The Trading Almanac

A diary of investments in my IRA, a daily look at my stock watch list, and additional commentary/discussions on individual stocks, the overall market, economics, technology, etc.

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Location: United States

Tuesday, January 03, 2006

The Fed Mumbles--The Market Goes Up?

I'm not complaining. What looked like a weak open turned into a frothy buying frenzy. My portfolio was up over 2% today thanks in great part to who else but Google and Apple. Unfortunately half of my holdings were down today. Liberty Global, a spin-off of Liberty Media has been weak since last year. It seems to go down everyday. I like the story but am feeling the pain on this stock. My micro-cap holding, Jones Soda, never seems to trade with the market, which can be good on a down day, but frustrating on a big day like today. Whole Foods was down as well, but hey, it had a great 2005 and had a huge surge last week following a stock split.

Back to Google: Piper Jaffrey raised their price target to $600. A favorite analyst of mine, and also a local, Jon Markman, took it a step further over at Marketwatch, read what he has to say: "Expect the price to move substantially higher by midyear on enthusiasm for the market-share devouring beast of the Googleplex, where it will stall at the $666 level after achieving a $200 billion market cap and the mark of the devil." Devil stock or not, I will gladly hold my 10 shares of Google up over $600, with a stop limit order to sell at $665, just in case!!

That's it for today. Final thought: Dow 11,000 or Dow 10,000, which comes first? Not many days ago, say last Friday, I'll bet most would have said 10K. Does one day make a big difference? I'm not sure, but I'll say it now--I see 11,000 before February.

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