Friday, October 24, 2008

So much for cheap markets

Looks like we're going to get to my 4500 target a lot sooner then expected, folks! Sorry I haven't posted, been a bit under the weather. Having said that, I had to log in here now. Good thing I was short overnight! Obviously wish it was heavier, hehe! This is why you guys pay me da big bucks! Cause you're ALL CASH and none of you have a single stock long, right? I sure hope so, cause this is only going to get WORSE. The system is broken, its not likely to get fixed anytime soon. Will we capitulate and bounce? It's possible but it won't last long. Not until people stop chasing like sheep watching analysts on CNBC who have NO CLUE and should be sued, and you all know I hate litigation as people are responsible for their own actions. The problem is, you have all these absolute idiots who keep pom pom waving saying "the Dow will DEFINATELY be higher 10 years from now, so buy buy buy!" NO, thats WRONG! You don't hold through this! This is not a buyable market in my OPINION under any circumstance. WE TRADE! I can't say it enough! DO NOT OWN STOCKS! Trade 'em, don't marry 'em! OK, so today I would expect we TRY to bounce at some point. Will it last? It might, and we could get a nice reversal and you will hear all day about the BOTTOM being in if that happens. It isn't, trade it if so but I do not believe that we are anywhere near the bottom, even though we will open down potentially 1000 points or more, that does not make it the bottom. Watch 7500 (or if possible 7370s for potential big bounce points. 7500 is the next large support level on the market, its around where we hit in 2003. In the meantime, I really hope you guys all heeded my suggestions, I know a lot of you have, but I'm sure some of you will die a very stubborn death. We are doing another Bear class starting Monday and if you are interested, which you ALL better be, email me @ waxie@trendfund.com and we'll get you signed up. It's the same price as the last one and its a two day class with both Tiny and I. Class starts MONDAY (this coming) and I should be going Tuesday or Wednesday. Let's rock! Option Traders are ROCKING! We have puts all across the board! HBC is a beast call, wowsa! I know I'm gonna make a lot of money today! Wheeee! Oh, one other thing, as I've said, the economic bailout is going to go down as the biggest CON of ALL TIME, you should write your congressperson and senators and tell them SHAME ON YOU! Listen to Waxie! Hehe. Also also, watching Booyahhead last night was SICKENING! AGAIN! He is blaming hedge funds for this? This guy sells books? That's the dumbest thing ever. The market prices based on reality and psychology. It's amazing, last night after MSFT reported all CNBC did was pom pom wave how great a report it was! NONSENSE! What a bunch of CRAP! I felt ill, they lead lambs to slaughter! Nice going, dudes! Why doesn't anyone say anything? I heard 500 times in the last month, at least, that you shouldn't sell, it was too late to sell! What a crock of BS, damn it! I am so angry that people keep saying that this is "the buy of the century!" How? Based on what? I just don't get it, and it makes me sick. Not that anyone is wrong, I'm wrong a lot as a trader (and in life) but I would never GUARANTEE anything! Anyone who does is just wrong, dead wrong and the people you watch on TV, including Mr.Buffet who pom pom wave are just WRONG and will continue to be wrong for a VERY VERY long time! This is just one step toward properly pricing the stock market, you heard it hear! I wish I was pushing to get on TV cause not that I know much, but I did know this! RULE! And, see ya Monday at the BEAR HUNTING CLASS! Waxie

7 comments:

Bobby said...

Who is this masked man who calls himself Waxie?

woodyrules said...

Sorry to here you were under the weather. I was hoping for a more positive reason like you finally found your dream girl was just plain busy. :)

Bill said...

They won't let you on T.V because your not a Liar.

Ming said...

Waxie,

With world market tanked, and future trading halted in the morning on Friday, the market performed much better than I thought. Japanese Yen soared so much early and I reget that I did not take some profit off it. I know my question sounds silly, but does this indicate the market can go higher from here for 2-3 months?

I am a Ninja member and I attended most of your classes this year. Will this class be archived so we can watch it immediately at night? I am in west coast.

I appreciate you a lot because I have made good money in a difficult year. Without your help, I do not think it is possible. If you can regularly share your market view via alert to members, that would be very helpful.

Thanks
Ming

Nick said...

I can't even watch anymore. Booyehead when he says "I own it for my childhood charitable trust". He doesn't give a crap if it goes down, he's not loosoing any money he has already taken the write off. "I like RIMM a 9
$97, I own it in my" you get the picture. Capitulation will be when Cramer throws in the towel and tells the viewers to preserve capital.

howsweet5 said...

Hi Waxie,

Black Belt Member Here,

I have 2 questions 4 u.

1. why don't u recommend spreads vs. straight puts or calls, given the fact that spreads are a lot cheaper and some put/calls are quite expensive?

2. I have been hestitant to play banking stocks (other than gs, ms, c) given the number of upcoming mergers and aquisitions (e.g. national city)? What effect will
m & a's have on the option pricing? I would really like to trade these options but I am concerned about holding them overnight.

thanks in advance 4 your commentary on these 2 topics.

howsweet5 said...

Hi Waxie (hope u are feeling better),

Black Belt subscriber here.

I have 2 questions 4 u.

1. why don't u recommend option spreads along with straigh calls & puts. option spreads are a lot cheaper (even if they are itm) compared to the cost of some puts/calls?

2. i have been hestiant to play bank options because of the looming mergers & aquisitions (e.g. national city). Can u tell me what happens to a stock/options price if the bank is mergered while holding the option?
I would like to play cyn however i have been hestiant to play the bank options 4 longer than the day because of m and a's except 4 gs, ms, c.

Thanks in advance 4 your taking the time to answer my questions. It is greatly appreciated!

P. S. I have made mucho dineros with your plays...thank you, thank you, thank you!