Sitting here in my office, sipping gently on a gin martini (all martinis are made with gin folks; you should adore the succulent flavor of pine needles and vermouth), I am up 2% so far today. Silver and my UCO hedge hold me back from truly spectacular claims.
Yet, I will not commit to this rally this week. I want to see a pause or a pullback before I’m willing to make up my mind.
Crude oil has impressed, pushing its way just below $90 a barrel. Watching it slice its way into the seventies just last week, I can honestly say I did not anticipate this at all. I may owe Mr. Cramer an apology before all is said and done.
(The man has been absolutely nailing it, regardless. My only point of contention was his thought on crude; and it is looking, for the moment at least, like he was right)
At the top of my list of reasons to be hesitant are:
1. Currency: the euro is being devalued, the dollar should strengthen therefore. Lower equity and commodity prices should ensue. However, Jubak has an interesting point out that the ECB may rush to raise interest rates after securing a bailout, just to mess with people, a la Australia.
2. Manufacturing: there are definite signs of a slowdown in production; the latest NY report left much to be desired. Call me old school, but I tend to believe in the sway and sight of those who actually make things. I want to know where that buck stops rolling.
3. Banks: Why were they blowing up? Was it just euro debt, hence the selloff is over, or is it something more? Time will shortly tell.
4. Employment: The government keeps records like Jeffrey Skilling. Let’s see if they revise anything downward, as the rhythm of the jobs market before now has been pessimistic at least, and horrible at worst. The post office wants to drop 100,000 jobs. Is that just rhetoric, or will they go through with it? I’m not waiting for a jobs recovery to commit myself long, but I’d like to make sure unemployment is about to blow out first.
5. China: The country sucks. Enough said.
I will make my decision soon.
Soon…but we do it my way.
(I will eat my top hat if you tell me what movie that last line is from)
If you enjoy the content at iBankCoin, please follow us on Twitter
Mad Max
No.
von ryans express
Debbie Does Dallas?
Humungous in Mad Max 2 (Road Warrior)
I longed some crude on the way back up, but sold this afternoon. I think crude is purely reactionary – a flag on the spy or pullback seems orderly, but crude consumption should still be lower.
For some reason I’m thinking that quote is from Bad Boys?
Road Warrior (Mad Max II)
______
The Road Warrior is correct.
(removes top hat, begins to chew on brim)
My head is full of stupid, useless knowledge although I am the guy you want to partner with at movie trivia parties (I believe my moniker speaks for itself).
I find a classic 2010 2-Buck Chuck Merlot brings out the distinctive, yet somehow pungent, flavour of top hat.
Lol
“The government keeps records like Jeffrey Skilling.”
I’m going to have to steal that one. Good quote.
I’m pretty sure I already did. Good ol’ JM.
Cain, I know you were playing REITs as was chess for some time in the spring, what are some of your favorite tickers? I’m interested in browsing the sector looking for somewhere to start.
Thanks
AEC and CLP. CLP has the makings of a big swap in the works if they do this right.
Right on thank you very much.