Friday, October 29, 2010
Asleep at the Whee-lo (money manager's pullback chamber choir)
Nothing warms me more than a market which moves only higher (seemingly), coincident to a chorus or warnings (daily) why we're going to pull-back - very very shortly; most certainly; since it makes such perfectly logical sense.
Sure sure sure - we have an election on Tuesday and the Fed's QE2 menu releasing Wednesday. We've run up ahead of these events and amply so. Any bum can tell you now we'll sell-off on the news.
So brilliant. May as well sleep-in a little longer.
Meanwhile you are just getting further and further from your benchmark as the market fails to cooperate. You're just too bright for such a ridiculous game, Mr. Manager. You buy your pullback, tough guy. You can even have my shares if you get one, I'm easy. You'll make your year still - there's going to be that year-end rally waiting there at lower levels - just to grace your ass! Christmas turkeys glazing, more full of shit than even you.
Yes yes, I know. Getting cheeky is dangerous sport. Fortunately I'm so old I get away with all kinds of murder. The trick is letting go of your thoughts, beliefs and words pretty much the minute you speak them. I don't even remember what I just said anyway. I could be net-short by the end of the day, I really don't care. Where's my sippy-cup?
At least though I have so many of these guys to tell me what I should be doing. Such peaches.
Follow Centrifugal to fade trades in real time
Total Position: Currently 2.8-to-1 net-long, 108% invested (will reduce to ~100% or less by close)
Currently Long (according to size): CRM (10.2%); BVN (8.1%); EWZ-Brazil (7.1%); ULTA (re-increased today, 7%); VALE (6.9%); OVTI (6.7%); PPO (6.1%); LTD (6.1%); MCP (reloaded today, 6%); NFLX (5.8%); COH (5%); DAL (4.9%)
Currently Short: GMCR (could get stopped today, 7.7%); DISH (7.4%); CVS (6.8%); ZMH (7.1%)
Futures: no current position