Gilley's

The Fed and Treasury are drunk and riding the bull like they're at Gilley's. Short term the market likes it and some are calling a market bottom. I'm not buying it. Printing money to buy our own debt and banker's toxic assets isn't the solution.

Short term we may be bullish but before this bear market is finished we will be in single digit P/E's. As a trader I've bought some FAS and SPY calls so as not to fight the Fed, the Treasury and the tape. These are very short term trades.

I sold some XLE 35 puts yesterday because with the pressure on the dollar, commodities such as oil will probably not drop all that much. It was my first sale of premium in a while.

Interesting times..