Wednesday, September 17, 2008

Cramer: "The last thing I feel today is smart"

That is a historic moment - Cramer stating the fact.

DavidDT:"The last thing I feel today is smart"
That is how I always feel when I try to play a hero and step in front of a moving train by taking the "Hard Trade" - today that was buying Oct (SMH) and (XLF) calls.
Sometimes such trade might produce astronomical profits ( Like going long calls financials on July 14th), but more often it will destroy your finances and, most importantly, rid you of "superior attitude".
After today's close, even sitting on flat new position I feel exhausted, unsure and, once again, tired.
Most likely I will take some loss tomorrow and will get on cash for some time - I made quite a few costly mistakes lately and don't want to press. Well, I still have all night to do some thinking...

Took off 1/2 of (GLD)/(SLV) trade ( I sent "Regular Contributors Letter" on September 11th to entire "Free list" - looks like I can be right once in a while )

My decision to suspend posting on my sites partially due to "yet another strange email" I received today, here is the text: "
why did i get this email so late?"
Firstly, I am not the one who is sending emails (mailer does as soon as ...whatever), secondly I do not guarantee "timing" of neither "free list emails" nor "RCL" emails, thirdly I post my opinions for "educational" purposes ONLY and not recommendations to buy or sell any security" - PLEASE READ FAQ and
DISCLAIMER on the bottom of the page (as well as on the bottom of every single email)

On a serious note - this is the most horrendous market I've seen since 1992, even IF I am right 70% of the time - retail part time trader will not be able to "keep up" with this market's pace and swings and if someone decides on his own risk to treat my opinions as something he/she might use - I, myself, might change my decision 10 seconds after I expressed it (read DISCLAIMER on the bottom of the page)

Before I say "Goodbye" for few weeks, I'd like to express my gratitude to anonymous contributor who "PayPal"ed enormous contribution with note "GLD", Thank you, but I already returned this contribution - I can not accept THAT unacceptably LARGE amount(4 figures!), but gesture is GREATLY appreciated - I am glad someone made some money along with me on that trade.

"See" you in few weeks...preserve your capital

P.S. As a favor - can you, PLEASE, email and call CNBC and ask Larry Kudlow to shut the ...hell up? I am just wondering of how much they have to pay him to be the way he is? Or he is just "IS" that way?