Just a quick word on reported Q4 GDP which came in at 0.6%...if we were using a realistic (as opposed to completely fucking bogus) inflation rate GDP would already be a negative number. Contraction currently underway- that's the reality.
The consensus in the marketplace appears to be that we've had a bear market for a couple months and now banks, retailers and homebuilders are a buy. The bulls are so arrogant and they'll be proven wrong. There is no way this all over. No way. We are in the early innings and have a long, long way to go before this plays out.
I came into this week extremely negative on the market. I put my money where my mouth is in a big way. Took too much risk and paid the price. Now we may be about to get hammered, just as I said, but early equals wrong. I accept that. It's hard to put your hand back into the fire after having been burned but that is exactly what I'm going to do. I feel very strongly that we have another leg down coming very shortly.
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