Fear!

Now it gets serious. We have the octagon fired up on CNBS. We have the commentators like Melissa Francis (ex-Little House on the Prarie fame) now questioning her unrelenting thesis that oil prices rising did not hurt the economy. I still remember her giggling when oil was rising over 100. It shouldn’t be surprising that CNBC has the triumvirate of Joe Kiernan, Becky Quick, and Carl Quintinilla giving you the morning business spin. These aren’t people that are there to report the news. They are there because they spin a story, and we all know what that story is.

Its almost funny now if it weren’t so tragic. They have spun this version of the “truth” and what benefits “free markets” for years. Its the old Gordon Ghekko theme of Greed is good. Give the very largest predator in the pond all the food and a little poop will trickle down to the rest of the pond. Tell the rest of the fish in the pond that they are big fish and they’ll believe it……until they are gobbled up one day.

This is a market and as markets go so goes the squiggles. Right now we are showing some evidence that the miners are showing some strength. Maybe the core I am holding is going to stop its bleeding. I still like the physical ownership more than ever. The miner’s shakeout has been expected, but it always feels painful and FEARFUL. Get you out of your shares here. I know I lightened up slightly on some positions. EUO is still on as a trade and will be at least until Monday. Tuesday is the announcement day for the Greek showdown. Take care all and gl.

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