Saturday, May 2, 2009


Landed in LA a coupe of hours ago. Tuesday starts the Value Investing Congress and then Wednesday afternoon is the Charlie Munger's Wesco meeting. Should be a fascinating few days. Tonight I have tickets to go to an improv comedy club. One of the shows has one of the actors from The Office.

Be interesting to see if the markets take the spike right at the close on Friday as a breakout. Friday was dead dead. One of the lightest volume days in almost two months. The bulls are firmly in control and it is up to the bears to prove something. As hard as it was, I was selling on Friday. Some of my longs have reached what I think are fair value and it is terribly hard to sell in this type of rally but over time discipline will win. Still, when long exposure is limited and the markets do not stop going up, it is hard to do.

The financials still have not broken higher. Two days in a row they have been down. Just something to watch.

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