Closers Don’t Trade Openings

Theoretically, we should storm higher. The stage is set. However, people are more focused on the pending ABK bankruptcy, issues in Fagland and potential apocalypse, thanks to the BP gusher. Personally, I don’t trade the open anymore. In the winter, I am at the gym. During the warmer weather, you can find me playing tennis outside. Either way, opening ticks are riddled with retarded buy/sell on open orders, issued by idiot money managers, on behalf of stupendously moronic pension fund managers.

You have to buy into the fear, unless of course that fear is warranted, backed up by horrific events set to unfold. Without a doubt, should we double dip, and I think we will, the Dow is headed much lower. But, that remains to be seen. Before we can get to that, first, we need to deal with standard, run of the mill, stock market supply and demand. Right now, there is way too much pessimism. Stocks are being blown out, without regard for valuations. That, my friends, is patently absurd.

My top pick, into the rally that I see coming, is FLS. That fucker is good for another 15 points, despite being up 3 as you read this. If I am correct, we should see the market rally another 300 before settling in, which at that time my handy-dandy PPT algorithm will likely tell me to GTFO of stocks.

UPDATE: I covered my MET short, under $40. Now, I am completely unhedged long, with a 40% cash position.