OK, so seriously folks, for those of you who are NOT members, you are really hurting yourself at this point. We are completely blasting this market and nailing it to the post! I suggest you sign up for SOMETHING, this is the best trading market since 1999!
We had a BUNCH of winners today, including RIMM SHORT for a big gain (plus its my top choice from the TOP TEN TECH SHORTS class I did a few weeks ago! In after hours it hit nearly my $75 target! I think its headed to $50 or less ($25 sounds about right).
In the meantime, this bailout package is a total TOTAL joke! It's insane, they keep trying to plug the Hoover dam with a finger!
It's not going to work, no shot in hell. Sorry to be the bearer of bad news, it will not work. The problem is simply too big for them to fix.
A little while ago Washington Mutual basically went under. The branches and the deposits were taken over by Chase. Once again, Chase is pretty smart, they get the best stuff and leave the rest to the government!
This is going to get MUCH MUCH worse, folks. I watched Booyahhead today, I try not to cause I can't take it, but I did just for you guys!
The things I do for ya 'all! Wowsa!
OK< so first off, the guys been saying to buy RIMM for a long time, all the way down. Now its cracked and he is saying to hold it. I'm sorry, RIMM goes MUCH lower, folks. Who with any market savvy tells people to hold stocks into 50% haircuts!
OK, then he recommends Wachovia and Goldman (of course). Let me tell you this flat out, so I am perfectly clear. Wachovia is on my DEATH list, I think it goes under. I've made a lot on it SHORT, so have our clients. I think its DONE, FINI, its got a very similar makeup to Washington Mutual. now, maybe I am wrong, its possible, but who recommends these banks long in this market? You have to be INSANE! And, he did it a couple weeks ago when it was $20ish! How's he doing? I mean, enough already!
And, Goldman (GS)? Folks, GS will see $50 or my name ain't Waxie! I think it sees lower than that, frankly. As I said last night, Buffet did NOT invest in GS! It was a LOAN and they bought him to try to salvage a dying business in my opinion. It's time for people to WAKE UP!
This market party is OVER, so stop and learn and eat your losses and take whats left and put it somewhere safe. The government in my opinion CAN NOT save this. I wish they could, but you know I am constantly warning and calling it as I see it because I care. I don't make money if the market goes down, but I want you to protect yourselves! This market is going MUCH MUCH lower and the people who keep saying now is the time to buy are either on crack, or just in denial. DO NOT BE IN DENIAL!
RIMM today - AAPL tomorrow. GOOG the day after (I am short all of them).
Look, I am not always right, au contrare, but I am rarely wrong about my market calls. I am so strong on this one, take it with a grain of salt at your peril. This market is trading very badly. I have this sinking feeling we are gonna wake up one day soon to a market that is SERIOUSLY done, like toast, like 1000+ maybe 2000+ down. You can say I am nuts, thats fine, but so far you all see, I lay it all out here. I don't pull punches. I WISH, no I PRAY we would go up and be solid and hit a REAL bottom. That would be awesome. BUT, I don't see it happening for a LONG LONG time. You need to play the bounces short term and look for reentries to shorts when we do bounce. The market is telling us its in big big trouble, we need to respect that.
Look at today, we rallied really hard on NO VOLUME and I am quite sure we will sell the news. In the history of the market we have never been saved by outside forces from reaching the proper levels. You can't artificially bump up a market, yet they keep trying.
And, whats horrible is that no one has a clue, they just scramble around, and I am sure it is well meaning for the most part, but they scramble around and they keep trying to throw a band aid on an amputated leg!
What will work?
Sorry to say - NOTHING in this system, the system is broken, its not going to be fixed.
So, what do I suggest? Many of you will say I am insane, you already do. We need to shut things down for a month, or however long it takes to get a REAL solution.
The stock market will go down several 1000 points, and thats GOOD. Yeah, I know, its crazy. Ah huh, its going there anyway, might as well get it over with all at once and rebuild. Thats the only way it'll happen.
And, this idea that taxpayers will get money back? ROFLMAO, thats nonsense, the stuff they want to offload isn't worth anything! This isn't the S & L! It's just not. You can't sell this stuff.
They are trying to please everyone when they should be telling everyone the REAL truth and then just saying its worse than your worst nightmare but we are CONSULTING with 100 of the greatest economists in the world on a solution. We are going to all lock in a room for as long as it takes and get as close to a consensus as possible. We are NOT going to consult with the politicians. We are going to handle this with brilliant people who have NO AGENDA. Booyahead will NOT be invited to this party! Me? Honestly, I think I should be there only because I really don't give a crap about anyone agenda or ego. It doesn't matter, it'll never happen, they will just keep blowing it up worse and worse.
I'll tell you one thing spiritually I have learned, and its the hardest thing for me to do sometimes. GRowing up on the streets and begging and doing whatever I had to do to survive, you don't learn to sit back and take a deep breath. I was told by a very wise person once that the thing I needed to learn more than anything is to STOP, and DO NOTHING!
It sounds simple, but I am so used to reacting, most of us are, we live in a world where things get thrown at us all the time. Yet sometimes the BEST thing we can do is - NOTHING.
I see it with my two girls, they are awesome, but sometimes they can get worked up or work themselves up and I've learned that if I can help them to just BREATH they are almost always fine very soon thereafter. See,if you breath, and you know you are breathing and aware of it, you can't be panic stricken, you can't be really upset, you are concentrating on your breath. I learned that in Yoga.
Our leaders need to BREATH. The impulse to rush to action is not going to help or solve this crisis. I wish it would, but it won't. And, they need to learn from their RECENT mistakes, they keep throwing a glass of water on a Forest Fire and then they see there are more fires they didn't put out. It has to stop, it just has to. Yes, we all want action, but right now INACTION and NOTHING in my opinion is the best thing we can do and its the only thing we should do.
And, let me say this, Paulson and Bernanke should NOT be leading us in this. They helped lead us into this and they have their own agenda. I laugh when I hear them say that the only thing that maters is the tax payers! Be real, they don't believe that and they certainly haven't acted as if thats true.
We need to have a moratorium on action for let's say a week, and then have a REAL open session where we get REAL answers to real questions. Watching the hearing this week says to me there is a lot being covered up. Enough is enough, let's forget what happened in the past and let's get some hard honest answers so we can access the situation and make the tough choices. This isn't about Dems and it's not about Reps, or Socialism or Communism, this is about the people of this country trusting a system that has failed them and having the RIGHT to know the TRUTH!
And, our leaders have an obligation to NOT act, but to let us in on the secret party so WE can make an informed decision and we can get some brilliant people OUTSIDE the system to give us THEIR feedback.
Do you ever think about the fact that we have, as do other countries, some unbelievably smart people? People who have spent their whole lives studying this and people who called this well before me or anyone on the street did.
There are too many partisan issues here. You know another thing I've learned? If the whole thing goes BOOM, it don't matter what your religion is, politics, color of your skin, sexual preferences, it just don't mean a dang thing. The whole thing, folks, is going BOOM, wake up and let's smell the roses together!
Keep writing your reps and tell them to just DO NOTHING until we sort this out. They are acting like scared chickens. Trust me, if they have to do something this bad, this fast, then anything they do isn't going to work anyway.
The market, my friends, goes WAY WAY DOWN in the end no matter what, get used to it and join us so you can LEARN TO EARN!
My new SHORT list is being given a week from today, be there or be square!