Sir Charles Financials run, que the SKF

BofA (BAC) and Lehman (LEH) both up 3% after being 'oversold'.  Come on America, the problems are still there, today's rally in financials is worse than Charles Barkley saying his gambling is under control.  The band-aid rally makes me think the ProShares UltraShort Financials (AMEX:SKF) is even more relevant for our portfolios.

Shorting stocks is ugly, but when it's your 401K or hard earned savings at risk its not wrong, its protection.  Instead of buying any financial stock, why not just give your money to Charles Barkley and let him try his luck at the tables?

Sir Charles has pledged to take a hiatus from gambling. The 45-year-old former NBA star, who was sued in May by the Wynn Las Vegas casino for failing to pay back  when he failed to pay a $400,000 gambling loan. He settled the debt plus a $40,000 processing fee to the Clark County, Nev., prosecutor and vowed to quit gambling.

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How much have gamblers thrown down on Bank of America, better yet Washington Mutual (WM) in hope this is the final bottom, only to lose it all a few days later?

Enough is enough.

Its not un-American to short these stocks, its Barkley mad to think the worst is over when our Banks and Lenders are acting like barters at a Sunday swap meet, throwing around credit and mortgage based securities like fake Gucci handbags and Rolex watches. 

If Generation X and Y are going to have to fend for themselves, do we have to throw our money away on a failing stock market?  Put 5 to 10% away of each paycheck to a 401K that keeps going negative while paying taxes to a Social Security program that we might get in the end?  Might?  Come on.

When will it all end?  When home prices or oil stabilize? When the SEC makes all financials illegal to short? When Barkley wins the Lotto?

I would love to buy BAC, C, WM, LEH, you name it, but I don't want to watch my money disappear.

So how do you take care of your precious 401K? 

Turn that bad boy into an IRA that you can run yourself, then stay in Cash and learn more about the ProShares UltraShort Financials (AMEX:SKF)

http://www.proshares.com/funds/skf.html?Overview

Cut & Pasted right from the ProShares webite:

Discliamer: No positions in any security mentioned in this publication, but seriously considering selling the house and putting it all in the SKF.