Today I was interviewed by a major financial news publication to get my views on the market. The person doing the interview is a respected, widely-read analyst himself, and he told me he was getting a ton of hate mail and other nastygrams in various forms, since he – like me – has been relatively bearish this summer.
Let me be clear that this weekend allowed me to clear my mind about the markets. I am quite done apologizing for missing the March-August move, so I'm going to smack anyone who gritches about it again. My post on Friday afternoon was all the contrition that is due, and I am now moving on with my life.
There is one individual, however, to whom I will grant Wonder Twin Privileges – – Salt. He is the only individual who I know went mega-bullish at precisely the bottom and hasn't changed his stance. His call was superb. On March 6th, he wrote here on Slope:
have decided to go as LONG as I have ever been, with options anyway! I
will be buying Sept., Oct., CALLS on DDM , SSO, DIA, SPY, etc. way out
of the money, (cheap), about $40,000+ in these as I expect DOW 13000
and SP 1300 before year end. I will also buy GDX calls, Sept @50
strike, and Jan 2010 @ 65 Strike, about $40,000+ here also. I expect
GDX to hit 90 before the end of the year. When this plays out, I will
be looking at about 2000%+ gains in about six+ months. That I can be
happy with. Then I can just sit back and do nothing for six months.
Good luck to you all! Sentiment is at historic lows! Insider buying is at historic highs! Enough said.
As for everyone else who wants to either claim they rode the rally or, more commonly, just want to bitch that this blog didn't ride it all the way up – – - stick a cork in it. Because Salt is the only one who stepped up at the right time, made his declaration, and was specific. (The fact is, however, that Salt is too much of a mensch to take me up on this privilege).
And, with that, I leave you with this: