10,800 – Important Level

We have major resistance around 10,800, not to mention the 200 MA @ 10,809.

Watch this level:

Did Cramer say he wanted to buy Goldman Sachs Group, Inc. [[GS]] & Morgan Stanley [[MS]] September call options last night?

Can somebody confirm he said this? This might be the worst call know to man.

In other news, the financial are getting absolutely murdered. In my 7 years of trading I’ve never witnessed blood like this. And, somehow it doesn’t feel like it’s enough.

Sorry for the late post, but I’ve been busy selling all morning on this strength. Let me make it clear, when I say selling, I mean everything.

Right now I am 100% in cash, every account (including the IRA)

Stop and think for a second before you go out and buy because the Vix is near 40. This ain’t Bear Sterns, this is our country falling apart at the seam.

Now it’s possible I could have sold at the bottom, but guess what? I don’t care.

Personally, I feel lucky. How many chances do you get to sell before the market comes crashing down?

Do whatever you want, and understand I am not giving advice. I’m just letting you know where I stand.

In December of 2007, I ran my annual stock of the year contest. Looking at this list, it is clear nobody had a clue where the market was headed, not even me.

However, there were a few people who were dead right, Fly is on the top of that list. If you are positive on this list my hat goes of to you.

Note: The results so far are terrible, names are left out to protect the dignity of the stock pickers.

Make sure you grab a few longs down here.

I picked up National-Oilwell Varco, Inc. [[NOV]] @ 53.30, also added to my position in FCX off of Fly rec, and grabbed Google Inc. [[GOOG]] @ 418.

Note: I’m still long [[SRS]] , and short Legg Mason, Inc. [[LM]]

Update: Out of GOOG @ 421

(Click to enlarge)