In tomorrow’s Wallstrip interview with trading guru and Minyanville founder Todd Harrison, one answer stands out to me. He notes that despite the Dow being at all-time highs, the average investor does not feel richer. I agree with him on this view and that we are losing a middle class here. Just a feeling though and don’t have the stats to back it right here.
It is a great interview with a talented man who got to trade in the house of Cramer/Berkowitz. No juicy stories unfortunately from the day!
Over to the market, my Nasdaq four horsemen (RIMM, AAPL, ADBE, GOOG) have been hammered the last few days, albeit from extremely lofty levels. It has been a while since I noticed them all moving down like this.
Adobe is absolutely the weakest of my “horsemen” and did not hold it’s all-time high breakout from a few weeks back. It is on CODE RED (double secret probation), but I am doing nothing with my position.
On the bright side, no weakness for one of my faves Akamai. Nothing stops this stock. I own a little still and every time I get tired of looking at it and think about selling it, it climbs back and hits 52 week highs – today included. The life time chart of this stock is – in the words of Blair – STAGGERING!.
It was worthy of one of my fave Wallstrip shows despite it not being near an all-time high.
No way it’s possible to financially value this stock at $53, but that’s Wall Street.
Disclosure – Long Apple, Akamai, Adobe and RIMM
Howard don’t worry… no one has the stats to back up the myth that we’re “losing the middle class”. The truth is, the rich are getting much richer, the “middle class” is getting much richer (see median home size, % of blue-collar workes with kids in private schol, etc), and the lower class is getting “less poor”, or “slightly more wealthy” (see Census data on % with ammenities such as air conditioning, cable television and personal mobile phone) in every decade since 1940.
History has proven to us one thing for sure: Man must choose between an unequal distribution of CREATED and growing wealth, or an equal distribution of poverty.
Howard,
Just a general question regarding your holdings of stocks in your retirement account. How often do you trade them ? Do you stick with a stock like Apple or Google for the long term and just ignore the technical weak signs or do you trade around them ?
Thanks in advance.
Todd