Thursday, August 07, 2008

Market is like my dating life...

They all say they love me, but leave me nonetheless! WHEEEEEE!!!

C got more bad news as they need to write down many billions more and the stock got cracked. People are so nuts to keep trying to pick the bottom in this group. I just can't take it. If I wasn't bald I would be pulling my hair out! I guess I could pull my nose hairs out, that might work. I want to scream - PLEASE STOP KILLING YOUR CLIENTS! I saw a well known tout service call LEH long today saying it was a good risk/reward! Yeah, ok, sure it is, LEH is going to $1 and it was $20.25 when they said this today, so its got $19.25 downside and ZERO upside. yes, its a good risk/reward! It's unreal, people can not get out of the idea that the market isn't going to go up for more than dead cat bounces for quite a while. Of course its not a straight line, but it is a one way ticket to oblivion. OK, so I decided I will NEVER go to Disney again. It's not where dreams come true, its where you wait on line for 2 hours a pop and your kids cry and throw tantrums due to the 100 degree heat that makes you want to jump in the cesspool water just to cool down. I will never go to Disney again - never. You heard it here first. I did go to Aquatica today and that was awesome. I love those beautiful Dolpins and my kids had great time. Lines were like 5 to 10 minutes, as opposed to hour plus at Disney. Did I say I hate Disney? I do, I really do. And, I once dated Mulan and Arielle, and of course Tinkerbell. Even with that personal connection, I hate the place. When was the last time they updated the place? Fixed anything? It's dirty, and the lines are insane. OK, enough Disney bashing, the market Friday is a guess. It really is. I think down is path of least resistence, but as you know, this market is insane and unstable, so we could fly up for no reason. So, I'm done picking a direction day to day unless I REALLY feel strongly and right now, on a Friday my GUESS is lower, but I am flat most days these days other than some swing options. You see FNM and FRE? Fast track to ZERO, folks. Fast track to ZERO. See ya for Monday's open. We should have a solid idea where we're headed, or at least a MORE solid idea next week, post FOMC week. It's usually a trend week, so we'll see if that Trend-trend holds! RULE - WAXIE

6 comments:

CarpeNoctem said...

I love your comments about Disney...and I appreciate your no bs comments about the market. To be honest I do not know if you are right or wrong about the direction where the market will go, even when I share your opinion…I am responsible for the outcome of my trades…but I never, ever saw, listen to somebody or read something so crystal ball clear as you blog-entries and you have A LOT TO LOOSE, you may sacrifice your business -trendfund.com- when you say such clear words and if you are dead wrong about it – who will trust you anymore and subscribe to your Ninja belts? Man you are really really a tough guy. No such words, which you hear thousands of times…maybe this, maybe that…Waxie you are the pick of the bunch! And for me you are a miracle even when you are wrong on this market-call…you must have a backbone and a self-assurance like a battleship. I ca not believe that somebody has such a clear attitude, when everybody is acting like a lemming. You teach me a lot more than simple how to make money in the market you teach me a lot about how to handle my personal life, my personal success. Thank you for that and thanks for your funny comments besides the market stuff.

Nick said...

I've been fortunate enough to have never been to Disney.

Great blog by the way.

Nick

monte said...

I wouldn't dream of giving you advice on the market as you seem to be doing great on that. However, as far as Disney goes try December. I have been there 3 times in my life and have always gone before Christmas. Besides how nicely the park is decorated for the holiday season, the temperatures are around 70's - 80's and the lines are very short. The downside is the kids will miss some school, but the park is not too crowded and the weather is not too hot. That is my 2 cents worth on Disney.

As far as the markets go I am kicking myself for not pulling the trigger and buying puts on the DIA. My trigger was hit at 2pm when the DIA droped below 115.40. The 117 puts were 2.35 and got as high as 3.15 in less than 2 hours. I have to start trusting my instincts and my chart reading. That would have been a nice 25% play.

Anyway, that was my rant, have a nice weekend.

Nick said...

Do yah stay short the WFMI? It seems it should be trading at 1o or 12 PE if not less.

Jason is my coach/teacher and does a great job.

Nick

Fokus said...

waxie,

I am new to the blog and I may not follow on the actual posted blog...

What are your thoughts on POT...It has been sliding big lately and I am concern it will keep going all the way to $140

What do you think?

THX

Martin

Waxie said...

Thanks all, all I can do is give my opinions, sometimes they will be right, sometimes wrong.

POT? I am pissed I missed this move down. I've been saying that this was gona happen, so I nailed the call but I have to admit I missed the play. Can't catch them all. We did get NEM short and that was sweet.

As far as the market here, read tonights blog for some insights.