WTF ODP

Do you ever just scratch your head and wonder WTF were they thinking?  I had such a moment this weekend/Tuesday.  It had been announced that Office Max (OMX) and Office Depot (ODP) were close to merging.  Now, anyone who has followed the stock market knows that these are both losers and using some duct tape and putting them together did not miraculously make them a winner.  Between Staples and the ability to order from the web, anyone who is familiar with Dunder Mifflin knows this is not a great brick and mortar play. But yet on Tuesday, at the opening bell, ODP went from $4.59 to over $6.00 a share (snappy 30% gain) and OMX shot up from $10.75 t over $14, also about a 30% gain.

Well the honeymoon is officially over.  Other people realized that 1 +1 did not equal three in a shot gun wedding.  OMX is down 13% today and ODP is down 22%.  Ouch. What were those people thinking?

I know I have been indirectly asking for a bear market of late. Kinda sorta starting to get my wish today.  Not exactly healthy for my portfolio balance, but I need to focus on dividends and click my ruby slippers three times, chanting, "there is no place like home".

All my sales are looking smart, I sold GLRE, VIVHY and SLCA last week and that is a 3% gain thus far.  I sold GTAT yesterday and they are down 6.5% today.  I sold SD this morning and they are down another 2%.

My purchases of CIM and ABR are still looking smart (ABR is up another 2.5% today).  I am watching FCX closely.  It is on my list of ten stocks to buy and it has now dropped 8.5% since I put on the list.  I have not put in a buy price yet, but do not be surprised if I buy more before the weekend. Not a huge add, perhaps 25% more.

Bon Soir from Switzerland.  It is weird to have the US markets close at 10pm.