Deep Market Thoughts...From NEW YORK...This Market is Awesome

Let me get this straight…Fannie Mae is down 50 percent, Citibank is owned by Oil Sheiks, our homes are worthless and you can’t trust ‘Whitey’ (I mean investment banks), but The Dow is like 5 percent from all-time highs after today.

Party freaking on. CME – chaching, IBKR – always hopeful, Apple is so sweet, My sweet internet sleeper COPART (CPRT) at a big new fat all-time high along with ESRX, RICK (above $20). All but IBKR have been Wallstripped although this blog loves IBKR.

First off, I am loving the market. Secondly, I have nothing left I want to sell. The market meltdown of the last few weeks relieved me of my weeds and aggravating price laggards.

I have a few stocks on the brink…CTXS, BBBB at the top of my trigger list, but everything else is rocking.

Rest assured that means a bitch slapping is coming my way.

The two stocks that look to be in deepest bitch slap territory are RIMM (Blackberry) and Synaptics. With Synaptics, I have expected to get smoked. They are a component play and it won’t end well. I have been selling all the way up because of that. The last few days have seen big selling despite the market strength.

RIMM is now well below it’s low from the recent meltdown and therefore something is wrong.

Care to guess?

Disclosure – Long SYNA, CPRT, BBBB, CTXS, IBKR, CME, ESRX and a lot of other stocks as you know.