Thursday, October 09, 2008


Well, so much for a rally! Even I thought we'd get a bounce today, but twas not to be! The best thing about trading, as always, is the ability to see your outlook is wrong and SWITCH! We bought FSLR puts when it was up and made a VERY sweet score!

And, the SKF call spread looks like it'll cash out at a 900+% return! That's what I call SWEET!

I'm having my best trading streak in 10 years. I don't trade all the time and I don't trade heavily like I used to, I make calls and let you guys make the RACK UP Ka-chingos! But, I couldn't resist some of this trading and I mean, its kinda crazy cause I turned my futures acct. from very little to up rough guess about 500%! My stock acct is off the charts SICK. Very grateful to be helping clients rack up big money, and make a little spare change on my own! You guys do realize that EVERYONE is getting hammered here. I mean, we are some of the very few people who are not only out of the market (you all are, right?) but actually making money to boot! It's insane how much people are clueless about whats going on, folks. The market is not a place for investment, its a trading vehicle and thats all. Anyone who thinks that the bottom is in is insane, pure and simple. DOW 4500, mark it down, we will get there. Nasdaq 500 to 700 AT BEST when this is over. I wish I came into today bearish. I really did think we would get a bump today, but here's the problem, the Fed came out and said that they are taking equity stakes in banks to help them. This is AIG all over now. And, look at AIG stock, folks. So, if you are buying any of these things you are SUNK. C still remains my favorite death bank and GS, which insanely held on to $100 because people are so misinformed as to what Buffet's deal means. It's a shame because GS will be $50 or less (how bout $25?) in the not too distant future if I'm right and so many people keep hearing that "well, if Buffet bought them!". As I've stated, Buffet didn't buy GS, GS can go to $1 and he'd still make $500 MIL a year. Buffet gave a loan, yet CNBC keeps misinforming the public tragically and its stabbing investors in the head. I just don't get why no one calls them to the carpet. That guy Dennie is a MENACE. He should not be on air, he is irresponsible and he is CLUELESS and he gives misinformation over and over. I suggest you all call and email and write to CNBC and ask that he resign, and ask that they get the REALITY check from yours truly. It's about time someone went on that show and spoke reality and not wishful thinking! Yeah, all those guys are putting their money to work now, NOW is the time to buy, when people are paniced! History has shown us,,,,,it's all BULL DINKY! It's NONSENSE! And it's high time the truth was spoken. The American public needs to told the TRUTH! Hey, you know what I just thought of? It's a REALLY good thing that Bill giving one of the perpetrators of the demise of our economic system, and the worlds - HANK PAULSON. It's good that we gave him and his sidekick Bucky Benanke $700 BIL! Yes, because you know, as we were told by the President and the Congress and these CLOWNS that without that bill the markets would CRASH! Wow, good thing they passed that bill! Whew, I mean, see I thought 3000 points constituted a crash, but hey, what do I know? I mean, without that bill, wow, we could be at ZERO! Right?

I just don't get it, I really don't, its so infuriating. Again and again they trek out people who are ALWAYS wrong. ALWAYS. These guys are never right. NEVER. And, let me tell you again, the market is NOT COMING BACK in 10 years or 20 years. It's FINISHED as a place to invest. It's still here and will remain here as a place to TRADE, and I really REALLY hope you've all heeeded my constant ranting. I know there are a few that read my stuff and say "this guy is too much, he's really over the top and there's no way the market is going to go to 4500! Well, ok, maybe I will be wrong. I haven't been yet as far as long term predictions, not in the 11 years I've been doing this, but hey, maybe this is the 1st time. OK, fine, maybe THIS is the bottom! I'm sure there are people who will say that. OK, fine, but you know what? There is NO SIGN of a real bottom on ANY level in ANY facet of the economy or the markets, so why in the world would ANYONE recommend that NOW is the time to buy for ANY reason? It's insane and its leading LAMBS TO SLAUGHTER! The government taking equity ownership in the capital markets is a DEATH KNOLL, folks. That's what happens in DICTATORSHIPS! It doesn't happen in capitalistic societies! It's insane, we finally have Democrats and Republicans agreeing on something and it's the worst possible scenario for us all economically! Why couldn't they agree on Stem Cell research for G-ds sake! At least that doesn't crush the world economy! I am sure they will keep doing more and more STUPID things, bring another glass of water to a forest fire! It won't work! You know what will work? I've said it over and over, let the markets FALL! Let them fall without a bailout and START OVER! We're going to get there anyway, lets get it over with FAST and then REBUILD! The Depression ended when they capitulated and it began one of the greatest growth spurts in our history! Let the markets run their natural course, let them fail and then we can create jobs and rebuild from square one, put in the proper regulations that everyone can live with and move FORWARD! Listen, I'm sorry, but real estate is STILL VASTLY overvalued. And, so is the stock market! Let the markets correct themselves and we can rebuild, what they are doing is condemning us to DECADES of a real worldwide DEPRESSION. I've said it here for months, we are going into a DEPRESSION and its not going to stop until they stop trying to cure it all at once! I'll repeat it one more time. WOWSA! SOOOOO happy they passed that bill, the stock market has completely stabilized, as have the capital markets! Sweet! Idiots, total and utter idiots. I know I'm harsh, I'm an American and I'm affected by this as well, they are destroying what we were built on with one fell swoop. Did anyone but me notice that Paulson has something sticking out of both sides of his head? Like right by his ears? Or, am I the only one who noticed? Maybe it was airbrushed away for you all. :)




Ming said...

Hi Waxie,

Sorry I am trapped in this market. I still lack the skills to make swift adjustment. I thought it was a short term bottom and I was in from Wednesday. So based on your experience, will you see a real bounce coming soon (could last a few days)? Tomorrow seems another gap down day.

Thanks so much

ms. shark said...

Get a grip, ming. You're not "trapped" in the market - you always have the choice to sell your long positions and go short. I think that was the point that Waxie was making.

Waxie - you rule.