Ahhhh things are really coming home to roost now, eh? Sure we dipped our toe in these markets (for the most part at the right times!) for a little bit the last few months. But we've been warning you. Off the nasty moves last week, we've got more of the same today. A lot of red on the screen. As in, stocks DOWN. We don't sit here like deer in headlights though.
More sales this a.m. were Freeport McMoran (ticker: FCX). You own this? SELL it. We inherited this position by owning PHELPS DODGE for many years and Freeport bought Phelps Dodge a few years back. It was a deal where we got cash and FCX stock. We got the stock at $61 and watched it go to $120 then go down to $15.70. It then got back to $61.55 on June 11. Man this was not a stock for the faint hearted. Well its down at 47 and change right now and we just dumped it. The charts said so. Now we collect cash.
A mutual fund that I've held for years is Baron Asset Fund (ticker: BARAX). You might have heard of Ron Baron, the head of the fund. One day out in his palace in the Hamptons in Long Island, NY, Ron looked out the window and saw a gay couple kissing out on the beach next to his property. You know what Ron did? He bought the beach! Yep the land in front of it too. Guess Ron didn't like that in his neighborhood. Look it up if you don't believe me. Now some may chuckle and ask if that's why I bought the fund. No, it is not. I didn't sell it because of that either though. However, the charts have gone bad on this one too. SELL BARAX. (Sounds like Barack).
So another day, another sale(s). Tomorrow is a new day but it might be a day of more selling. I told you we believe 100% in the charts. Pay attention.
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