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The Faint Saint

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From our family to yours--may peace be with you!

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Stephen Prosper in his time
Well he may and he may decline
Did it matter? Does it now?
Stephen would answer if he only knew how


(Grateful Dead)


I've been doing this a long time and I've learned that there will be times when you see it and times when it's fuzzy. The goal is to not let yourself feel too good when you're rocking or too bad when you're not. It's surely easier said than done but that doesn't mean we can't try. Perspective is necessary now, more than ever, whether we're talking stocks or the human condition. Keep your head on.

The question we must ask ourselves is if we believe we've begun a new bull market. IF you think that the answer to that question is yes, you should be using pullbacks to add exposure. If you don't subscribe to that notion, however, then this is a compelling opportunity to use price to your advantage and make sales. I'm clearly in the latter camp and while I may be wrong, chances are I'm simply early. It's worth noting, by the way, that despite the recent rippage, the S&P is still in the process of making it's third "lower high" since the November Razor Burn.

This is the most vicious rally I can remember and if form holds, the ramifications are daunting. Perhaps I'm in denial, but I recall with great clarity similar feelings of doubt as we were approaching important cusps. Maybe this time IS different but I'm willing to scale into defined risk puts and find out. With the VIX getting crunched, I think the potential reward warrants that risk.

In any event, I'll see many of you at March Madness Minyanfest on Sunday and the rest of you Monday morning. Brian Reynolds and Charlotte-Anne Lucas will be joining the family so please make sure to send them a ping and offer a warm Minyan hello. If you didn't make enough or lost too much today, don't let it ruin your weekend. As my grandfather Ruby used to say, this too shall pass. Besides--there's a lot of evil in the world today. It could be worse--it could be raining.

Have a peaceful weekend.

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