Thursday, September 25, 2008

One more thought and then beddy bye bye...

One thing that's disturbing to me is when I watch supposed news and its sickly biased. I even hate it when I watch a baseball game and the announcers are big homers. I'm a Mets fan, but if they always said the MEts rule the world (Like John STerling of Yankee lore does!), I would hate it BIG TIME! I am a huge fan of some of what CNBC does. I have always said that I would invite them all to my wedding, were I ever to find any woman who would put up with me! Thing is, today was disturbing and a lot of it has to do with that guy Dennis whatever his name is. He's the biggest HOMER, and by that I mean BULL. He always says we should go up, as though the market prints money for investors. He really has no clue as far as fundementals and he often says completely false things that are skewed. I really like Mark Haynes. And, when I was on there the last time he went after me a bit, but he's basically fair. And, he speaks his mind. I like that. Today CNBC reported that they got a note that the last 3 times over the last two years that the Treasuries and credit swaps spread was aligned like this the market rallied 1000 points or more, and it seemed logical that since we were only up roughly 300 points, we had a lot more upside. OK, first off, thats not news, its biased skewed CHEERLEADING. Secondly, the information is only PART correct. Tiny pointed out when we discussed it that YES, indeed, when we have had that spread we have rallied that 1000+ points, but what they neglected to mention is that ALL three times that happened we were in very BULLISH periods, the market was clearly in an UPTREND. Obviously thats not the case currently. Hence, thats wrong info and I am sure many people use that info and trade or invest off of it. When people are worried they act impulsively often and that type of MISinformation, or skewed info is just not right to post without pointing out the other piece of it. DOn't you think its a big deal that each time that happened it was a Bull market? Are we in a Bull market now? 'Nuff said. Its infuriating listening to this guy, I don't know why they hired him, he's horrid and rarely has anything worthwhile to say. CNBC should be as neutral as possible. Worst case should be they want the market to go up, we all do, even me, but it shouldn't be cheerleading, ya know? That's not helpful to anyone and it hurts people and costs them real money. Be responsible for your actions, kind sir Dennis, be responsible! RULE! Waxie

9 comments:

Whatsadonk said...

Agree with Dennis what his name.
But he is no where near ans bad as Kudlow. He brings nothing to the table but pom-poms.

Tiffany said...

if wamu is ng, and they're not much different from the rest of them (c, chase, boa, etc), then is it just a matter of time before they all fall?

Tiffany said...

if wamu is ng, and they're not much different from the rest of them (c, chase, boa, etc), then is it just a matter of time before they all fall?

Tiffany said...

Tiffany

Waxie said...

I think WB goes under and I think C is in trouble. BOA I don't like either way, Chase should be fine, the issue is the mortage paper and WM had way too much, WB has a ton as well and seems like its going out very soon as well. But, ya never know.

beach2788 said...

Looks like C will buy WB according to the news, the trend will continue consolidation in the banking industry, only the strong survive. I don't feel comfortable shorting WB and C with this news, too many other better shorts at this point, was a fantastic short and great call. I'll look for over-valued crap in tech and anything else that has runup in 2008, and not been hit yet.

Jeanne Mancuso said...

Waxie,

I just heard on tv that WB is in trouble. Now, booyah liked WB because of its management I think. How is it that you have access to information that he doesn't have? You guys have a lot in common...you're both trading geniuses, and both were homeless at one point in life and became very successful. Nobody is right all the time and I don't understand why you dislike him so much. I seriously think he is trying to help the little guy and although he is somewhat of a competitor of yours, he isn't really. You do options etc.

I really want to know how you knew so early that the poop was going to hit the fan with the financials etc. Now everyone knows it is a crisis but how did you know months ago? It has me a little spooked. :)

Jeanne

thomas said...

What's up with SKF? Financials are tanking and this is treading water. Prospectus says they aren't short-sellers anyway, so short ban shouldn't affect it. Managers of fund said they aren't selling more stock because of shorting ban. Result is that it's acting like a closed-end fund. But that still doesn't explain it. What gives?

Enjoy your blog!

beach2788 said...

Waxie is not Gawd, but close.

For Waxie to be right and he was, this means you were flat out lied to, by many many CEOs.

Where are the days of good honest CEOs? was is this bad in 50s, 60s lying CEOs?