Thus far, the market is 300+ points lower (and counting), since Cramer’s recent bottom call. Marvelous! I just wanted to put that on the table, just in case you were unaware—God forbid.
Gloriously, the bank stocks are shitting the sock drawer, partly thanks to rotten numbers out of [[HBC]] . Mainly, bank stocks are trading lower because they went up so much, over the past two weeks.
Much to my chagrin, ag stocks are being mauled. As you know, erroneously, I am long Agrium Inc. (USA) [[AGU]] . Let’s just say, my individual equity ideas are being a bit stubborn this morning. Full disclosure, I sold some Clean Energy Fuels Corp. [[CLNE]] on the opening tick, following Cramer’s pump. Did I really have a choice?
Thankfully, I am loaded to the gills in [[FXP]] , [[SKF]] and [[SRS]] .
On the matter of important hurricanes sweeping away entire sections of the U.S.:
It appears we will have to wait. Eduardo is a pussy. As a result, oil and natty stocks are trading off with fury. Go figure.
The whole commodity complex is being busted out, from gold to corn. VeraSun Energy Corporation [[VSE]] should be a buy soon.
With commodities coming down, the U.S. economy should benefit. However, keep in mind, prices are still very high. In order to get me bullish, crude needs to drop below $80 and natty below $5.
FYI: natty is a scam and never deserved to trade north of $10. They were just fleecing you.
Finally, with the FOMC ahead of us, I expect stocks to trade lower. There is nothing Bernanke can do but try to talk the dollar up. He will not raise or lower rates. At the present, he is a sitting jackass, with both thumbs up his ass. Into any strength, I want to take advantage of the smoggy skies of Beijing and get long more FXP.
NOTE: I am still chuckling, not laughing, over Cramer’s bullish bank article, written this morning— citing (of all people) Rich Pzena’s (founder of Pzena Investment Management, Inc. [[PZN]] ) bullish stance on the banks. Perhaps an ideal time to short TheStreet.com, Inc. [[TSCM]] and PZN, providing stock is available? Remember, Pzena is the same guy who is knee capping his own firm, via large bets on banks.
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