Monday, September 29, 2008

NO DEAL!

Thank goodness! Maybe we can salvage some integrity and democracy. The House rejected the proposed bill of goods they were trying to sell us. This country was founded on principals, and part of those are that the government is supposed to be by the people and for the people. The PEOPLE have spoken loudly and clearly, NO WALL STREET BAILOUT! It is sickening to think that the same people who created this mess, including Paulson and Bernanke, will potentially profit from this bill. People, and rightfully so, are sick and tired of the BS. Sick and tired of the lobbiests, sick and tired of Wall Street fat cats pillaging the economy and their own stocks and investors so that they can profit. What happened today is what should have happened today. And, unfortunately its going to continue to happen. The DOW will be under 5000 when this is over, thats more than 50% left in this mess. It either happens now, or the government continues its nonsense and it happens later and hurts even more Americans. I am SO FREAKIN' SICK of listening to "leaders" who are clueless, who repeat things verbatim as though they are fact. Who tell you that we're near a bottom. Why? Not because its based on anything factual, but because they WISH it would happen. How many so-called experts have trekked onto CNBC over the last few months and said NOW is the time to buy FINANCIALS! Even today they were saying it! Even tonight, right now, Kudlow is saying that MAYBE this is the bottom! Folks, this is NOT the bottom! And, Maria says that this is because of the failed bill. That is NONSENSE! The stock market was down 300 points when everyone thought the bill was a sure thing to pass! Enough of the fear mongering, enough of the false promises, enough of the total BS partisan politics. What does it matter who voted for or against this rubbish? They are completely missing the point! The point is a system failure, throwing more and more money is ridiculous! And, let me tell you this, the absurdity of saving families from foreclosure is just that. I sold my apartment recently and thankfully. Why? Becuase I thought the market was going down. I sold it for roughly 20% less than I could have gotten a few months before. Trust me, thats a freakin' lot of money and its money that I surely could use. Everything is relative, folks and I could not afford the place anymore. And, I didn't want to afford it. So, I downsized because I didn't want to be a slave to my apartment. And, because again, I thought the real estate market would tank even harder. So, I rented, and I'm a lot happier, I don't have to worry about all this nonsense. If people are living above their means, whether they are filthy rich and doing so, or they are poor and doing so, then making an adjustment HELPS THEM in the long run. Making it so people stay in homes they can't afford is NOT doing them a favor! It's absurd the notion that everyone should be bailed out. And, its working AGAINST the markets, all of them and it is tanking the economy a lot worse than it would if the markets were allowed to run their real course! First we heard how it was the dreaded short sellers! Oh, they are scary people, those short sellers! EVIL! Yeah? Well, guess they musta been the reason we fell 777 points today, right? Oh, shoot! Can't blame them! You can't shoot the financials! Trust me, I would have made a million today if I could have! It was free money today if so! I made nicely as it is, but jeez louise were there some easy trades today or what?! OK, now we need this bailout to save the markets! It won't work, water will find its own level no matter what, thats reality. So, the notion that the failed package is now the reason we fell is again utter BS and I am sick of it! Did I tell you I am pissed off? Well, hehe, I am! But I am happy they turned this away. It WILL NOT WORK! IT WILL NOT WORK and IT WILL NOT WORK! The stock market is going down! There is NOTHING that could or should be done! I am just happy that I have helped a lot of people, I think, by pounding it again and again to not invest! Stay in cash, or trade, but investing in this market is INSANE! Now, tomorrow is obviously Tuesday. Do we get turnaround Tuesday? I'm not sure. I think that where we want to concentrate on the techs on the short side. If we do get a nice rally, which I hope we will again begin to look for places to reenter shorts! Also, tomorrow is the day when redemptions are gonna come in and so it could and probably will get even uglier here. IF congress passes a bill, I think it'll provide a squeeze for a short time that we can trade off of, but that's all its going to be. We need to be nimble here, folks, and you need to sign up for Thursday's TOP TEN WAXIE SHORTS. Yes, I believe that the there is a LOT more downside and I believe that the stocks I have are going to STILL be down more than 50% from here! Just like the overall market! OK, that's enough ranting, but it's a good thing the market comes down. Oy, OK, I have to say something else because as I write this these knuckleheads on CNBC saying that look, because the bill didn't pass the market lost 1.4 TRILLION and if they passed it then it would have only cost 700 BILLION! Who books these people? That's INFURIATING! Am I am idiot? Seriously, am I? Becuase I must be, since the market was down 300 points into the bill supposedly passing, its a huge leap to say that if the bill passed we would have rallied! And, that's why we will continue to head lower over the long haul, because as I've taught you all, when a market is reliant on outside forces to drive it higher, it has to fail. Why? Becuase there are only so many outside forces to rely on and when they run out, then the market has to eventually settle in at the level it would be without those forces. And, that place, my dear friends is a LOT LOT lower than where we are now. Lastly, I've said this before and I'll repeat it, I HOPE I AM WRONG! I would much rather the markets, all of them, rallied! I'm a trader, I am confident that I will make myself and help my clients make money either way, but unfortunately I am almost always right about this stuff. Sometimes I feel like I'm in the Dead Zone, hehe. It sucks cause my crystal ball says under 5000 on the DOW and under 1000 on the Nasdaq and today was just a stutter step on the way there. Remember, don't try to catch falling knives cause even if you grab them an inch from the ground, they still slice right through ya! I'll see you guys tomorrow. I hate it that I get to say I told ya so, but I did and I have again and again and again. Thanks for the emails thanking Trendfund.com. That's what we're here for. We're not always right, but we're always passionate and we usually are! TECH death coming soon to a theater near you. SO much for AAPL and RIMM and GOOG and AMZN being the 4 hoursemen. More like the 4 donkeys. Or, 4 bustout stocks. SIGN UP FOR THE SHORT CLASS! Do yourself a favor, I know many of you are worried and scared, take some action to better your position! The class is cheap and at the very least it'll give you some ideas! That, my friends, is worth its weight in gold in this market! GOOG sees $150, you heard it here long ago and you'll keep hearing it. See ya on the other side of 10,000, or turnaround Tuesday! Turnaround or bust Tuesday is what we'll dub it, cause I think we either turn around or test 10,000 more than likely. We shall see soon enough! RULE! Michael "Waxie" Parnss Here is the link to the short class Thursday, sign up NOW! ---- www.trendfund.com/banners/bannerthru.asp?bannerid=991 Sign up NOW! The people have spoken, and the representatives, thankfully, have elections in a few weeks and want to keep their jobs! Maybe the worm is turning, ya never know! RULE

7 comments:

Jeff L said...

For all the non-members who may be thinking that Waxie is all talk with nothing behind it - my portfolio is up 130% over the last 30 days! 70% of that gain is directly attributable to calls provided by Waxie under my Options Trader membership, and the other 30% is attributable to my own calls within the same sectors as those calls provided by Waxie, so in effect, also thanks to his service.

More importantly - every one of these trades was made by employing good money management, as described in Waxie's book, "Power Trading, Power Living", and as reinforced by the mentoring class that I signed up for on the Trend Trading website. In other words, in every trade that I have made in the past 30 days, the most I could've lost was 2% of my capital. As it was, my success rate was close to 90% winners.

All of this is because I decided to take an active role in the success of my financial future, and tossed my lot in with a service that delivers results.

So what's the point of this tirade? To underscore what Waxie has been posting in this blog and on the website. You non-members that are sitting there bleeding away your IRA's and investment accounts need to get on board. You will recoup your monthly membership fee and then some in just ONE successful trade called by Waxie. Everything after that is just gravey!

For the record, I'm not getting paid by Trendfund for what I've written here. This testimonial, and hopefully the new memberships it brings to the service, are just my way of saying thanks to Waxie for the positive impact that his service has had on my financial future. RULE!

tokyoyoyo said...

I respectfully disagree, The people haven't spoken. Most are totally clueless regarding the lack of credit liquidity. " Wall Street Bailout?" Did the buyer for your apartment hand you CASH? Have you ever been evicted because your landlord, not you, failed on his financial obligations? You are truely one great rag to riches story. I would rather error on the side of caution before there are x times rags to cardboard box stories.

Today wasn't "Country First", just, "Keep my elected position first".

Whatever the plan ends up being, it will save much innocent misery if it doesn't start from zero.

Waxie said...

yoyo, we'll agree to disagree. yes, I've been homeless and I've been evicted and I've eaten out of a garbage bin, so yes, I know. If I thought that this would do ANYTHING good, I'd be all for it. I think it will make this MUCH MUCH worse. NO country, NO economy in history has EVER bailed out of anything by devaluing their currency. There is a saying, fool me once, shame on you, fool me twice, shame on ME! The citizens of this country have listened time and again how things are ok, how the SAME people who are pitching this nonsense have things in hand and here we are. I will say this very clearly. In my opinion, this bill or any further erosion of the US dollar in an attempt to prop up any market will lead to the worst disaster in the history of this country. It will help lead us down a path where you will see what a REAL depression of a 3rd world country is. Now, this is simply my opinion, and I certainly could be wrong, but I'm pretty good at these types of things. This bill is BS, it won't do a thing. NOTHING. EXCEPT it'll help destroy the value of the dollar, which in turn will lead to deflation, or stagflation and that will take us perhaps 5 years AT BEST to get out of. If the markets are allowed to fail and hit levels they should get to, then the pain is great initially, but it will then lead to economic expansion a LOT sooner and the system can then be corrected. I've found that in the markets, any market, it always gets to where it should and these things just delay it. Finally, its a JOKE that they want to get credit flowing! Hmmm, isn't that how we got into this mess in the first place? Insanity is doing the same things and expecting a different result. As my 5 year old says - you get what you get and you don't get upset! 'nuff said.
Trust me, I am VERY sympathetic, more than most people. They are destroying any shot we have of a recovery. This is the crack addict fix, they want to rush to do something just to do something. Later, Waxmeister

Rich said...

Waxie,

I don't know how long you've been posting to prepare for a 1000 point drop day, but 777 is close enough to say you nailed another call.

After reading for months about the gains you've been getting on your options plays, I finally decided last week to learn how to trade options. Once I get it you'll have another subscriber.

Rich

Erik28 said...

http://www.votenobailout.org/

Ming said...

Hi Waxie,

The Senate will vote for the bailout tonight and the House will do it again tomorrow. Looks like it will be passed this time. Do you have any target the market can be squeezed to? Tuesday has a huge rally. This market is not easy with so much up and down.

Thanks
Ming

Gan said...

Great call on Monday's crash Mr. Parness, there are trades I've agreed and disagreed with you (on option trader) but you do a go gr8 job of painting the bigger picture of the market and thats whats helpful for me.

"Becuase I thought the market was going down. I sold it for roughly 20% less than I could have gotten a few months before."
I think NY real estate which has so far defied the bust is finally in for it...if so how can we profit from this...would be useful if you could point out some NY-dependent companies....thanks for your blog!!