Make no mistake, today was a major victory for the bulls. In the face of a “fuck you, you’re dead” sell off, the bulls clawed back and pared losses, significantly.
Not to be stubborn, I took profits on portions of my inverse etf’s, namely [[DUG]], [[SMN]] and [[EEV]].
Now, without a doubt, I feel the market will go much, much lower. If you believe the entire credit crisis warrants a minor 8% sell off, then go ahead and buy stocks—like a drunken idiot.
Again, at some point this year, I feel the DOW will be lower to the tune of 15% or double the current loss.
The reason why I took profits on some of my inverse etf’s was to build a fucking warchest. God willing, the lemmings who buy financial stocks will bid them up, over the next few trading sessions, enabling “The Fly” to bulk up on his [[SKF]] position.
As you know, I bought 3,000 SKF at the close, just in case.
Bottom line: if [[AAPL]] reports a good number, there is a good chance the market will spike higher tomorrow. I’m not interesting in making zillions, all at once. I’ll patiently wait for opportunities to arise, while holding a very large cash position.
The one thing I will not do is go long stocks, with the exception of special opportunities like [[CMO]], which is on fucking fire.
UPDATE: AAPL warned. Down we go. My [[REW]] position will shit all over the bulls tomorrow, much to their chagrin.
NOTE: In case you’re wondering, I was up 1.75% today.
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