Thankfully, I had the good sense to get most of the hard work done last week. By selling SCO, only ERY can drag me back to the abyss. However, ERY is still rather large, and so I am definitely rolling the dice a bit here.
However, last week I also purchased a half sized position of APC (5% of assets) which is conversely championing it up.
If it looks like stimulus will win the day, then I will cut ERY (in about 20 minutes from now), take my losses (even now greatly diminished) and be content with the gains that will follow. I will also likely buy a little silver, and take my APC position up to a full 10%.
I will be holding cash.
But if Bernanke should disappoint…then I will relish in the sheer terror that is even now preparing to hit the tape.
Just remember this: Yellen and Evans have ALWAYS been this dovish. Nothing has changed here. They were both advocating raining free money since…God, ever, probably. But definitely since early 2011 – the first time I ever cared to listen to either of them.
What else do you expect from two chicken shits from California and Illinois?
So, the question of the day is – are you reading too much into things?
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