Fun to Watch

Well, yesterday turned out not to be a yawner after all. While I was sitting on my porch bullshitting with a buddy the market screamed higher thereby stripping me of my gains for the month. Not big gains but nonetheless I'm back to zero on the month.

Once I checked the market at about 3:30 it was full on damage control mode. Already small, now my exposure is almost nonexistent. I shoot first and ask questions later. I'm keen to the possibility of a big bounce although my hunch is that we have more downside first. It's one of those extremely rare instances where I would rather just sit on my hands and watch. I'm sure as hell not going to be buying much of anything.

Now today the bulls are getting killed again. Dow down 155 at the moment. Did you buy the latest in a series of bottoms called almost daily by CNBC? How's that working out for you? Keep in mind that every one of those yahoos telling you to buy is getting killed in this market. Just like your 401K.

At this point my next great trade may not be from the short side after all. Maybe it will be getting long more gold. I haven't taken much action but I'm starting to like how the metals are trading here. Also like the action in the mining stocks so I'm watching them closely.