A mugging

As we get ready to start the new trading week and the end of the vacation season I need to report a mugging. Thursday afternoon the SPUZ were trading 995 and a late day ramp took em to 1002 and then on friday we had a no volume ramp to around 1012 (on a worse than expected Jobs report) , and tonight they are trading 1020 - the shorts were mugged for 25 points - I want em back.
When everyone was crapping in their pants in March Doug Kass got bullish and now when everyone is bullish and worthless companies (AIG,C,FNM, FRE) are trading 100s of millions of shares perday Doug Kass is sounding the warning shofar. Be wary people we went from risk revulsion to risk adoration. I think the S&Ps could trade down 70 points in a day and then just sit there - be ready, be wary, be skeptical. We are facing a future that is missing all of the financial steroids, we can only fake it for so long, the piper will have to be paid eventually. This does not mean that there are not fine companies out there that can prosper but on the whole its going to be a lot tuffer with out huge amounts of available credit to grease the system.

See you in the AM as the summer season is now in the past and I believe Bear season is upon us

JB