So much drama and so many microphones!!!

Holy moly ladies and gents, we have been on a pretty good run the past few days despite the efforts of those in the spotlight. What do I mean? well, glad you asked.

I think someone needs to remind all those who hold elected and appointed positions in the government that a microphones does allot more than convert your voice to electricity so that their words may be broadcast to all of us down in the real world.

Again what do i mean? well, glad you asked.
First we have old Ben Bernake telling us banks are great and not to worry the economy is slow growing but is still growing. Then thirty minutes later you have Bush telling us that the markets are "Basically" sound. What does that mean? I asked everyone, but no one seemed to know. Well I found out what it meant, the word "basically" means... a drop to a two year low in the Dow. So I am sponsoring legislation to ban the word "basically" from the English language. So vote for it, my retirement account thanks you for your support.

OK I'm not really leading a vendetta against the word "basically" but maybe I should. just kidding.

well what to do now? Well, as always with my usually disclaimer, it is up to you. For me and my accounts we took bold action on the dip and bought the only bank i feel comfortable with Well Fargo (WFC) and sold it three days later for a profit of 25%. So now that i have made my gaol this year, I'm taking the rest of the year off. OK maybe not but it is a thought.

Let me step back a moment, I'm not one to brag about how great of an investor I am, but I mention this trade for several reason.

1) don't be afraid to be a contrarian investor. Like i always say, just because they are on TV does not mean they are smarter than you. So if the door of opportunity opens take it! BE LIKE A LION and roar your way to profits.

2)i know i said i hate banks right now, but DOW at 10,900 sets up a different playing field. All things are dynamic, so be open to change. Beside Wells Fargo is a great business that pays a descent dividend. So if i was forced to hold it for a while at least i would have gotten paid to sit on it.

3) In times of uncertainty and overall bearish sentiment, shorten your investment horizons. (I think I have said that before). In the case of my Well Fargo trade, I was willing to risk buying a company in a extremely bearish sector but only to hold for a few day.

I hope that helps explain my logic.
So what is the next trade, well we will have to see how the next few days pans out. Hopefully Oil will continue to retreat causing the markets to rise, then i most likely will get in and out of XME the mineral ETF . i might even be persuaded to sell some close to the money covered calls.
Any way keep an eye out for those retreating minerals but this is not a good time to trade oil stocks. Their are simply too many eyes on oil and that leads to too much volatility for my blood.

take care all and check out the video clip below. it almost make me sick.
http://www.youtube.com/watch?v=adYbFQFXG0U