Happy New Year to my readers, albeit a bit late. Needless to say it aint been happy at wall street. I have been away- to India - if I may admit. That country is booming- I see money pouring into consumption - be it retail or be it real estate. The boom seems to have just begun- does not look like any slow down out there. Credit and consumption mania has reached the mass market. And the upper middle class is basking in the newly found wealth- of the stock market gains- investing it in real estate like theres no tomorrow- pardon the cliches. Making a long story short- global growth is on.
Psst. wall street seems to have swoooned pretty badly this year - down 4 to 6 % on the Dow and Nasdaq already. Would not look too bad were it not for the year being just 6-7 days old. Down a per cent a day is cruel. Today we shall see the turnaround. The selling sometimes just is way overdone. And in my theory there still is no NEW bad news- its all just getting way over discounted. So my sense is to buy on these massive pull backs. Technology and retail and financials all look good for a trade. So am putting more money into Citigroup at 28.15 today and Freddie Mac at 28.70 looks like a steal all over again.
A new pick for myself and my audience is NTRI- Nutrisystems- at 27... the financials are compelling- the hi-flier has been beaten down too fast. If you notice once a stock gets out of favor it goes way down to its lows- so thats the time to buy. Once it comes into favor- to my mind the fundamentals of the stock can be a catalyst- the upswing can be good.
I am also adding a new stock- ASYS- at 11.25- its in the solar sector- on the technology side- more on this one - soon.
For now am announcing a rally- relief or recovery or call it what you want- any thing the Fed says or the President for that matter- is discounted. Lets look for a rally- as bargain hunters put their money where it belongs- US market on pullbacks.
We sold JWN at 37 and INFY at 46- am buying both today at 32 and 42 respectively. KSS - at 41 and LOW at 21 look okay- for a few bucks.
More positive sentiment coming up at monas mad market- once she settles down to gettin up in the morning instead of the night- as jet lag holds her tight! Gnite- yawn- see you at more respectable levels tomorrow- DOW 13000 and NASDAQ 2550- at least. S&P had a long run down from 1490 to 1410- well- cant see nothin but some recovery. Whew.
Apologies for the erratic blogs- now will be more accurate and regular. Happy New Year, all!
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