With today’s spike in my inverse etf’s, “The Fly” was up another 2.8%, much to your chagrin.
Aside from a surprise Fed cut, there is no reason to be long stocks. I mean, really, aside from price action, is there any fundamental reason to go long? The downturn in the economy has just begun. There is a lot of pain left for bullish hand fuckers.
As sure as I’m sitting here, [[INTC]] will print $15, sometime in 2008. The end user is hamstrung. Do not get sucked into PE ratio value traps. The “E’s” are all lies.
Beneath the surface today, [[ABK]], [[MBI]], [[RDN]] and [[PMI]] were obliterated. Should any of them go belly up, look out below; the financials will get drawn and quartered.
Towards the end of the day, I initiated short positions in [[DOW]], [[DD]], [[FCX]] and [[MON]], via [[SMN]]. Additionally, I bought more [[DUG]], anticipating a cascading sell-off in [[XOM]]. And, I bought a little [[SKF]], on this dip.
The notion that the financials have bottomed is laughable. If your brokers are telling you to go long, fire them—for they fucking suck meatloaf.