The Wrap 12/13/12


Guys, it was another day of microphone stroking on the Hill. The politicos continue to exhaust us with their nonsense. Blah, blah, blah.

Let's keep an eye on SPX support around 1415, if we lose that, then we see a possible move to 1404.

AAPL was weak, GOOG ripped then gave it back (sign of a jello tape), and we are at the point again of going either way. I think we go higher though, as we are still holding support nicely and the market seems to say semi flat in spite of itself.

We desperately need some cliff resolution, but don't count on it any time soon.

I added CRUS to the P&L as a swing long today and it has performed poorly so far. This was a midday recommendation.

If you are following the calls on the P&L please honor the stops for now, I usually give them some wiggle room in a quasi normal tape, but as we find ourselves in this environment, try and keep stops tight.

I don't know if I addressed this, bit AOL, one of our names, paid a special dividend of $5,15, so you longs will get that dividend, the stock price was just reduced by the amount of the dividend.

AAPL has until tomorrow to announce a special dividend for 2012 (so does every other company that may be considering it.)

Hang in there and I will see you in the morning.

Oh, by the way, JK Rowling was a destitute single mother who was livingĀ  in squalor, she now has a net worth of over a billion dollars as she created the Harry Potter series.