Yesterday, while I was watching every asset class on earth explode higher, I was in Don't Get Killed mode. Given the fact that the bulls completely and utterly dropped the ball by this morning, I went back into the mode I greatly prefer, which is How Can I Make the Most Money.
In spite of that, I'm still playing it safe. I covered my large short positions, and I'm presently only about 35% committed with the rest in cash. I do have 20 new positions that are a single mouse-click away, which will goose me up to 50% committed, but I'm in Wait and See mode (who knew I had so many modes?) since for this particular moment – we might be shoring up for somewhat higher prices intraday.
The good news for me is that this whole Spanish Bailout was about as hugely successful as the Facebook IPO. This might be a sneak preview of the bearded one's announcement next Wednesday, which might – – as with Spain – – could turn into a very fadeable non-event.
