The Churn Begins

The Churn BeginsIt’s the last day of the first quarter today and I’m wondering if some scattered Pollyanna’s are trying to get some last licks in as they get ready for their perceived move back to 14,000? Over 90% of mutual funds lost money in 2009 and these are the same twits with blank checks making buy side decisions right here. I chuckle as I sharpen my bayonet and clean my bazooka.

Roubini was back on he tube and is still a bear, nothing but a bear market rally in his opinion and he thinks we still have another 30% to go on the downside for the S&P. He thinks China is ready for a “hard landing” too. Goldman is at 8% growth for China this year, he is at 5%, way under consensus. He’s been right-they’ve been wrong so I know where my money is.

I’m ready for more shorts in the financials and I am waiting and hoping for another rally to re-enter shorts, my regret is that I didn’t take more advantage of the last run up, I attribute it to short seller exhaustion on my part. I’m watching ZION and STI as possible “fails” going forward, if I’m right we could see low single digits on both so stay tuned.


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