Trader Mike

Michelle B submits:

Reverend Shark aptly puts the sepia-tinted view forth, “…and if there weren’t some potentially serious problems out there — particularly from the housing market and the sub-prime mess — then the Fed certainly would not be setting things up for a rate cut.”

The market, however, will do what it will do, but because I agree with the obvious implication described by the Reverend, I started a small core long position in the double inverse ETF, QID, near its intra lows yesterday. I will add to this initial position if the market removes its rose-colored spectacles which as of yesterday are perched ever so rakishly upon its bullish nose. If the pretty spectacles …

Be sure to watch today’s WallStrip chat with none other than James “RevShark” DePorre. You may know him from TheStreet.com / RealMoney or from his own site, Shark Investing. If you’re unfamiliar with him, he’s got a great story. In short, he lost his hearing and had to quit his job as an attorney but later found great success as a trader.