Thursday, August 9, 2007

Warren Buffett's Bank


I thought I would take a minute to have a look at Warren Buffett's bank M & T Bank corp. (MTB). Well, for starters gaping thru a 7 year trend line is now what I would call a bullish development. We then rallied up to kiss that important trend line from underneath and now continue our regularly scheduled program (bear market). Now Warren does not need any investment advice from me but he may want to buy puts or write calls to protect his long position as this thing had better hold $100 or 95 then 80 are the next stops on this train.
I want to say something about tech and this will be short winded. A lot of people are out there touting tech as the savior given the market deterioration. I have news for you if you want to play it safe and limit damage go to cash. DO NOT BE IN THE MARKET. It is not written somewhere that you have to be in the market all the time. Oooops sorry, it is written somewhere, the sales boardrooms and trading desks of all the brokerage houses. If you get out, they don't get any fees, ergo no bonuses. Are you starting to see the big picture here ? I hope so. Now regarding tech until the SOX (Philly semiconductor index) gets thru 560 convincingly the tech rally is very suspect to me. Good trading to you

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