The swine flu has become something of an oddity in the media and as we know, we cannot discount the media when making investment decisions. The World Health Organization is now saying that this may become a pandemic yet it’s getting less media attention in the financial world than it did on Monday when the news first broke.

All the stocks that were affected have since stabilized and even today it took backseat status to the fed, CEO Ken Lewis’ ousting, and even news about Blackrock. (Most people don’t even know who Blackrock is)

If you don’t believe me, go to CNBC’s website and find the Swine Flu.

Does this mean that the worst is over? Is the Swine Flu going to infect your portfolio? Maybe but probably not this week. I believe that a lot of people in Wall Street’s backyard are going to have to get sick before it makes another major impact on your portfolio. I’m not trying to minimize the illness but we’re talking investments right now.

My advice is like many others’ advice: Don’t try to trade the Swine Flu. That lasted for a short time on Monday and if you didn’t get out of the that trade at the end of the day Monday or first thing Tuesday, you probably gave back what little profit you made.

Stick with good ol’ fashioned risks. The banks are up 18% right now. Short them if you’re looking for some speculation. No need to gamble on the Swine Flu when Ken Lewis got his walking papers today. The banks are still good for some drama if you ask me.

By the way, I made very little money today but I raised a whole lot of cash. My portfolio looks pretty bare right now because I have to believe that a major correction is on the way. At the end of the day I did a little shorting. I might end up being out some money but if Art Cashin believes that it’s coming, that’s a good enough second to my theory.

Stay healthy…keep trading….don’t get too greedy in this big upswing!