Without Manners, Without Class

I am here to lecture you a great deal. Although you might have a little money saved in the bank, you are nothing more than a chimpanzee in a suit, farting from chair to chair. I’ve noticed, because this is what I do, that you are very low class and do not have the basic manners that would allow a person such as yourself to talk to a person, such as myself. Believe it or not, it is a rather tedious duty to constantly remind you of your place. Do us both a favor and scurry back into your cubicle and fuck off something awful.

This is a site for distinguished gentlemen. If you are not one, see yourself out. Thank you.

Back to business.

The market opened with a gap down; but anticipate the asshole dip buyers to make an appearance. They will likely try to reverse today’s frown and turn it, well, upside down. However, as it stands now, the breadth is too bad for miracles. 95% of the banks on my screen are red. In addition to that, pretty much every sector out there is bleeding red.  I do some marginal strength in retail. Bottom line: it will take a lot of buying to turn this ship around. I just don’t see it happening today. We’re overdue a prolonged sell off.

At the moment, my top picks, of course, are TZA, VXX and short AEM. Gold is in one hell of a bubble and is dying to catch a $100-$200 beat down. Finally, treasuries look especially attractive here, even more so ahead of monthly dividend payments.