Oh yes, the pullback is due to the “politics” of the situation. Yes, yes let’s all delude ourselves on that issue.
After all was the election of Scott Brown not supposed to cause a market rally? John Stewart himself talks about it. (Fast forward to 7:30 minutes into the show).
|The Daily Show With Jon Stewart
|Mon – Thurs 11p / 10c
|Indecision 2010 – The Re-Changening
As Jim Cramer says, “Just the truth [that the market will go up due to the election of Scott Brown]”. Of course we know happened, the market has completely collapsed and is heading downwards. Yet the media seems to have forgotten that.
For those readers you will know that I have been complaining about the bubble and have been easing out of positions. The selloff started about 2 to 3 weeks ago. It was at that time I was being knocked out of stocks. Now I am being knocked out 4 to 5 stocks per day. Right now I am 81% cash. If one more day like this happens I will be about 90 to 95% cash. So why am I being knocked out? My stocks are very high beta, and I am being knocked out with 50% to 150% gains on the stock.
Will this be a full correction or minor blip? No idea, but I am now looking for bargains, of which there are NONE! Well, not true, I invested in one stock WNR. But my Bloomberg scanner showed a grand total of 6 stocks!
Quick question, to all of you, the company Hot Topics seem to be a play. Anybody know anything about this company. I am tempted, but just have not pulled the trigger.
That’s why I say this selloff and its excuses of “politics” are just that excuses to sell! Because after all, as Jim Cramer said, with the election of Scott Brown the market SHOULD HAVE GONE UP! And anyone that says otherwise is full of it…