NOT SO PRECIOUS

Usually, I don't like to hit a guy when he is crawling on the floor, but this KRY is just awful along with all the metal stocks. Jimmy could not have made a worse call then he did with this column on May 9th where he declared that "not only is there a gold shortage, but more acutely, there is a shortage of gold stocks." Jimmy liked the idea of KRY, the difference between KRY and some of the others is that if you owned GG, PAAS or SSRI the chances are good that the stocks will do fine if the metals go higher. KRY will never come back unless Cramer or a new Cramer touts it on CNBC and I am not sure if even Jimmy has the stomach to go back and bull a thinly traded AMEX mining stock located in Venezuela.

Revshark over on realmoney.com makes a great point today that this is one of the worst market periods he has seen in all the years he has been trading. The reason being that there are no bounces that allow one to sell out of bad positions. I am quite certain that before long we will have a significant bounce, however, I also suspect that we may see a major blow up in the hedge fund/investment community before long.

Still not quite confident of where the roulette wheel will land this afternoon although red is looking more and more like a safe bet.