Take the Money

We’ve enjoyed estimable gains these past few weeks. To indulge oneself in the felicity of his dreams is to be long the stock market during times like this. Sadly enough, my TEDU reversed off its $12 high, but still stands at a robust +30% from my basis in little more than a week.

All of the David Einhorn bubble basket stocks are through the roof today, led by FEYE and SPLK. It’s an important distinction because not much else is working. It’s suggestive of the sort of chicanery one would expect in a tape that is readying to rip heads and peni off. If I was a little short seller, discussing the bold characteristics of Wall Street 2.0, I’d cease to exist at once. There isn’t any hope for a bear in this tape.

Might I suggest an alternative?

Despite it being 90 degrees outside, go make yourself a fire and pull up a chair close by. Drink some of your finest brandy and toast to better days. After you’ve completed your brandy, wrap yourself in a thick burlap blanket and toss yourself into the fire. The Lord of Light will appreciate this sacrifice and look after your loved ones when you’ve been reduced to a small piece of heart muscle.

As for me, I am up about 0.5% for the day, lowering my losses to manageable levels. Very soon I shall up the ante and make larger bets.

UPDATE: I sold 25% of TEDU position and bought PRTA.