Friday, October 17, 2008

Buffet is DEAD WRONG!!! AGAIN!

It's amazing, CNBC should dress Maria and Mark up in cheerleader outfits. They continue to cost investors real money by constantly pumping the market. The marekt rallies and then dies, which is what it'll do for the next few YEARS. People believe what they want to and they see what they want to in terms of reality. Warren Buffet is a very smart guy, but he also has an agenda and like most other really smart guys, they are getting KILLED in the market this year. According to last weeks Barron's Buffet sold puts against the S & P and is down over $2 BIL this year in his own trading (he needs!). So, of course he will come out and say now is the time to buy, he's desperate! No way you say? Really? Look at Kirk Kekorian, it looks like the guy has basically lost 3/4 of his net worth in F and MGM and others! You simply can not will a market to go up. Buffet should know better, but we've all been trained for so long we refuse to believe the obvious, the market WILL 100% see 4500 or less and these guys all buying and buying more are gonna get cracked big time. It's irresponsible for CNBC to continue to ra-ra the market, attempting to will it up! Friday I called the early move, but we had a couple losers as well since I got stuck on being bullish for the day. Bad idea, and just shows you what I get for being bullish, even if its for 2 or 3 hours! Let's rock next week! We are doing another BEAR HUNTING class due to popular demand! I'll have more info shortly to send you all.



TheBigBadBeerGuy! said...

Know what Waxman.....someone once said: "There's a time to go long, a time to go short, and a time to go fishing".

This market is killing not only the bulls but the bears also at the moment.

So get the fishin' pole out and let's dig for worms.

Nick said...

At least bloomberg still has some objective reporting. See Hugh Hendry's interview on 10/17/08

mnabanker said...

Waxie, given your expectations for the market, why go long on AAPL and LVS?

beach2788 said...

Oppenheimer chief market strategist Carter Worth, says we are at a botton, and he showed it using Tiny's method of T/A charts on Fast Money.
Carter Worth is the only guy that is worth a crap on Fast Money!!!

FED could lowere to 1% or even .75%.

Bull rally???

Erik28 said...


Do you still think 10,000 - 10,300 is the tops, and best place to re-load on the puts.

Also curious, do you forecast a strong DEC end of yr sell off?

thanks in advance!


Waxie said...

I answered some of the questions in tonights blog. Thanks for the comments, keep em coming, I do 100% read them all! I just try to answer them for everyone and not everyone reads this part of things. I am still extremely bearish long term, but did and do think we should get another leg up, probably to the 10,000 to 10,300 level,though we'll see, I think the worst thing that can happen to bulls is it happens over next few days, that would be horrific for them. This is the problem with Bear markets, or one of them, you get these large cluster buying sprees and then once that ammo dies off, the last guys holding the bag all get slammed. AAPL will certainly determine where we go later this week. Its more important than MSFT at this point for sure. Stay tuned!