Thursday, May 15, 2008

Holding the hard line of inaction.

This morning, I had the very distinct impression that pressure was building on many fronts, the kind that moves markets up broadly. There was the smell of M&A and consolidation deals in the air, coming from all directions. Icahn et al yodeling. Folks all a'twitter about the huge sums of anxious capital sitting in low-yield mmkt accounts, just champing at the bit to get back into equities.

So I did the prudent thing and turned off my computer and went to play some golf. Figured I'd be less dangerous mucking about the course than trying to outguess others' moves and potentially making big divots in my trading screen.

It was a wise move. I figured out how to hit this new driver I picked up the other day, made a few new friends walking the course, could feel my heart rate nearly slumbering along at about 50, and came home to some very solid gains as the Nazz broke above its 200-day average.

Up 6% on my starter position of HP. I was briefly tempted to snap up a little more Chipotle when I got home as it looks like someone is unloading a stake, but decided to hold off one more day to see if that downward pressure persists.

Time to get back to a little reading. Gnite.

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