Monday Market Movement – Do It Again

Now you swear and kick and beg us

That you’re not a gamblin’ man

Then you find you’re back in Vegas

With a handle in your hand

Your black cards can make you money

So you hide them when you’re able

In the land of milk and honey

You must put them on the table

You go back Jack do it again

Wheel turnin’ ’round and ’round

You go back Jack do it again – Steely Dan

Once again, if you snooze (or sleep at all) you lose in these markets as we’re once again gapping up over 1% in pre-market trading – the kind that can only be taken advantage of by Banksters and those fortunate enough to already be rich enough to have high-margin futures accounts – retail investors can simply suck wind and chase the rally this morning as God (according to Lloyd Blankfein) intended.

We had a little fun in Member Chat this morning shorting the oil (/CL) futures off the $102 line and we got a nice ride down to $101.25 but now we’re back at $101.75 as the Dollar fell back to 78.50 – a line it seems to be holding, setting us up to do it all again ahead of the open.

On the whole, we’re ALMOST getting back to Friday’s pre-market highs where we took the money and ran on our naked short-term positions (see Friday’s post as well as our Morning Alert to Members and Stock World Weekly for an Executive’s Summary of the week’s events). Now we’re back to “Cashy and Cautious” with our White Christmas Portfolio entering it’s second month with less than 10% of it’s cash committed to positions, which are well-balanced but still a bit bullish (mostly FAS).