Wednesday, August 10, 2011


Didn't blog yesterday, but the market sure seems in full bear mode. I don't have much to add other than this looks like it will take some time to work out. Is this a return to the secular bear bottom? It doesn't feel like it to me, but I was wrong about it in 2008.

Either this is like last summer and we get a bottom in and a retest, or it does play out like 2008.

How's that for fence sitting?

I still have a bunch of cash and low beta stuff, in addition to the oil play (ouch) and the QQQ and VB positions.

I think any dip in oil prices is temporary. Cars still run on gasoline, and not too many folks are buying the electric cars (that run on coal).

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