What a fucking turnaround, once again. It goes to show you, when things look most dire, it is time to buy.
Kudos to Cramer and Kass for calling the bottom in financials, much to my chagrin.
This is what I did:
I sold all my my inverse etf’s, with the exception of [[SKF]] and [[EFU]]. Additionally, stubbornly, I continue to hold my [[DECK]] and [[LEH]] shorts.
My largest position, by far, is cash.
Look, I realize a bailout of [[MBI]] and [[ABK]] will do wonders for the banks. I’m not oblivious. However, it does not mean the banks will be back to business. There is still significant pressures within lending.
In short, I am prepared to ride SKF down another 20 points, before buying more. I will not average down here.
With today’s rally, the DOW is barely down 7%, year to date—hardly a painful decline.
When buying stocks, keep in mind, Joey Bag-o-Donuts is still one poor motherfucker, unable to buy that third plasma tv.Comments »