In my most recent post, I wrote (well, bragged maybe) about how I caught the wave on platinum prices and watch my holdings swell $450 an ounce from my point of entry. So what. Did you buy any?
Probably not. Because that’s not the way most traders treat the stuff they read on various blogs and web sites. I should know. I treat most of the crap I read the same way. Most of what I read goes in one ear and out my butt. Why? Because I learned my lesson.
If I act on a tip I saw on Fast Money, I get burned. If I put any confidence whatsoever in Cramer, I’m toast. Same with that worst rag of them all, The Motley Fool.
This Virginia-based group was founded by brothers David and Tom Gardner,
and Erik Rydholm, who has since left. They employ around 200 people to help crank out an endless stream of blather that is usually paraded by the puppy dog eyes of newbie traders under a headline with numbers in it: e.g. “The Five Stocks You Simply Must Own in 2010.” I ragged about the Fool in a post about a year or so ago. Nowdays, I purposefully avoid their missives since I know it’s virtually never about the stock that they used to suck me into clicking, and even if it is, it’s useless.
All of which brings me back to platinum. Now, I know you didn’t buy platinum like I told you. But if you had, you would have picked up $50 an ounce—since last Wednesday. That’s not bad. Obviously, the EFTs that track platinum, PALL, PPLT, etc., made similar gains, so you didn’t have to own the metal; you could have used the leverage of margin trading to pick up nearly 10% on your money. Since Wednesday.
Well, easy come, easy go I always say. I could have lost it all with the shares of Citigroup I’m holding. Fortunately, the gods ignored their earnings report announced today and the stock actually gained a penny or two and sent the indexes skyward.
Did you Short BIDU?
That silly runup on BIDU last week when Google implied it was leaving the China Internet market fooled nobody who’s been around. I shorted this turkey last week and was paid back today with more than 30 points.
Don’t bother writing. I know it was a good call. Who knows? Maybe you made it, too.
Charlie, the RT
Nice call Charlie. Even though I bought neither stock.