That means buying into today’s collapse…

I’d written earlier this week repeatedly about how the hardest trade to make had been no trade at all.  Not trading at all was particularly “hard” since we had raised so much cash at the highs just a few days earlier.

If we stay with the concept that the hardest trade to make is usually the right one, I think that means buying into today’s collapse.  It’s ugly and it’s hard out there.

I’m also sticking with our new Wells Fargo short that is already nicely profitable.  Bank of America, Citigroup  and the rest of the TBTF banks have been and I expect will continue to trade much worse than the broader markets, and Wells Fargo looks to have more downside potential than those.