USE A LADDER!

If you absolutely have to trade in this mess we're back at a place where things will either hold or we will take another step down into hell...ala Dante's Inferno!

Fabulous isn't! Frankly i like the level where the bishops are buried head first into the rears of the bishops before them upside down...a nice fate for congressmen who have their heads not only up their asses but up other peoples asses!

Now we are back to the lows of the move and once again the fear will be there over whether we will or won't reverse in here. Certainly there will be enough news drivers today to key on from PPI to congressional grandstanding that will occur later today. Somebody is bound to say something to spark a move one way or another. If you absoloutely have to play this from the long side ladder your orders. And the volitility will allow you to spread it out over a series of points. I am using DDM which is the double dow industrials. If the dow moves up 1% the DDM's move up 2%. And if you want triples use FAS which is triple large cap. And these things can move. Yesterday's 300 point dow range equated to over a 5 point range in the FAS.

Some good news this morning for Buckeye Holdings shareholders who have a 17 dollar tender offer on the table. The stock has been hovering near or over that price in the last few weeks which indicated perhaps a higher bid. Well they got their bid boosted to 17.50! Hay 50 cents is 50 cents. Not much else to look foward to in MLP land as the markets continue to slide. Futures down 15 points on the S&P. Energy futures are falling with crude at 54 dollars this morning.

One last note. Yesterday the SEC announced insider trading charges against Mark Cuban for allegedly trading on insider information with MAMA.com which now trades under a different name. He made $700,000 on the info. Well excuse me but we have the financial system unraveling before us...caused by abuses a mile long...and the SEC goes out and nabs Mark Cuban! I can sure sleep better at night over this. Glory!