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In Accordance with My Convictions

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I can practically feel the market trying to shake me out of my shorts (and, let's face it, that's the only entity that would ever consider doing such a thing), but it's not happening. I feel about my current positions the way our beloved Kooks feel about precious metals. That is…….I'm staying put, rock solid.

This is not to say that I've removed all my stops and am shutting off my computers. But, in spite of the severity of the sell-off during recent weeks, the charts I'm in are simply too marvelous to close simply because I am afraid of the Chairman this Friday. There isn't a living organism on the planet that doesn't know about Ben's speech Friday morning. Do you think the markets will rally on the "surprise" of this news? I don't. Leading up to it, yeah, maybe – which is what we're getting now.

I intend, by the way, to speak respectfully of the Chairman of the Federal Reserve. I am counting on him at some point to really goose the markets into uber-shortable territory. I am 55% committed now, but I want to be 200% committed, and I can't do it without Dr. Bernanke's help. So, until that time, I shall treat him with the kind of decorum – even reverence – to which any sycophantic object is entitled.

The chart below is an example of the kind of thing I'm short. Yes, a huge market rally might fracture or even break the technical legitimacy of charts like this, but until such time as a rally, should it ever take place, transpires, it is illogical for me to run over going into 100% cash based on a phantom menace. I will handle my positions, one by one, on their own merits.

Chairman Bernanke, best of luck to you this Friday. I'm with ya. Shalom.