Goldman Sachs said to sell Capital One on March 11, at 12. Today, Goldman moved it's recommendation on Capital One from sell to neutral, now that the stock is 26.
So I got rid of it today.
Today, Bill Miller, came out and said that the financials are his favorite stocks for the next couple of years. Where was he in this gigantic rally?
So I got rid of American Express at 28, JPM at 37, and WFC at 28.
I don't care where they are going from here, but I can't stand Goldman, and how they make money. So if Goldman is pimping, I'm selling.
And if I didn't sell, I couldn't say that I did the exact opposite of what Goldman advised!
Now Goldman, and Bill Miller have the luxury of time. They can sit in these stocks, and milk them until they go higher, but I have an opportunity cost of money
And I buy despair, and sell giddyness. And this morning, I was giddy!
Now these are just trades, and these stocks can still work their way higher, but I don't care. I just don't like that bet. The easy money was made, and I don't like to work hard in the market! I think they need some consolidation.
And I want to trade the numbers with the most juice. So I'm sticking with Citigroup and Bank of America, because these stocks are still despised by the street, and because we have so many people confident that these stocks will be diluted, and that these numbers have to come down.
I don't buy that story.
Because Wall Street is selling it!