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What a wild and volatile afternoon it was on Wednesday after the Fed meeting. There was a massive rally followed by a huge decline, as you can see below. It seems that my previous comment about buying weakness and selling strength was a valid one.

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On Thursday, markets were strongly higher and I heard pundits crying about today’s employment report being leaked. Those kinds of theorists never cease to amaze me. When the president and Fed chair get caught off guard by an economic report two days hence, you know that any talk about leaks is nonsense. Are there leaks in the market? 100%. But it’s a lot less pervasive than folks think.

Do you  know why the markets rallied? Look no further than the two securities I have been discussing. The 10-Year Note and the U.S. dollar both fell. So stocks rallied. That’s the market we are in right now. Just a week ago, with the S&P 500 below 5000, a popular commentator bemoaned that he “hated being so bearish.” Stocks bottomed within 20 minutes, and they have only screamed higher.

Apple blew out earnings last night and announced the largest share buyback in the history of the universe. As you know, I have been concerned about the company for a while, and I still am. While we own it in 'Unloved Gems,' we lightened up a few months ago. Until proven otherwise, I think rallies should be sold.

Several months ago, I was also critical of Super Micro Computer. It had a meteoric and parabolic rise. I thought the mid-February wicked reversal could lead to one more high, and that folks should lighten up or sell the stock. When the ducks quack, feed them.

That high came in early March above $1200, and then the stock plummeted to $700. I remember people chirping at me when I suggested selling some stock along with Apple, Nvidia, Broadcom, and Marvell. Regardless of the outcome, it was solid portfolio management and executing from strength.

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Today is my last day in the Sunshine State. It’s been a long trip, but I accomplished everything on my schedule and had a good time seeing lots of folks. I am very excited to go home and see my family and pets.

On Wednesday, we bought more PM and more levered NDX. We sold RYPMX. On Thursday, we bought JNK, EMB, FDX, RYRHX, DXHYX, and more PCY. We sold RYRIX, PDBC, RYSPX, RYDHX, some levered NDX, some levered Russell 2000, and some FDLO.

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