Dear Short Sellers

Dear Short Sellers, it’s me Boockvar, pronounced without the C. Some think I’m Mr. Bear, I prefer Mr. Realist (reflation trade bull in March ’09). I’m writing now to say be very, very careful here into year end (2011 a different story with plenty of concern). Combine a settling down of European credit stress with potentially a better than feared earnings season (INTC was impressive), the growing possibility of gridlock in Washington, DC come November ( has greater than 50% chance of change in the House), a Fed that wouldn’t know a rate hike if even the Bank of Japan wrote it on Bernanke’s forehead and a very underinvested money management community and we are set up for a big rally (after some backing and filling of the current 7% bounce as we are somewhat overbought short term) over the next 5 1/2 month which may have already started.

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