Market Recap

The major indices fell for the day which was a surprise considering the Dow had been up 7 straight days. I expect any pullback to be a buying opportunity. The market wants to go up and up.

There was a belief that rising oil prices resulted in todays pullback. What a load of crap. If a rise in oil leads to a fall in the markets, the indices should be down 70% over the last few years considering the run up in oil prices.

Coal was the best performing industry while the airlines were the worst( higher oil prices).

Texas Instruments bullish forecast for the chip sector has its shares up over 9% in after hours. TXN sells chips to Motorola. So a bullish outlook by TXN is good for MOT. I want to be long MOT and I also want to be long Netgear since wireless keeps gaining ground and NTGR provides wireless routers and more.

Amgen Q1 profit rises and the shares are up in after hours . Amgen was hovering around $55 a few weeks back and is now at $62+. Worst of all, I had a limit order @ $55 and AMGNs low was $55.13. I could feel AMGN was at a bottom but I felt a bottom would come below $55 and I was wrong. Oh well. The whole Biotech sector is on fire. I think I would want to be long CELG, GILD, DNA and GENZ among others. If you can't beat 'em, join 'em.

Comrade Boris died today. I would short Diageo DEO, the distributor of premium alcohol brands considering Yeltsin was likely their biggest consumer. He was constantly drunk and I reckon he always carried a flask hidden in the inside pocket of his jacket.