Here’s what matters today to you and your money so far today.
Apple a day
Apple’s Grip on Metal-Chassis Supplies Leaves Ultrabook Makers Scrambling – Apple Inc.’s (AAPL) up another $10 today, now up $40 since we called for it to break out again last Friday morning. I’d expect we get a bit of a rest or even a slight pullback for the very near term after this big spike, but I’m still holding all my AAPL common and calls for now. It’s still my biggest position, but that said, if you’re extremely overweight AAPL as I know some of you are, I’d take a look at trimming some of that down right now while it’s up $40 in a straight line.
LIBOR Rocks
Bob Diamond quits as head of Barclays over rate-fixing scandal – BBC
“Behold, the British establishment, panicked” – BBC
“If Diamond had showed up in the company gym, someone would have clocked him” – John Carney
Can Barclays be salvaged? – Felix Salmon
Bob Diamond Performs “Je Ne Regrette Rien” – Yves Smith
Full Barclays memo on the LIBOR scandal: COO believed BOE instructed bank to lower LIBOR rates – Barclays
This LIBOR scandal is no small thing, and has the potential to really be a huge catalyst to the downside for the big banks involved with its rigging for the last decade. That includes just about all the major U.S. “too-big-to-fail” banks. These banks are totally insolvent, but are being allowed by regulators to change the rules and pretend they are healthy… and that collusion and corruption between the bankers and regulators has just been thrown into general awareness by the Barclays disclosure that U.S. and British regulators were complicit in “fixing” the LIBOR rate.
Stay the hell away from the banks from the long side, and if you’re looking to short them, I sure think it’s probably a prime time to start scaling into those shorts and puts again.
On a similar note: How Radical Economics Led to U.S. Independence – Bloomberg
God, particles and money – Oh my!
Why Is the ‘God Particle’ Such a Big Deal? – Is “capital” and/or “money” our society’s equivalent to nature’s “God Particle”?
Funniness
“It’s Always Sunny in Philadelphia” Charlie on Jobs
Hope you guys had a great and safe holiday. We’ve still got about 30% of this week’s trading week left, so don’t lose focus.
Cody Willard writes Revolution Investing for MarketWatch and posts the trades from his personal account at TradingWithCody.com. At time of publication, Cody was net long Apple.
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