A Strange Suspension of Gravity
I have to say this and get it off my chest, and it is a bit directed at all those who pounded their chests. I will give a hat-tip to those who got long the market at the beginning the year and stayed long despite any doubts about Europe and Greece. However, everywhere you look, just about everything has gone up. Being long meant being right, but to boast about any particular call on any particular stock lately seems just silly. We're back to a monkey throwing a dart at the market.
What do I mean? Take AcmePacket (APKT), for example. I leaned bullish on APKT, and on the basis of report, clearly I was wrong. I had a few hedges in place, and even bought some stock against the put hedges last night. Then today, with a strong market, the stock just shoots higher. The report was awful. Missing already lowered guidance is no reason to buy, no matter how many shares are short the company. The worst doesn't appear behind it yet. It was as if they didn't even want to comment on guidance for fear of repeating this quarter. Yet the stock has done nothing but trend higher....235 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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