This was not a rally, but charity. How can I put money to work, while my double inverse Financial etf [[SKF]] was down a mere .34%?
With all the good news today (ECB, Goldman earnings), the market mailed it in, up less than .5%.
With my money, I’d rather bet against the fucktards at [[MS]] and [[MER]], than go long the indices.
Now, there is a chance for a rally, providing we get some decent numbers out of MS and MER. However, it is my belief, any rally should be sold twice, especially going into the first two weeks of 2008.
Basically, my long term bullish stance has been stifled by recent Fed inaction and persistent credit issues. Just doing some quick back of the envelope analysis, without robust financial earnings, the market is wildly overvalued.
Granted, betting against the market, long term, is always a crackhead thing to do. Nonetheless, near term, I suspect to see fund managers sell out positions, early January. I want to avoid that risk, via hedging myself with inverse ETF’s.Comments »