Happy days are here again this morning as CNBC gets ready to throw a GM party at 9:30.
I just finished vomiting after watching an idiot from our governemnt on Bubblevision talk about how unemployment benefits are a huge positive for the economy.
The trade this morning is definitely risk on. Here are the gold futures:
Stock futures point to a sharp open as well:
GM is in da house so it's time for a Detroit party today. Does anyone else find it sad that an initial stock offering is one of the only things left that can juice this crooked market?
Given the recent market volatility in stocks and bonds I often wonder if this is the only way the Wall St can make money at this point. As the the credit markets, credit worthy borrowers, and investing banking opportunites are all evaporating perhaps gaming the market casino is the only thing left for the markets from a profitability standpoint.
Don't be fooled folks: Wall St is a ghost town right now. I hear from the frontlines on a daily basis about how bad it is.
The Bottom Line
I continue to remain neutral and hedged in the market. I hold gold and a little silver as my "risk on" trades. I am short tech and the S&P 500 via QID and SDS respectively as a hedge.
I refuse to buy stocks at these lofty levels. I think the metals are a safer "risk on" trade when the market wants to move higher.
I also own a bit of TBT and plan on increasing this position down the road because I think treasuries are toast. I am hoping the European instability take bonds higher so that I can find a better entry point for this position.
Enjoy the Detroit/GM rally. I'll play some Eminem in honor of it: