As many of us know, and the rest of us will soon discover, the stock market is overvalued. Ringing in the echoes of Hoover ("The fundamentals of the economy are sound")--Nov. 1929 and Fisher ("stocks have reached a permanently high plateau")--1929, we have the tag team of fools in Bernanke and Obama telling us that it's all daisies, rainbows and kittens. (I like kittens, but this is irrelevant to my point.) [more]
August 38s for 87 cents. First big options trade I've made since before March lows... everything is aligned for these puppies to triple.
When I left on June 18th, I took off for both a mental and physical vacation. After exploring the backcountry of Colorado via whitewater rafting, kayaking, ATV-ing and horseback riding, I found my body and senses refreshed. A nearly month-long vacation from CNBC, CAPS and the internet found my mind refreshed as well. Away from the inane blather of a desperately confused mass, in the quiet and tranquil air of the Rockies, I found time to reflect. Away from the minute to minute movements of the markets, I honed in on the larger timeframe. [more]