Monday, March 30, 2009
Darden Restaurants Chart -DRI
A reader emailed me with some thoughts on Darden. Given that I am still watching DRI quite closely I thought I would post a chart on it with some thoughts. What little common sense I have left tells me that "eating out" is a luxury to be severely curtailed as the economy weakens. But then again, with the trainload of short bus riding equity boyz, one sees paraded out daily on the pom pom network and littering the pension fund landscape, we can never be surprised to see a suspension of common sense to the speculative arena.
Please remember that, as many found out the painful way in the tech bubble, this suspension of common sense, while stupefying, is never ever permanent.
I was stopped out of my long TBT position this morning at $43.75 for a loss of a 1/2 point on 1 unit long.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 2 units Ultrashort Real Estate ticker SRS @ $49.85 stop @ $49.78
Long 1 unit Ultrashort Emerging Mkts ticker EEV @ $38.75 stop @ $36.18
Long 1 unit Ultrashort China 25 ticker FXP @ $25.15 stop @ $23.38
Short 1 unit Microsoft ticker MSFT @ $19.20 stop @ $19.20