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We are all day traders now.
I remain shocked how many are imitating Citigroup's Chuck Prince, who in July, 2007 said:
"“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still
dancing."
I remain surprised how many are ignoring the unique and growing number of adverse outcomes that have reduced the upside reward relative to the downside risk.
I am also surprised how many are partying with @stoolpresidente (I enjoy watching David Portnoy - especially
his pizza reviews!) and Wayne and Garth LINK and ignoring the concept of "margin of safety."

Not surprising is the confidence expressed by the bulls who seemingly are hanging on the unquestioned notion of "liquidity" as their guiding light to optimism. Many of those same
optimists were quarantined in their bomb shelters at the March lows - fearful of stocks and the opportunities they then represented.
As for me, I have no clue what the markets will do on Monday or over the next few days but I am increasingly confident that the outlook for the
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