Listen, I’m not going to tell you I told you so (cough, Cain, cough), but…
Pppff. Who am I kidding trying to take credit for this? This was like the little brother acting tough, talking shit, puffing his chest out while big brother hovers behind him. There’s no way I would have ever, EVER, been as emboldened as I was with my recent convictions in print without PLUTONIUM PETEY’s guiding light. I don’t profess to know very much about technical analysis, valuations, etc. What I do know–from my days as an active sports bettor–is that when a herd gathers and then begins to build momentum on the heels of the same, regurgitated arguments, look out. And when that herd is led by none other than the incorrigible Tyler Durden of Zero Hedge, WATCH THE FUCK OUT–your portfolio is destined for losses of murderhole-sized proportions.
(As an aside, what I think is funniest on monster rally days like today, is Zero Hedge’s sarcasm-filled reaction. All their titles sound something like, “Market Inverse-Plunges,” “Retail Refuses to Go Back into Stocks No Matter What the Market Does,” and, my personal favorite, “China will not hesitate to protect Iran even with a Third World War.” Like, okay dude, we get it, you think the Dow is 11,000 points too rich. Just hilarious to see him pump out Bearshitter headline after headline the way a raving lunatic would in the midst of a 7% rally in three days.)
As everyone else, I’m eminently thankful to the Greatest Chairman of our time, Benjamin Bernanke, for winning me back my money. The Bernanke pimp hand continues to be in full control, as it makes end-of-month appearances to slap the Tyler Durdens silly.
There’s really very little else to say about this tape. If you were positioned with your balls on the chopping block long over the weekend, it’s probably a good idea to take some off the table. I myself trimmed some of my AG today, in hopes of buying it back on a dip in the next couple of days. I also picked up some GSVC, as it seems primed to move higher. If not now–with Facebook/Zynga IPOs imminent–I’m not sure it’s ever going to move much higher than NAV. And let’s face it, its true allure is as an investment proxy for something inaccessible to most investors.
If we do, indeed, get that vaunted 2-handle on the Friday BLS report, it will be on like DONKEY KONG-COLOMBIAN COCAINE STYLE. We will likely rally into the end of the year like mofos and even spark tectonic shifts in sentiment. In the coming months and days, I will be monitoring my Facebook news feed for tells, as “market morons” start to dish out stock picks and their minions “Like” them. Then, I will know it’s time to do the Durden. For now, we feast with Santa while (salsa) dancing on the graves of turkeys.