As usual Europe is giving us a bloody Monday on a fresh batch of Greek worries, but I'm using it as an opportunity to do some buying. I think we could go lower here over the next few days but I want to be building my positions in the names that can run in the coming months. The general market will have it's hurdles, but there are certain companies with stellar earnings that are undervalued here. As we suss out the European crisis over the next few weeks, I believe these names will lead the way. Today I picked up some Autozone (AZO), which I'll be profiling later, Baidu (BIDU), and Broadcom (BRCM), another play on semi's with Apple (AAPL) exposure. Gold and the Euro are falling today and as you know I've been playing both with the Proshares Ultrashort Gold ETF (GLL), and the Proshares Ultrashort Euro ETF (EUO). I think both trades continue to play out over the next month as Europe capitulates, and gold seeks support at it's 200 day MA.
This is not a recommendation to buy or sell any securities. DAK was long GLL, EUO, BIDU, BRCM, and AZO at time of publication but positions can change at anytime.
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