- So is this column a new Monday tradition?
- If you haven't already, please be a good student of history and review my thoughts from the last Black Monday - they are all still relevant.
- Sure looked like the old Plunge Protection Team was out in full force this afternoon - could we have seen a 1000 point plunge for the Dow if not for the PPT?
- The best place to be right now is cash. We're going to have some great buying opportunities someday, but it's not here yet. Please, protect your capital in the meantime.
- A good friend forwarded me a copy of Dennis Gartman's letter today - Gartman is up 4% on the year, and is feeling pretty good about it, since the S&P is down over 30%. Even Gartman is fearful right now, he has no idea how to trade these markets.
- So much for the bailout calming the markets, eh?
- Finally - an early Christmas present for me - I woke up to find the Yen up $.04
overnight! I promptly sold. I was burned once before for not selling the Yen and Swiss Franc after a gap up, and didn't want to make that mistake again. Could the Yen keep going up? Sure, and I think it probably will. But I also think I'll have a chance to buy it back at slightly cheaper prices.
- Yes, the Yen carry trade unwound in a big way - more forcefully than I ever would have imagined. For a couple of background primers on the carry trade, check out Chuck Butler's previous comments, along with some very prescient commentary from the Times Online back in March.
2 comments:
What a coward?!?!?! Best place to be is cash?!?! Time to put some of that money to work. You have to be in to win it! If you could market time, you wouldn't be drinking PBR right now at home.
Well played, JBones.
Wait, this isn't the same JBones that told me a couple of years ago to stop fooling with commodities and just find some nice high quality stocks to buy, is it?
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