Locked Out all Day

Marketocracy.com has been down all day - hence no transactions today.

With no cavalry coming in Sunday night to save Freddie (FRE) I would of liked to get some short exposure back on that I took off late last week, but it is what it is. Never seen it down an entire day like this before.

Once more folks, we are in a tirelessly random market. Anyone buying the rip Friday is now punished. I continue to believe cash is a good allocation to have in significant manner at this point. Very few fundamentally good stories are being rewarded as people go chase after what the "playbook" says, trying to out anticipate the turn before all the other "anticipators" do. As I said last fall, and winter, and spring - if you believe the economy is coming back in 6 months then you should be on the train and buying hand over fist as the market will recover before the economy. I was not on that train in any of those time frames, and those that were - got wrecked. I continue to stay off that train and stick to the Reality Express. Choo Choo.

I continue to await the next round of socializing our losses on the taxpayers back which is looking like it must come by Sep 30, 2008 as some $200 billion + of debt by the 2 GSEs must be rolled over. That gives us 5 weeks at most. I'll be interested to see how big the "relief rally" is when that day comes... even though there should be sorrow & disgust at what "free market capitalism" has become, not a rally.