Profit cutting: November 24th, 2008
November 24, 2008 – 5:17 pmI hope you guys took profit today. For those who didn’t, I am sorry but you are insane. How can you leave a 1000 point move in two days on the table? That is two years worth of moves in two days folks.
Now for those of you who have listened to me on this site and put money to worth in a few of my picks on friday (rig,mo,gs going long, putting money to work, ect) and were smart enough to sell today, pat yourself on the back. Take your ill gotten gains, treat yourself to a nice dinner (Fogo De Chao seems appropriate) and prepare your troops for battle again.
I am currently a little over 50% cash but did anyone happen to see the moves for the companies in my “below book value” watchlist? Go look up the moves these had. The list is:
Arcelor Mittal (MT)
Conoco Phillips (COP)
U.S Steel (X)
Freeport Mcmoran (FCX)
Nabors (NBR)
Valero (VLO)
AK Steel (AKS)
Petrobras (PBR)
Marathon Oil (MRO)
Goldman Sachs (GS)
I would like to comment on Goldman Sachs because I told people I told people if they had nuts of brass, they would of bought goldman down in the 55 range. If you did, pat yourself on the back and I hope to God you cut profit today.