As investors await for THE BEARDED CLAM to have a word, their hands are clammy, because they are not sure of themselves. They walk around without purpose, unsure about everything stemming from pictures of their cocks to directional positions in the market. This is where I separate myself from the pack. I do not think my positions will trade higher, I know it. While the stock Gods plague me with black magic, I deviate ever so slightly in order to stay in the game, assuring myself of future success. This is accomplished by reducing leverage or eliminating it and tossing non-essential holdings into flaming barrels of garbage.
Despite today’s tepid action, I am pleased with the sharp spike in refinery stocks, namely ALJ, CVI and WNR. As you know, much of my personal and managed assets depend on the day to day volatility of the refiners. Thanks to rising spreads, I have received a respite.
Separate from that, the general tone of the market is very disappointing. We had a very nice rally going and people sold into it. At the top of the crap heap are the banks: horrible pinless hand grenade action there.
POST BERNANKE speech:
It sounds as if the Fed Chairman is still concerned about the economy and will continue to accommodate. Furthermore, he says THERE IS NO INFLATION. As a result of this demented way of thinking, do not be surprised if he ushers in another round of quantitative easing.
All in all, I have to be long here. I have no choice and will deal with the consequences later, should my bullish position end up being a loser.[youtube:http://www.youtube.com/watch?v=UhpbslSaLiQ 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter