GDP ONLY DOWN 5.7%!

I get a kick out of financial headlines. They are so...well...stupid. This is the one I am referring to today:

http://www.cnbc.com/id/30996435

Let's think about it for a minute. "GDP Drops 5.7% as Fall in Economy Begins to Ease" What does that mean? The government thought first quarter GDP would fall by 6.1%, so 5.7% looks like the fall is slowing. Wall Street estimated GDP would fall 5.5%. So to them (whoever "they" are) the number should look terrible.

Sounds like a game of Liars Poker.

Semantic games aside, the economy is still contracting at a very fast pace by historical standards. The next wave of foreclosures in the prime market has already begun.

http://www.cnbc.com/id/30984467

Interest rates are RISING, increasing the cost of refinancing, or thwarting the possibility of refinance at all. Gas prices are rising again. All this and the bulls still say it is the credit card waving consumer who is going to save us.

Guess what, they are wrong....again. I know I have egg on my face. I know my "fake" portfolio is under 1,000,000 by about 4.5%. But the market, since I started trading and blogging is down over 38%. That means I am still ahead of the market by over 33%. Perhaps it won't last. Maybe we will hit DOW 11,000 again in the next 6 months. I doubt it. And if we do, then this world doesn't make sense to me at all. Which I will accept with dignity.

So.......I am still short. (MA, LOW, AZO) I am long (SKF, SDS, and NXG). This is not investment advice. (I HAVE NO IDEA WHAT YOUR PARTICULAR SITUATION IS) Trade at your own risk!