Wednesday, April 25, 2012

Apple to the Rescue

Apple (AAPL) earnings beat was wonderful. It really rescued this market. For a day, at least. I don't know where it's going though. I feel that bull market should continue, but there are several problems. Short term, Nasdaq should stay above 3000. This is a critical level. European jitters should stop. There is nothing there, not really. Spain and Italy have smaller debt to GDP ratios than US and UK. Portugal and Ireland are really in trouble, but somehow nobody talks about them. Maybe because they can't move markets, too small.
My biggest worry for now? Cramer and Kass are both bullish. Almost every time that happens, market drops 5-10%.
Trades yesterday:
Closed CurrencyShares Euro Trust ETF (FXE) position. This was a hedge for my European vacation. Vacation is over, hedge is closed. Small profit is a good icing.
Added to ARM Holding (ARMH) position. Stock trades in 25-29 range for more than half a year, there is money here.
Added to BlackRock Long-Term Municipal Advantage Trust (BTA) position. Just a good cash placeholder.
Today: closed Managed Duration Investment Grade Municipal Fund (MZF). I like it, but not at almost 5% premium to NAV.
Disclosure: I am long ARMHBTA.
Additional disclosure: I have no positions in AAPL, MZF and FXE. Positions can change any time.

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