The market is just churning like cud in a cow's mouth. Earnings are just "ho hum." Trader Mike had the right idea by waiting until earnings season is over before he did anything. I myself am thinking that I have to re-frame my trading approach. The market has changed and my trading approach is not efficient anymore. This is a great example why you should not buy a "trading system." You have to be able to change when the market changes.
Yes, I am long BA but I will sell at $51.88 or $50.60.
PM Notes
Yup - another dull day on the street. Now is the time to really pay attention. When, things get "dull," keep looking. So what happened today?
- Dec leading indicators, which matched forecasts of 0.2%
- Jan Philadelphia Fed index, which came in at 13.2 (consensus 25.0), showing a slower pace of manufacturing expansion than in 2004 but still exhibiting respectable growth...
Nuveen Senior Income Fund (NSL) - which I bought a couple months back has moved up a little. This fund offers a nice div yield and the capital appreciation has been a bonus. NSL was purchased at $9.22 and trades at $9.63 today. I will continue holding it until I need to raise cash.
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