Unbelieveable. These financials just won't stop and Einstein here is trying to catch a falling knife with these short bets. My best advice is to just to go golfing and sit 100% cash because the market is ridiculous.
As for my "smart strategy" I have been building short exposure and selling my longs, HOPEFULLY to catch a reversal then quickly dump the longs and let the shorts ride; however, this market is just too strong. I am probably going to sell half of my SKF and FAZ right now and taking my "man hits". Frankly, my market barometer seems to be broken and obviously needs to be trashed but if I was forced to make a market prediction, we should have some momentum this morning then once the actual stress test results are released, we should sell off. Then again, with this market, we might go to 9000 on the down today.
Mutual fund money is on the sidelines but if this market continues to hold, they will be forced in, driving the market way higher. Mutual funds were down big last year and they cannot afford to be down again this year; therefore, they will be forced to put money in the market.
Keep an eye on the small caps from last night and hopefully we can catch a few breakouts. Today will be very interesting to say the least. Note, I am out of the office today, so I will either be golfing or trading like a maniac. Therefore, I provide more commentary on the blog, so check back "more" often. I got a few emails on how I can make this more livetime, so I will figure something out of the summer, with RSS feeds or something of that nature. Until then, my best advice is to check back every 15 minutes.
Jobs reports coming here soon.....sell the news or buy like mad people?
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