No bottom fishing here

10:55 am (Hawaii) Nothing against swinging for the fences. Hell, Dave Kingman made quite a career of that. But that's Kingman. I'm no sultan of swat, poor man's version or otherwise. That's why I'm okay with not catching FAZ at 50. Or 51. Or 52. Or 53. I picked up a handful of shares at 54.50 before the closing bell today. Where the bankster sector goes from here is not guaranteed in either direction over the near term. Long term, I still believe FAZ goes to 100. Whether it drops back to 50 or 41 first, who knows?

These are tricky times. Obama is set on a new economic plan and intends to unveil it next week. Some people think QE3 is already underway via 0% interest until mid-2013. Others think Obama has no gusto to his strategy. I don't know where the economy goes from here, but it is clear that sentiment has swung almost fully to the skeptical end, and the market tends to punish bandwagon traders these days.

So I'm keeping a tight lid on my wee bit sack of FAZ. It can run to 60 in the blink of an eye, and 70 is not out of the question at all. It was at 81 just a few weeks ago. But any outward sign of stimulus will burn the shorts temporarily. I remain mostly in cash as the algoalienhighfrequencymonstercomputermachines search for their tipping points and the next flash crash or rise.

Goldman Sachs being persecuted by the US govt today. This comes 24 hours after the BOJ went after AT&T on its pending purchase of T-Mobile. DJ down 119 (-1%), Nas down 33 (-1.3%) and S&P 500 minus 14 (-1.2%) for the day.