My buddy Joe from UPSIDETRADER has been more right about the financials than ANYONE, even Meredith Whitney. It is one thing to call it (as Meredith has) and completely different to TRADE it. Much respect for Joe.

When it feels as bad is it does in the market I could not help but break my guidelines (there are no rules) and get a little long near the close. I am actually hoping the market gaps lower, I have plenty of ammo for any potential reversal but bought some “just in case” upside exposure. There is ZERO technical evidence of a turn, but I smell fear. I do not want to encourage anyone to do anything reckless with their money, we are still in a vicious bear market. Small share size and risk management will keep you in the game when you make mistakes (and we all do).