Crazy Train!

As Ozzy Osbourne sings, “Crazy, but that’s how it goes…. I’m living with something’ that just isn’t fair.” And boy was today a crazy train!

The top 5 active stocks represented 20% of the volume today. Four of those stocks are under 5 bucks, ABK C BPOP FNM. Only BAC was over five dollars. Not what you would call a healthy market. Pathetic volume to begin with and then 5 most active are government-welfare financial stocks!

One trade I made today was to cash out some UNG calls for 38%. A nice take on a two-week hold. I also sold my SPY puts on that morning run down. I felt particularly good about that after the reversal and continuing grind up in the markets….crazy.

In case you haven’t heard, Recession is not over yet, says US panel.

And I find this disturbing: For Consumers, Time to Shop Until the Mortgage Drops. You’ve got to wonder how we have record consumer spending and record housing defaults.

INTC blew away its earnings and went nuclear after hours….which isn’t unusual for them. Actually that’s very predictable. And more often than not, it gaps up the next day and then reverses. So we’ll see.

Okay, we’ve reached the hump on OpEx week. Remember, after Monday and Tuesday even the calendar says W T F . . .