James Altucher Says Time To Load Up On This Market (SPY, QQQQ, XLF)

James Altucher, stockpickr founder and Managing Director at Formula Capital, made a significant long call on twitter this morning.

Mr. Altucher said he is looking to buy stocks today. James Altucher said, "My prediction for today. The day looks like 9/21/01. bottom by 10am then up for next 3 months. Going to put my money on this."

James continued, "Europe has to take forceful QE action today or this wkend : straight buying of sovereigns, stocks, whatever, w/out sterilizing on back end $$*."

If James' prediction is correct, a good way to follow James into this long trade would be to look at the SPDR S&P 500 ETF (NYSE: SPY), PowerShares QQQ Trust (Nasdaq: QQQQ) or the beaten up Financial Select Sector SPDR (NYSE: XLF).

James Altucher is a successful hedge fund manager and was once recruited by several funds for his many prescient calls. However, he never had a chance to work for arguably the best trader on the planet, James Simons of Renassiance Technologies as Altucher never finished his PhD degree (Simons only hires scientists and PhDs). Simons is smart so you can't criticize his hiring processes, but in this case, he lost out on some significant alpha.

On a personal note, I prefer PhD's, but rather of the poor, hungry and driven type (hat tip Dan Gilbert).

*The '$$' is a tag that Howard Lindzon's stocktwits uses to tag twitter posts to the stocktwits feed.
Disclosure: I have an investment in stocktwits.