On Friday I was debating whether I wanted to buy a position or 10 in some kind of 3X long etf, like TNA (hee hee). Everyone knows a debt ceiling deal was going to happen, I mean everyone. I Twitted this to sum it up:
The big bounce up tomorrow will go down in history as the most telegraphed equity spike in the history of man or animals.
I did not take the position on Friday, not because I was afraid of something going wrong, but because it's not the type of trade I want to start making too often. Not my trading type. Still, looks like an easy up day tomorrow. Will it hold? Who knows and after tomorrow it will probably take a couple days for things to settle out. Annoying really.
Josh Brown wrote a wonderful missive on the debt ceiling and the stupid politics involved in it. You really should read the piece as I can assure you most of the smart players were reading it all day long:
To Stanley Druckenmiller and the rest of the Oldtimers' Game brain trust, let me say this: Your ideas about missing a Treasury coupon "just to see what would happen" are so dangerous that I fear someone's been tampering with your meds. How is it possible that otherwise intelligent people could reasonably believe that the world's reserve debt instrument should be used for a political gambit? Mr. Druckenmiller (and friends), we agree on the need to get our house cleaned up, just not on your plan of swinging a wrecking ball at it to get the maids' attention. Congrats on your retirement, please don't feel the need to ever offer public comment again.Stop on over.
What is this, the Food Network?
It was a cook intensive weekend!
Last night I posted the pictures of the pork butts I rubbed and set on The Big Steel Keg to cook overnight. I went with apple wood for smoke and put the meat on the smoker at 10:30pm. Temperature had stabilized at 230-260 degrees. I kept an eye on it until 12:30am then went to bed. Checked on it at 7am this morning and the Keg was rock solid still at 250 degrees! Awesome result with the lump charcoal.
Anyways, let's see the pictures!
Here they are about ready to foil; cook time 12 hours:
For dinner I wanted to have something fast so I just made english muffin mini pizzas. If you have kids they LOVE this item and it's super easy to make:
I know plenty of financial bloggers do cooking, we should have an inaugural Blogger BBQ Cookoff and set up a voting poll to see who wins. Any takers?
Have a good night.