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I will be appearing on The Kudlow Report tonight to discuss the markets 200 point shellacking today.
I will be on CNBC at 7:00 – 7:20 or so with Zachary Karabell, who is an all around raconteur and nice guy.
To review our stance: Our early warning of a coming disaster — recall Dow 6800 — was made in 2006. We were long but miserable throughout 2007, and finally got stopped out of everything in December 07. Mostly cash all 2008 (see this). A long trade October 2008 or two, a bounce, then back into cash. We finally flipped bullish early March 2009, advising traders to close shorts. “There is a monster bear market rally coming,” we said.
We reiterated that Bullish view over the summer, and again in September.
Last week, we advised putting on some hedges (QID and SDS), writing: “While no one knows whether this will be a collapse or a mere shallow consolidation, I suspect the latter — but we have had a huge run since March, and our managed accounts have profits that require protecting . . .”
We currently own names a mix of big and small names like Disney (DIS), and Arch Coal (ACI) and Allied Irish Bank (AIB), as well as some smaller firms, like Continental Airlines (CAL), Bare Essentials (BARE) and Ulta Salon, Cosmetics & Fragrance (ULTA).
Should be fun!
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UPDATE: Video is here
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