If it acts like a Meltdown...

Other than Goldman Sachs (which I ahave no position), we are in meltdown mode. Actually, Starbucks is up :) .

It sucks.

I have some piss in the wind SPY puts but maybe 10 percent coverage. I am just giving back some meaty gains that had been accumulating. Stops that I did not feel would be in play until the New Year, are whiskers away.

Most of the givebacks though are of the October massive gains so I am still unsure if a real meltdown is at hand.

On the bullish side, Dr. Meltdown (Bill Fleckenstein) who has called for this for 10 years, is looking like a genius. Today, he is calling for the same crash he always does . Even a broken clock…It is actually his crash call that gives me hope. Thanks Tim for the e-mail, but why are you reading MSN Money.

Anyways, this is not a time for me to act all brave. My stops will keep this as a great year and I will obey them.

Let me know what you think.