Hump Day

Seems like the more we rally the more the volume drys up. Hmm. It's a open secret that portfolio managers window dress and paint the tape at month-end and especially quarter-end. Can the buyers sustain the averages for a few more days?

The default position still works despite bumps in the road. Long precious metals, short financials and consumer services. Own metals as long as Bernanke is around. Period. That bearded skank bitch-whore is making this shit up as he goes. He's Greenspan 2.0. As I've said repeatedly YOU MUST have an insurance-sized position in precious metals at all times. It's a hedge. Just own it, just in case.

Financials are starting to look ripe again although it's somewhat demoralizing that we no longer allow institutions to fail. You have to clear the dead wood, not prop it up. Really, shorting anything here is difficult simply due to all the bailouts. As a short you go to sleep (or try) every night knowing tomorrow could bring the next bailout. There will be big money made on the short side but it's tricky as hell.