Matador

I know what it is like to feel like a Matador or at least one that is hit by a bull.

http://www.youtube.com/watch?v=pq6k6rDVl4A

After aggressively loading up on the triple short banks FAZ I got closed out as it went down like a led balloon, then I check at the close and see FAZ actually finished at the high of the day and the market sold off. It truly felt like a bull had run over me.

Don't worry though market still overvalued, banks have run up like the mess is behind us, when we are actually just reaching the eye of the storm. Unemployment rising + foreclosures to rise = banks loose. Keynesian II.

My friend who creates his own clothes with a very unique style which you could travel the world and not find, is closing down next week. His shirts are better than anything you can find in Manhattan but alas they are priced at $250-$350, which is about the same as a GM car in today's market. So he stood no chance, as we smashed down a few bottles of cheap $5.99 wine (yes 5.99 wine exists) and talked about the fact that talent never dies only dreams get faded, he told me that the rent on the commercial building for the business had not been paid for 3months and prior to that they were paying just as much as they could.

So if you thought we had seen the bottom of commercial property, I don't even think we have seen the start of it, we are not even in the eye of the commercial property storm. Good luck if your a bank lending to the owner of a commercial property.

Giddy Up