin at HPQ - that reported good numbers... technology is being thrown out as well. Another day or this week through... and black friday shopping stats. will be worth watching.

Lets have a happy thanksgiving and thanks for the fabulous trading opportunities - be on the right side of the trade. Sell highly volatile stocks that have been up more than warranted by fundamentals. And hold onto financials, housing... though no one will tell you that cept Mona as she analyzes the sentiment of the markets malady and brings her trades your way. BUY when everyone else is dying of heartburn and panic... and put only as much in the trading portfolio as you can afford to lose. Thats a constant caveat...

CITI downgraded to sell- OUCH

Citigroup shares were downgraded to SELL by Goldman Sach. As I have pondered before I would respect a downgrade when the stock is at respectable levels for investors to get out. At 50 or 45 perhaps. But at 33 when one sees a downgrade of a otherwise solid company me thinks its a buying opportunity. These stocks - financials - these days provide great trading. We sold C at 36 last week- and I promised to buy if it comes down to 33 or so. I got 32.25 and I am happy.

The retail stocks are sulking again. Amazing trades. We traded COH and JWN from 32 to 36. JWN is 31 today- so obviously a BUY. Nordstrum slows down but is not dead. Consumer is watching his pocket but the class of consumer that shops at Nordstrum will not switch to Walmart- ! One of these days, maybe this week the retails sector will bottom. Black friday - the post thanksgiving shopping day -this year may unfold bad numbers- all the bad news will be factored in this week. Thats my opinion. So buying some retail out here- JWN at 31 ann TGT at 53 -will be good for our money-making ideas.

Thats it for today- market looks like oversold ... and the bounce is imminent. Lets just test the August lows- have a huge selloff so we can start feelin better about the year-end. Hang in there. Its not the end of the worldm yet!

A bid for SOTHEBYs...

Its time to applaud the bid for BID (ticker symbol for SOTHEBYs the only publicly traded auction house in US). Its interesting to note the price action of this stock over last week. Down from above 50 to almost 30 -big OUCH! A single botched auction of Impressionist art sent this stock crashing like it was the end of the art world. Maybe there were no other auction houses that they could sell so they kept hammering BID.

If JCPenny reports lower than expected sales, they hammer JCPenny but then they move on and hammer Target and Macys and so on... each takin some part of the brunt. In case of a slowdown in Sothebys numbers they had only one stock...to hammer. So last week there were no bids for BID and the price went wayyyy down.

I, for one, do not understand what makes a piece of art sell for millions of dollars... but I do understand that the value of art lies in the eyes of the stinking rich beholder. And economic downturn or not, the stinking rich will still bid for art - a collapse in the stock price of BID as much as it did was unwarranted. Once the dust settled and I watched BID all week... I picked up some at 35 yesterday.

Woke up this morning to see its up to 38 already in pre-market action. A contemporary and post-war art auction on Wednesday broke records... and far exceeded the sales estimate.

Tobias Meyer, Sotheby's head of contemporary art, said the results bore out "the high-quality hunger we're experiencing from a completely global community." And fears the weak dollar would deter U.S. buyers, the traditional collectors of contemporary art, proved unfounded, with American buyers comprising the majority.

One would think turmoil in financial markets in recent months would curb the enthusiasm in bidding for art... but so far today's numbers for SOTHEBY's saved the sentiment.

A sigh of relief in the art world... and in the market- what are they going to buy. BID, BID and BID as theres no other auction house to buy. The pumping up will be as fast and furious as the dumping was... so we hold onto BID with a target of mid 40s.

Todays blog is dedicated to art lovers... hope my art lover friends are reading and appreciate that I dont understand art but I do understand when its time to buy art stocks. Lets go for BID... while the rest of the market is undecided.

While I am here lets check our positions. Orders to sell COH and JWN and Citigroup at 36 got filled this week. Am looking for a pullback in Citigroup to get back in as the party has just begun in financial stocks. Maybe if it drops to 33 I am a buyer again. BRCM broke under 30 and I am adding more at 28.75. No bad news... just a semi conductor sluggishness... and AMAT's light estimates going forward. It a technical move for BRCM to the lows... and we may start moving higher soon
as technlogy stocks pick up again.

Meanwhile... lets rejoice for BID. Going, going, gone.... 37... do I see 38... yup... 40 comin up... whew...

BEWARE THE BEAR?

I wonder where the bull went after I sent it out for a rally. Its still circling around wall street I hope while the bears showed some OOmph last evening. DOW dropped below 13000. And more importantly the S&P 500 took out a significant level- 1450. It closed at 1439. OUCH! Lets not even look at the NASDAQ that has almost completed a 8 per cent correction from the recent peaks.

And the VIX (volatility index) shot up above 30 again- to the August levels. What do we make of this? We are in pain. And suffering is not an option... we do what we did in August- BUY BUY BUY. If the market swoons today- the DOW could go all the way to 12500 intra-day some time this week... and buying would be prudent- nibbling is what I do... average down some of my positions where nothing fundamental has changed.

To my mind we are OVERSOLD... and a rally is due. Walmart beat expectations, bodes well for the oversold retail. Will look to sell our retail stocks into the rally - orders to sell COH and JWN at 36 are intact. Our target for TGT is 61- that is do-able this week. Another highlight for this morning is GLW - Corning - we bought it at 21.5 yesterday- stock is up 2 bucks pre-market. The company raised it guidance- miraculous event- in such times... and so I see 25 soon. We hold on as its a safe bet even if the market crashes again this week.

Am covering my oil shorts today. SLB and XOM- have sold off and looks like we will get another chance to buy puts just in case Oil rallies toward $100 again... pulling these stocks up again. So am selling my puts ... as the November expiration is near.

I heard someone on CNBC say he is `cautiously optimistic' - thats another signal to BUY- they will not be optimistic until the party is well under way. When analysts pull the trigger and downgrade a stock thats hitting the dust- I am a buyer- if its a solid company, for instance... a downgrade on JWN when its down from 50 to 31- are you kidding me. The consumer may be dead- but the shoppers at Nordstrum will still go to Nordstrum...!

Technology is beaten down tooo much too far... and hang in there for a year end rally commencing one of these days. Beware the bear- its lurking but should not scare you to sell at the wrong time. Hold onto stock and buy more if they fall - my best bets are CSCO, EBAY, BRCM and GLW. Am adding SIRI at 3.50 betting on an approval of the merger with XMSR. Downside risk is low. So thats another safe one for me.

AM still lookin for the bull that I sent out ... yesterday- if you find him -send him straight to wall street to combat the bears... will you please?

GREAT GOING... so far SO GOOD...

I woke up this morning with a knock on the door. It was a `bull' and its grunt was sanguine to say the least. Come on cheer up- will be your turn soon I said and I sent him to run for the upcoming rally.

Kudos to mona's call- I shall humbly proclaim. To sell gold and oil just before they started retreating, she probably has a crystal ball if not a keen insight into the mad market moves.

Gold peaked at 850 last week right on the mark... give or take a buck. And its down to 810 or so... Did anyone know that it was DIWALI last week and all of India was buying gold- a strong humumgous population... buys precious metal during diwali- if demand had a role to play in the price of gold... last week was one demanding week I guess. That, apart from the huge rally that gold has seen this year...is what nudged me to be bold enough to say- gold peaks for now. And
am happy with my call and our selling GG and NEM (gold stocks) last week at great prices- 37 and 55... both are down big time today. Am I a buyer, not yet.

Oil retreating was another good call. Our short positions in XOM and SLB (oil service) are making good money. We take profits sometime this week.

I am also overwhelmed on the financial and retail side, to have picked the bottom on COACH- and JWN (Nordstrum). We bought while others were sighing and sulking...-got them under 32 last week. COH is up 2 bucks...to 34.65 and JWN up 1.70 to 34 and change. CITIGROUP is up 2 bucks to 35. We are in it at an avg price of 32.5. I have my order in to sell all three (COH, JWN and C) at 36... this week. Once those orders get filled we will move on to greener pastures. Am holding onto TGT -its still languishing at 57.5... will sell above 60 this week or hold on...depending on sentiment.

Am adding LOW (Lowes) to our retail picks at 24.50. EBAY looks good again at 33. For a year end rally, these are safe.

I have been talking of INFY- its at a 52 week low of 41... may get it a buck cheaper... or if it breaks 40... will scream for a buy on that one... This is the Indian ADR punished due to currency woes- the rupee appreciation gnaws at its profits- that woe is in the stock price already- and once it bottoms ... this one will fly fast. Am buying some today at this level- 41 and wil buy more if it breaks 40.

Thats it for today. Good luck all. Follow the money and it follows you. Watch out for the bull I sent out today... Hush...Growl ohhooooo...

IN THE BARGAIN BIN...

Also in emerging markets... India for one, I like INFY- at 42... its the infotech play- down as the rupee grows stronger against the dollar. But the fundamentals are strong and once the market discounts the rupee effect INFY goes higher- my target is 55.

About the financials and housing, each new announcement brings us closer to the end of the crisis... is my take. I am a buyer at the depressed levels... am a risk taker... but thats when the rewards are rewarding. C at 33.5 and added more today at 31.75... lookin for a good trade to 36 next week. And Morgan Stanley- added some at 52 looks good for a quick trade.

Join me ....post a comment... hope some people are benefitting from my blog...

I HAVE SOME PICKS...

Technology is being hammered alongwith the doomed financials and housing stocks. CSCO that we sold at 34 looks great under 29- right away buying at 28.85. The earnings were good and the slowdown that Mr. Chambers spoke of was related to the financial sector- once that clears up the rally commences. BRCM - at 30 looks too good to be true. GLW at 21.5- am averaging my cost- if you hold a stock and it goes down you either take a loss or you buy more at a lower price and bring down the average cost- so thats what I am doing with GLW.

CSCO, BRCM and GLW in tech.

About housing, did I hear our friend Berny talk about housing bottoming in the first half of 2008... in which case housing stocks become bargains- the ones that will survive. I am betting on TOL at 20.20. I am holding DHI - painful to say the least... still lingering around its 52 week low of 11.5. Will wait and watch...

We have a couple of sessions of doomsday type selling... I am afraid as the sentiment is bad out there... But all the bad news is out- and the correction in the market is discounting bad news. A glimpse of clarity or confidence... going into next year... the fact that it all does clear out once all the write downs are on paper... we should emerge in better shape...

The stocks I am buying dont have much downside... the big gainers will lose more... RIMM, AAPL, GOOG etc. that can have double digit losses as profit taking is on... so am and have stayed away from them.

Am holding onto TGT, COH and JWN ... expecting them to rebound once the market settles down.

Theres lots of action and lots of money to be made in this mad market and if you dont panic its worth the pain...

BUYING opportunity...

Mona thinks now is the time to buy- put cash to work and wait. Beaten up sectors look like falling knives- not many are bold to catch em. I am buying some beaten down financials and retail. Citi at 33.50 looks good despite the messes in management crowning... and strategy? I would say the bad news is out... and things tend to get better ... One little word of confidence from the company will make the stock spring back... Its tough to pick the bottom, I am convinced when all analysts stay away from financials... the worst is in it. So am buying some Citigroup... !


Retails stocks have been crushed... the higher end retail mainly, COACH, NORDSTRUM... and also TGT... am a buyer of all three ahead of the same-store numbers for October being released tomorrow. The prices are 33, 33 and we got into TGT last week at 57.

CSCO I was happy to sell yesterday at 34... it reports tonite. And CSCO hopefully will be a catalyst to turn the market around.

If CSCO numbers are a disappointment (I dont think they will disappoint after CHAMBERS' upbeat comments ) and if retail numbers are not good at all... the crash continues- DOW goes to 12800... and S & P to 1450... NASDAQ o 2700...

To my mind CSCO will report great numbers and retail weakness is priced in the stocks... so a relief rally tomorrow is called for. I hope I am right...

YGE our sole solar play- I sold half my position at 37... though solar sentiment is very much intact... but want to be cautious ahead of its earnings that come out tomorrow. We will watch that too.

We are still bearish on XOM and SLB... a near $100 oil price did nothing for the stocks... and they move lower ... ! Oil looks ready for a correction and though no one is saying it Gold is certainly due for a pullback from a lofty $840... ! So am sellin my gold stock -GOLDCORP from 24 to 37... was a good rally for me- Newmont mining- is up from 40 to 55... am a seller!

Volatile markets are a traders paradise. If we can be realistic and keep the fear out we can keep making money... in and out.... get the timing right... and know when all bets are off!

BUY BUY BUY

OUCH the market crashed yesterday - as it digested the FED speak. A bit absurd. Rate cut came in and maybe more rate cuts may not come in? Whatever. I am lookin at the job numbers - up 166000. Recession aint coming. Technology looks strong. Financials have to bottom... one of these days... Housing cannot keep swooning. Dooms day scenario is not warranted. No new bad news... same old bad news.

I would buy ... on weakness. Investment banks are all down with Merrill Lynch... MS= 58... LEH 57... no matter the wait- these are bargains... when everyone is on the sidelines... Mona says BUY. Retail is on sale... TGT 57, COH 34, JWN =37... got to nibble some... !

If there is a melt down today, next week we will see recovery. A jobs number of 166000 will be digested next week in a late reaction. Sentiment got crushed after yesterdays crash... and lets give it time to recover.

Stay tuned and hang in there. No need to panic. Cash is king, but you crown it on such days and put it to work in my humble opinion.

FED CUTS RATES by 25 BASIS...

The market got what it pretty much wanted. A 25 basis point cut in interest rates. There was a thought in my mind... market melt-down.... as housing and finance stocks will get nervous again. But CNBC et al were talking melt up. Some respected person said we are heading for a stampede into the year end= big rally??? Well we began with a stampede selling is all I know for now.

The panic is missing. So I am a buyer on pullbacks. Citigroup is trading under 40... -38 to be precise. IT has a 5 +yield that makes it attractive. But the rumor is that CITI may cut its dividend ... so no, until that one settles down am not a buyer. But I did buy Morgan Stanley at 62 and change... for a quick trade. We are still holding EBAY and BRCM (newly added on Monday at 32.2) and CSCO and AKAM. I am adding GLW (Corning) to my portfolio. It got beat after okay earnings...from 27 to under 24. Its introducing bendable fiber- an innovation that telcos have been lookin for- at 23.8 am abuyer today.

As the day progresses we may get some panic selling... and buyers come back in as they realize wall street is having a clearance sale again. Its a traders market - and tremendous opportunities present themselves if we are alert and watching. Between today and tomorrow as the employment numbers for October are announced- its time to put the cash to use.

Bargains on my list are TGT under 60 looks good- 58 and change is my trigger price. GLW (Corning) under 24 is a safe buy.

All in all todays market crash- DOW down 240 pts, NASDAQ down 35, S&P down 7 ... will not last. Watch for bargain prices and pull the trigger. Next week we start the climb to new highs... as earnings most of them are out of the way, FED is out of the way, and job numbers are out of the way. If we get a negative jobs number all bets are off obviously...