Thread by @DougKass

@realmoney

Don't Be Obsessed With Your Desires
* There is a force in the universe...
"Don't be obsessed with your desires Danny. The Zen philosopher, Basho, once wrote, 'A flute with no holes, is not a flute... A donut with no hole is a Danish."
- Ty Webb, Caddyshack

This is the time in the market's rally when FOMO replaces FEAR and when the confident "talking heads" who projected a market retest are equally confident that a new bull market leg is upon us.
To me, this is the time in the market's rally to reassess

upside reward vs downside risk in all of your holdings (hint: it is deteriorating) - as many equities are up substantially from the third week of March.
It is the time to also consider margin of safety in your holdings.
Just as it was, with the benefit of hindsight, appropriate

to dispassionately buy aggressively (and even recklessly) two brief months ago, now may be the time to sell without emotion and regard for those "talking heads."
We faded pessimistic "Group Stink" and a horrifically weak tape in March.
Today it might be advisable to fade

optimistic "Group Stink" and the rip your face rally in late May.
Remember, that the shortest difference between two points is a straight line.
Don't be Mitch Cumstein.
Don't be caught night putting and don't be obsessed by greed or by your desires.

I am long what I perceive to be value (e.g. banks, $VIAC and others) which trade at a 2200 S&P equivalent (or lower) and I am shorting the Indices, with emphasis on the Nasdaq (which is heavily dominated by growth leaders like $MSFT and #FAANG). @jimcramer @riskreversal

@tomkeene @cnbcfastmoney @SquawkCNBC @andrewrsorkin @carlquintanilla @guyadami @joeterranova @threadreaderapp unroll