(click on chart to enlarge)
CHART AU COURANT: This is it, with WAMU trading under $2 for the first time ever. Will they fail this weekend and be taken over, or will the Hail Mary firing of Kerry Killinger bounce the stock and bank out of likely doom? There is a reasonable chance that they will fail, and completely exhaust the FDIC insurance fund (Wamu's insured deposits of $200 billion are three times the size of the total FDIC fund), leaving all other bank deposits at risk. I'll be at the door of my local branch as they open today asking for most of my cash, just in case. It's your money, so take the action that you need to and sleep and live well.
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INTERESTING PLAYS TO LIGHTEN UP ON OR SHORT SELL: Currently, there are no open short positions. But, stay tuned. We took amazing profits last week into the Freddie/Fannie volatility.
INTERESTING PLAYS TO ACCUMULATE OR BUY (if you have to in a dangerous environment): See August 11 posting for profit taking on a lot of former trades. MSFT under 23, adding under 18, YHOO under 20 or above 22 and adding under 13 (entered 19.82 on August 11), GOOG on break back above 475 or under 461 (entered 460.99 at 9a on 9/3) and adding under 400, EBAY on break back above 22 (lower from 24 on 9/15) (entered 21.99 on 9/15) and adding under 17, SNDK under 12 or above 15 (entered 15.01 on 9/5, using 13.48 stop as of 9/10), GRMN under 30 or above 36, DELL under 17 and adding under 10, SMH (entered @ 25 on 9/15 at market open) adding under 21, SLV entered 10.75 and adding twice this amount at 7.75. GS under 118 (entered 117.48 on 9/16 6:09 am) or above 130 and adding under 95. GE under 23, MS under 24 or above 28, WGO under 9 or above 13, JEF under 14 or above 19, SBUX under 13 or above 17, UWM under 43 or above 46, RIMM under 95 or above 100, AAPL under 135 or above 140, INTC under 19 or above 21,
In Crude, I will buy any test of 100 +/-2 or a break above 112 now (entered $101.78 on 9/10) adding near $90 (added $90.98 on 9/16 @4:30am PST). Again, this bounce is a relief rally, and we see a certain test of the 80 area coming in the next 3-8 months. Re-entered the Euro at 1.4439 @ 8a on 9/3 and I'll add second entry back if under 1.4050 (added 1.4049 on 9/15 @ 4am PST, stop on this second position only at breakeven entered 11am PST), and I will exit above 1.5000. If stopped out on second, I'll add second back above 1.4439 or under 1.3999.
For what it's worth,
Ken
