It's been a crazy few weeks!
I went back over our Long Shots list from August 9th, thinking all our picks must be doing great but really only C, with a 67% gain, is really outperforming. Long spreads on UYG and BHI are on target for nice gains but haven’t moved much. Looking at our original picks in Pharmboys Phavorites from the same week, GSK is on track and up nicely already, our AZN cover is up 45% and MRK flew up 19% already. On the riskier Biotech side, ARIA’s stock is up 16% and our spreads are all performing well, ONTY has been flat, OGXI is up 33% and the Jan $17.50s are up a rockin’ 63% with that "cautious" spread up a surprising 75% already.
The pump job was so ridiculous that even Warren Buffett had to say we were getting ahead of ourselves but Cramer rightly said that: "The bears must be stunned and confused, flummoxed even" and that pretty much describes the week of the 17th, as the Dow made up 500 points in 5 days into options expiration capped off on Friday by Goldman’s Global Goose, when they chief equity strategist Kathy Matsui made the ridiculous prediction that Japan’s corporate profits would rise 73% next year. That allowed us to close our our generally bullish $100,000 Portfolio with huge profits so thanks, I guess, to Kathy for being such a good company girl and saying whatever it takes to move the markets, no matter how many people follow your bad advice to their detriment.