We are sort of in no mans land with regards to the market. The Fed meeting is behind us and the fundamentals stink. Couple that with the fact that school is almost over and people in my industry prefer to be drunk on a tropical island, instead of at their “trading turrets”; and you have conditions for a lifeless market. This market fucking sucks.
I’m not going to be hoodwinked into this tomfoolery on the Friday afternoon. There are certain conditions that need to be met before I step in again. First and foremost, I need to see TLT trade down hard. There’s a fucking bond bubble because the market fucking sucks and the Germans are conducting financial warfare against its neighbors.
People like Rick Santelli, and his tea party ilk, are the most dangerous people in the world right now. They are like financial terrorists, wanting to impose harebrained austerity on crippled economies. I tell you, it’s insidious, ignorant, and will never work. Borrowing costs in Europe have gone up since Germany thrust austerity upon its neighbors– because growth matters and balance sheets eat ten dicks.
I have about 32% cash, 5% HDGE and the rest long equities, about half of which is tied up in YELP. There’s really no point in telling you what I like, since I do not like anything enough to make me buy. If anything, I am warming to precious metals, particularly AG and EXK again.