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Today's Special: Humble Pie
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Having a plan is important, but being able to scrap a plan is more important. In my previous post, I said we could have a sharp rally if the market held up reasonably well. It didn't. That doesn't mean a rally is impossible, but it does mean that caution is again the name of the game. Whatever technical or fundamental analysis told you on Thursday changed around 9 a.m. on Friday with the Bear Stearns (BSC) news. I'm not one to overreact to news, but you can't help but wonder if there are other Bears out there, whether they be hedge funds or, worse, big names like Citigroup (C) or Lehman Brothers (LEH). When the market began to tank on the BSC announcement, I had to quickly reevaluate my game plan. The 3 stocks I bought in anticipation of a rally were Genentech (DNA), Goldman Sachs (GS), and Gamestop (GME). DNA's catalyst was an analyst meeting; there was no bounce so I bounced DNA out of my portfolio. GS might still be a great buy at these levels, but why give a financial stock the benefit of the doubt, with brokerage earnings and a Fed meeting next week? No thanks. The bright spot is GME, which was up over 10% on the week--quite a feat for a retailer. Video game sales continue to beat analyst expectations, and that's a good sign for GME's upcoming earnings report. So, only 1 of my 3 picks has worked out, and my theory of a market rally was way off. That's ok. I'd rather adjust quickly and make money than stick to a theory and lose money. The only thing on the menu in this market is humble pie--I'd rather eat it than go hungry. | ||
Comments (1)
Randy,
The origin of the term ' Humble Pie ' comes from a sort of Poor Man's Potted Meat Pie that was in the diet of the poorest people in England - The pie is filled with "Variety" meats -- 'Umble' is a reference to the UMBILICAL cords of fetal pigs which were a part of the Mixed-grill recipe.
ToWit :
HUMBLE PIE This explanation of "humble pie" comes from the "Morris Dictionary of Word and Phrase Origins" by William and Mary Morris (second edition, HarperCollins, Publishers).
In "Cockney" English humble is pronounced 'umble. Not so, Liza Dolittle ?
or is it 'enry 'iggins ? - DLF
"humble pie. Here we have a play upon words which dates back to the time of William the Conqueror. First, the pie referred to in 'eating humble pie' was really umble pie, made from the umbles - heart, liver and gizzard - of a deer. It was made to be eaten by servants and huntsmen, while the lord of the manor and his guests dined on venison. Thus a person who had to eat umble pie was in a position of inferiority -- one who had to humble himself before his betters. The pun resulting from umble and humble is even more precise when you recall that in several British dialects - notably Cockney - the h in humble would be silent. Actually, the two words come from quite different roots, humble from the Latin 'humilis'(low or slight), and 'umbie' from the Latin 'lumulus' (loin)."
Good Eats, huh !
I say " Let 'em eat Cake " !
I'll eat the entrails of a Wall Street Short-selling cake-eating PIG any day of the trading week.
I will NEVER go hungry for Long Green as LONG as there is " Soylent Green " ( and StrawBerry Jam, of course ).
Don L. Ferk
Come on down South for some " Good Eats " - Mountain Oysters, Capons, Scrapple ( pig brain ) and Chitlin's ( Chitterlings - pig intestines ).
I don't 'Trade' the Market too much - the commissions and bid/ask spreads & other transactional inefficiencies ( like TIMING ) will make "MINCE MEAT" out of you; it'll eat you alive.
As Alfred E. Neumann says, " What !! - me worry " ?
I plan my work, then work MY plan. I don't let Mr. 'Mad Man' Market dictate the terms.
Seed, Feed, Weed - get rich SLOW.
Posted by don ferk | March 19, 2008 10:43 PM