Wolfgang Amadeus Mozart – Piano Concerto No. 21 – Andante

[youtube:http://ru.youtube.com/watch?v=df-eLzao63I 450 300]

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I would go on vacation, if I wasn’t scared to miss out on some HUGE cataclysmic event. Instead, I have resorted to weekend trips and late night chicanery.

As you know, intra-day, I greatly reduced my short exposure, after originally wanting to short more.

This was my day, in a nut shell:

7am: Woke up to the pleasant fact of lower futures, higher crude.

9am: Eagerly awaiting to view my gains at the open.

10am: Frustrated over the tepid weakness in the tape. However, I was pleased with commodity strength.

11am: Called stock loan and borrowed shares of Comerica Incorporated [[CMA]] , First Horizon National Corporation [[FHN]] , Legg Mason, Inc. [[LM]] , PacWest Bancorp [[PACW]] and Zions Bancorporation [[ZION]] . Sadly, I could not borrow Pzena Investment Management, Inc. [[PZN]] or Vulcan Materials Company [[VMC]] .

12: Went to the gym.

2pm: Increasingly angry over lack of follow through on the short side. Started to cover some names.

2pm: After covering some shorts, I bulked up on energy names.

2pm: Suddenly, I became panicked that my recent gains would wash away, like high IQ’s in N.Korea. Immediately, I made the decision to reduce my inverse etf exposure by 60% and to cover all of the little shorts on the books.

2pm: With proceeds, I hedged my existing shorts with a variety of long positions, focusing in on basic materials, like Yamana Gold Inc. (USA) [[AUY]] and Southern Copper Corporation (USA) [[PCU]] . And, just in case commodities and banks were to reenter an inverse relationship with one another, I bought [[RKH]] , [[UYG]] and an unnamed investment bank—in order to “flatten out” my SKF/SRS holdings.

3pm: Seeing the market rally made me happy, for some odd reason.

4pm:What a non-event. I should have gone (thanks Jake) on that vacation.

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Angelo Mozilo, Employee, Bank of America

How ’bout a rally? For old times.

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I don’t want to give back recent gains. Normally, I Iet the market run its course. However, this time, I am making a stand and will protect my gains.

There is no denying the mental illness that has infected the minds of dip buyers.

Nonetheless, I have decided to cover all of my shorts, with exception to Legg Mason, Inc. [[LM]] , First Horizon National Corporation [[FHN]] , Vulcan Materials Company [[VMC]] and Pzena Investment Management, Inc. [[PZN]] .

I will cover all my of my brokerage shorts, including Goldman Sachs Group, Inc. [[GS]] , Lehman Brothers Holdings Inc. [[LEH]] , Morgan Stanley [[MS]] and even Merrill Lynch & Co., Inc. [[MER]] .

The little ones, like Cathay General Bancorp [[CATY]] , Pacific Capital Bancorp [[PCBC]] and East West Bancorp, Inc. [[EWBC]] : gone.

And, I will cover Bank of America Corporation [[BAC]] .

Lastly, I sold out part of my [[SKF]] , [[SRS]] and [[FXP]] positions, perfectly willing to miss out on “large penis gains” (pardon the lack of curse words), in return for safety of principle.

In an effort to hedge my existing shorts, I will go long [[UYG]] , [[RKH]] , Southern Copper Corporation (USA) [[PCU]] and Yamana Gold Inc. (USA) [[AUY]] —in size.

Don’t ask why or if I got banged over the head with a large “homo hammer.”

For me, at this moment, it is the right thing to do.

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I sold 10,000 shares of each of the above inverse etf’s.

NOTE: Trading move.

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I bought 10,000 [[DIG]] @ $89.10.

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I covered my Marshall & Ilsley Corporation [[MI]] and Comerica Incorporated [[CMA]] shorts, buying 5,000 @ $13.62 and 1,000 @ $25.68.

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I have a lot of respect for the work Mr. Miller put into the industry, over the years. However, like old baseball players or one legged track stars, it’s time for him to retire.

He has done an abysmal job with his assets under management, as of late. But, at the same time, he has done a splendid job driving Legg Mason, Inc. [[LM]] into the dirt, without a pine box.

We all know the headlines:

Bill Miller fired by Mass Pension

Bill ups his stake in Freddie Mac, despite looming disaster.

And, my favorite, Bill says “it’s a tough market.”

So where am I going with this, you query?

Bill’s funds are all down nearly 30% or more in some cases, year to date. In this business, your track record means nothing. You are only as good as your last trade.

I can almost promise, Legg Mason will see its assets under management shrink drastically, as pension funds reevaluate their options, with regards to egregious money management.

In short, the entire Legg Mason Family of funds is down more than 24%, year to date. This is a disaster.

Here are some of their top holdings:

Amazon.com, Inc. [[AMZN]] – 6.6%

The AES Corporation [[AES]] – 4.8%

Aetna Inc. [[AET]] – 2.6%

Yahoo! Inc. [[YHOO]] – 2.6%

eBay Inc. [[EBAY]] – 2.5%

Google Inc. [[GOOG]] – 2%

JPMorgan Chase & Co. [[JPM]] – 2%

UnitedHealth Group Inc. [[UNH]] – 2%

Eastman Kodak Company [[EK]] – 2%

Citigroup Inc. [[C]] – 1.9%

Other holdings include:

[[FRE]], Sears Holdings Corporation [[SHLD]] , Hewlett-Packard Company [[HPQ]] , International Business Machines Corp. [[IBM]] , Time Warner Inc. [[TWX]] , Electronic Arts Inc. [[ERTS]] , Qwest Communications International Inc. [[Q]] , General Electric Company [[GE]] , Nokia Corporation (ADR) [[NOK]] , Level 3 Communications, Inc. [[LVLT]] , NII Holdings, Inc. [[NIHD]], American International Group, Inc. [[AIG]] , Merrill Lynch & Co., Inc. [[MER]] , Capital One Financial Corp. [[COF]] , J.C. Penney Company, Inc. [[JCP]] , Cisco Systems, Inc. [[CSCO]] , Texas Industries, Inc. [[TXI]] , Bank of America Corporation [[BAC]] and Amgen, Inc. [[AMGN]] .

It’s worth noting, Bill has HUGE bets on both AMZN and AES. Coincidentally, I regularly spit on AMZN. Should AMZN drop, it’s lights out for Legg Mason, Inc. [[LM]] .

Conclusion: My top short idea is LM.

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Boy did I miss it.

During the two weeks that inflation was dead or “morte,” I didn’t know what to do with myself. All of these years, I have convinced myself into believing stark craven criminals were controlling the price of crude and other commodities. With this in mind, I knew oil would manage to gap higher and deball century old industries with great vigor, on a regular basis.

Seeing crude up $4 this morning comforts me.

See, I can deal with the evil that I know is there. It’s the people who go out and buy Bank of America Corporation [[BAC]] or Lehman Brothers Holdings Inc. [[LEH]] on the pending liquidation of Fannie Mae [[FNM]] that scares me.

salesforce.com, inc. [[CRM]] is getting its head split in half. I never understood why those losers got to enjoy such a high multiple.

With regards to oil: just buy one, you retarded ape licker.

I like National-Oilwell Varco, Inc. [[NOV]] , Transocean Inc. [[RIG]] and Arena Resources, Inc. [[ARD]] .

Also, with the dollar breaking lower, go get some Yamana Gold Inc. (USA) [[AUY]] , Potash Corp./Saskatchewan (USA) [[POT]] and [[DGP]] .

All of my bank shorts are working. If I had to bank on one bank short, I’d say go with Pzena Investment Management, Inc. [[PZN]] . But, if you can’t do that, without a doubt, bet against Bill Miller via selling short Legg Mason, Inc. [[LM]] .

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Yen at two week highs versus “King Dollar.”

Watch [[FXY]] for proof. And, apparently, [[DGP]] isn’t dead. What do you know?

Developing…

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