The Market's News-Driven Horse Race
They're off! Out of the gates they come! It's a three-horse race this morning with Steve Jobs and Apple (AAPL) stretching out to an early lead into the first turn. Into the back stretch they go, and a fourth horse, I Lost My Job, not to be confused with Steve Jobs, sneaks up on the inside. As they head into the far turn, Apple and I Lost My Job are running one-two coming to the quarter pole, but out of nowhere on the far outside comes All You Can Eat owned by Warren Buffett. Out of the last turn, I Lost My Job has completely faded, with Buffett's horse looking like she'll take home an easy win. And down the stretch they come, with Apple fading into the background, Buffett's horse looking strong, but on the outside, Hogan's Heroes, owned by a mysterious German, comes out of nowhere to take everyone down. The German name takes it by two-and-a-half lengths without a challenge in the last furlong.
Unfortunately, the strength of this German horse may not easily be defeated unless a bull steps up to challenge here very soon. The SPDR Trust (SPY) does have support at $116.50 and $115.50, so those are the areas I will consider some buys, but for now I am looking more toward hedging. I did ride the Buffett horse long enough to get some quick profits and hedging in on the banks. It was a good opportunity to exit. I'll have more on my thoughts of this Buffett deal in a bit....350 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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