Gee, I hope so. We have too much cash right now for Action Alerts PLUS that's looking for a home in this market. Because of restrictions and the swift nature of this rally, we didn't get much of a chance to put money to work when we trimmed names we didn't care for.
And I don't think we are alone. I believe that many people in the institutional money business, including hedge funds, are desperate to get the price break. I think that the transports are saying you are going to get one, as the price of oil remains stubbornly high -- horrid for the airlines -- and the price of natural gas stays stubbornly low -- horrid for the trains.
That said, I've got intense jealousy here. If you asked me what sector could still fly, I would say retail, but Costco (COST) won't come down, Bed Bath & Beyond (BBBY), long a favorite, has got a real humdinger of a short squeeze going, and Ross Stores (ROST) is too much like TJX (TJX), which we already own.
I am seeing the oils come in, a place where we trimmed dramatically, but because natural gas is so, so low, people are freaking out about all of the drillers and the integrateds.
So, you go for home and home-related? Have you seen those stocks? How do I know how desperate the buyers really are for any price break?
Here's a bank that failed. It didn't succeed. We bought it at the opening -- you can trial us if you haven't looked at us lately -- because we knew it was one of the few bargains left.
That's saying something.
Of course, when we get a pullback, which will be transport related, I think, everyone will hate it again. That's what keeps happening.
I think the trick will be to not hate it. And that's going to take a hugely open mind that I think most don't have.
But I know, with our cash position, we are going to have to put on the noise-cancellation headphones and do some buying.
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