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Friday, June 13, 2008

Troubled in RIMM and AAPL

I see technical damage. I made the mistake of googling pancreatic cancer last night. I'm on my third venti coffee. Whatever it is, I'm jittery.

I don't want to play the Steve Jobs is dying trade. I think I have no edge there and neither do any of you. I love the stock. So does most of the world. And yet it keeps going down. Honestly, if it were just Apple that acted that way I would probably hold on, figuring it's just a panic. But it's not just Apple. It's RIMM too. And that doesn't make sense to me. That says to me maybe there's something more profound lurking beneath the surface of the averages.

I keep coming back to poor returns + market instability + commodity volatility = hedge fund redemptions... and I keep coming back to these are the best stories and probably the most liquid and widely held tech names... and the most vulnerable to a widespread market downdraft as a result.

I don't know if that's where we're headed... but either way I'm going to stay sidelined for a little bit. My view may be consensus and I need to take a fresh look.

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