Don't Be a Hero

 | Dec 14, 2011 | 1:08 PM EST
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People taking note of the banks holding up. People taking note of the FXE bouncing. People thinking that a commodity collapse may not be all that bad.

I get that. I get the constant desire to call the bottom. I get the idea that we could bounce.

I simply want to point out that we need reasons beyond the "commodities down, buy financial assets" because we have been down this head-fake path so, so many times.

You don't need to be a hero here. General Mills (GIS), Altria (MO), General Electric (GE), Kraft (KFT) and the other higher-yielders can be bought. You can participate in the MarkWest (MWE) below where it was priced.

You can own US Bancorp (USB) if you really have to. It's the bank I like.

But why? To catch a 1% rally? To bet that the IMF is intervening tonight?

I have bigger fish to fry.

Random musings: Before you give up on gold consider these facts provided by our own Alix Steel.

From the beginning of October 2008 to Oct. 24 gold sunk 20%, it hit a yearly low of $695 an ounce which was a 32% selloff from 2008's high of $1,023 an ounce.

From Oct. 24 2008 to Oct. 24 2009 gold rallied 52%

Today's price of $1,580 an ounce is only 17% lower than 2011's high of $1,923 an ounce.

Gold is still up 11% for the year

Take that deflation!

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