Monday, June 09, 2008

Did anyone tell the Broker the one about the Bond?

The DOW finished the day GREEN. The Nasdaq fairly flat. AAPL was down $4s after a sell the news unveiling of the new I-Phone. I took an online survey, I really am not so interested in the I-Phone. Too many I's, it seems rather narcissistic, ya know?

As far as the rest of the market, well the AGS racked up huge gains again - POT, AGU, BG, etc. all had monster sized gains BUT the financials once again just bit the dust in a BIG BIG BIG way!

You gotta believe that the news coming is only gonna get worse and that eventually in the not too distant future the stuff holding up now is gonna get hit. If you look at oil today you see the danger in being the last one holding the bag. I'm not calling a top on Oil, it looks like $150 is a done deal at some point (I did call that not so long ago), but the volatility in the commodities market will reign supreme as long as the dollar remains weak-butted and falling into a bottomless pit!

On another note, I saw one of the worst films of all-time. The new Indiana Jones film was just absolutely absurdly atrocious. I kinda didn't want to see it, but I got caught in the hot NYC humidity yesterday afternoon and they wanted to see it, and so...oy vey, it was HORRID. I just don't get how anyone could give that a good review.

OK, 1st off, Harrison Ford looks closer to a wheel chair then he does to kicking big dudes butts. And, not just like 50, he musta knocked out like 5000 bad Russians (I don't think the Kremlin really cares much for this movie:)). Then, that kid Shia, I mean, I've liked him in other things, but he's simply not a tough kid. I think I could take the dude with one hand tied behind my back, a foot up my butt and a finger in my freakin' nose. How can they cast him as a tough? Very poor choice.

And, I must be dumb, seriously, because I just didn't get the whole thing with the plastic man faces. I think Speilberg had an ET flashback and decided he was going to combine movies or subliminally get some more sales out of back ordered DVDs!

OK, then I saw (this was my movie weekend) Sandler's movie, Zohan. OK, frankly, it was stupid funny. Sometimes hilariously so. And, overall it was ok. Having said that, it really got to be monotonous and one note. Very much so. It was just downright stupid in places. Well, hell, I just said it was stupid funny, so it got to be stupid stupid in some places. BUT, still heads HEADS above IJ. I was rooting for the bad guys to Kill Indie and the tough kid. That woulda made the movie. I was going to turn communist if it didn't end, I was giving it 10 minutes and then I was taking out my red card! :)

OK, back to the market, I just needed to get that off my hairy chest. OK, so here goes, market is going LOWER. We may bounce here and there but if you are investing you are doing so at your own peril. I just do not see how we are going to get anything really going rally wise. I guess if there is some good news on the financials somehow then we'd get a short term squeeze, but other than that, forgetaboutit.

In the meantime, let's look at Tuesday as more than likely a good trading day. I think the 1st move off the open is gonna be a doosey either way. Meaning if we gap up big and we start to roll over, watch for a trend down day. If we gap down I would look for us to perhaps get a nice reversal to the upside (it is turnaround Tuesday afterall!).

Oh, one more thing, as a guy, I am sure (quite) that both IJ and Zohan were better than Sex and the City! Which, fyi, is my marker for unavailable women. I have discovered (its the first question I ask) that any woman who tells me that her favorite show is SITC is not really relationship material. OK, it's a GROSS generalization, but it has panned out and the GFs I have who are single all love that show, but cry about being single, but any guy that is remotely available they run for the hills. Hey, what do I know? There is no show like that for guys. Guys are dogs, they don't want to watch SITC, they want to HAVE SITC with anyone and everyone. At least the single dudes I know?

Me? Eh, I'm still Waxing poetic and dreamin' da dreams and living large under the milky way. You didn't think I was gonna get all grotesque, did ya? :)

Hopefully you are all racking up. My GS and LEH short calls have worked like a charm and my long call in ENER is holding up mighty fine. I still think lower on LEH and GS and higher on ENER, but we'll see. If you are in them, I would tighten up your stops, GS will get a squeeze at some pt soon. I still say its below $125 longer term (and maybe short term) but they love to love GS. In fact, I know guys (some gurls, too) who want to make love to GS!

Yes, its a new show and its called - SWGS (Sex with Goldman Sachs). Just watch CNBC afterhours and you'll see how many times they make love with it saying what a great deal it is. Yep, sure it is and my name ain't Waxierunoooooo!

See ya on the other side, ladies and gents -

Michael da Waxie da Parness



tomcat said...

"AGS racked up huge gains again - POT, AGU, BG, etc. all had monster sized gains"

so where are the option plays ?

I got in IPI June 60 call in .95 out 1.55 !

Waxie said...

Tomcat, I'm not crazy about anything long here. We own ENER calls, not sure why I would want to buy stuff here. Doesn't mean we wont' for a bounce shortly, but I'm not bullish on AG stocks, I'm not bullish on anything. We have LEH short and puts, GS short and puts. We also own SOLF puts. Glad you made .60 cents on IPI calls. I like CMP as one that should see $100s if you like the AGs, fyi

Waxie said...

Guys/Gals, you can not post offensive stuff. I know I push the limit, but you can't be abusive to anyone. Curse words aren't acceptable, I run a clean board here.

And, dude, that stock you referred to, we did some DD on it, it looks HORRIBLE. It looks like a total pump and dump, good luck with it. Not for me.

Brain said...

Your a Funny Man Waxie! You do tell it like it really is! I was LMAO! Your Right about GS, I think you know the everyday trading shows on TV. Those guys would .... GS if it had a....well you know. Keep up the great work! Thanks for your POST!

tomcat said...

Update: Hey Waxie !
I went with IPI June 60 calls again in 1.45 out 3.20 +1.75 Nice Double +121%
Got nervous tho no bids/asks listed for 1st 9 min @ the open!
I owe to you in part, well your book that I read " Rule the Freakin Markets" loved it!
I just goin with the Big MOMO !
thanks, TC

Waxie said...

MOMO rules!

MOMO rules to downside as well. LEH puts we are in are up huge and LM should see other side of $50 fairly soon. GS also a falling knife. Any rally in this sector is shortable