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Monday, July 27, 2009 8:33:19 PM
My girlfriend's uncle by marriage, is a broker from Chicago. He's loaded, a bit strange, but has seemed to call things pretty well since I've known him. He tried to get me into gold in the upper 300's many moons ago but I didn't listen. I see him every summer now at my girlfriend's mom's summer family get together. I mentioned to him a bit of your strategy and thoughts on purchasing a large block of VXX. He had mixed feelings, concerned that options related trades would continue to hold the VIX down and increasing oil and government stimulus would continue to support the markets. He doesn't feel strongly that the markets will pull back near term but does believe that it is falsely supported. He thinks there are more interesting trades to come in late '09 when cost cutting measures have less of an effect on corporate books. He told me to short CAT, but I am not going to do so. He sees too many people short the overall market right now. Far too many expecting a pull back, so in his mind, that means it is not going to happen anytime soon. He is mostly cash and gold right now. He doesn't trust the market either way and is going short near Q3 earnings if the government doesn't offer their hand again fall '09. Just giving you another perspective.
I am cash with the exception of COR and still expecting a market wide pullback... as I was since dow 8000. I'm missing a big run here but think there are better days ahead to reenter. OSK and WYNN were in my sights but I won't dare consider them at these levels. That may be the problem, too many people thinking as we are. Either way, the market has to have a healthy retraction in order to continue this run which is when I will probably reenter. Good luck with VXX, I'm a watcher for now. F4T
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