Market Update

WOW! Today is turning into a real bloodbath thanks to that disastrous consumer confidence number and ongoing concerns in Europe. I have been pretty much stopped out of all long positions and am looking to short on any strength. The technicals of the market are awful- we have been below the 200 day for over 4 weeks. About the only positive at this point is the market holding the key 1040 level (temporarily) on the S&P 500. If we breach that the next level is 950 which is a long way down. On the bright side of things gold is holding up very well and is back to its safe have role. However I have no interest in gold stocks as they more than likely will follow the general indexes as opposed to gold (like they did in 2008).

Black Swan Insights

Disclosure: 95% cash, 2% in Stans Energy, and 3% in Africa Oil. Will likely increase short positions in Oil and base metal stocks.