A World Gone Crazy

The second half of yesterday wasn't as fun as the first half, unless you were a wild-eyed bull. Such is life when you miss a needed hedge amid a world gone crazy.

I don't think it's bullish that grossly under capitalized banks -- banks that would have to shut their doors if a mere 15% of depositors showed up on any given day to kindly ask for their money -- are now boosting their taxpayer-subsidized dividends.

There is only one thing to do after a day like yesterday, and that is to watch the first 5 minutes of Jim Cramer's Mad Money to see his insanity level. Indeed, last night he was so pumped I thought he was going to explode. He was absolutely frothing with bullishness. Good.

I'm watching ES futures trying to decide if I should hedge in the pre-market. So far they are giving me pause, but I will start small and see what happens. After all, each scenario that I have resolves higher eventually. No matter if it heads lower first. So remaining completely unhedged when the plan was to be hedged makes no sense.

The wave patterns project over 1400 on the S&P. Ironically, the best case would be if the current rally keeps going to create a 5th and final wave somewhere between 1410-1440. If the current wave is part of a larger corrective move back down to the 1330 area (or even 1360 in a triangle), the ensuing impulse could target higher.

I wish I had more time before I leave on my road trip, because I'd like to make stickers of this man's smug face to put on every gas pump I use between now and June.