Thursday, December 18, 2008

Awesome day...again...

Love this market, its marvelous. What else is there to say?
Irony of ironies, I am getting bullish the US dollar! Yup, believe it or not, I think its nearing a bottom here and will retest the highs before this happened shortly. What's going to happen is that Europe will need to cut their rates dramatically, thus again propping up the dollar. The issue is systematic, and the system is worldwide, not just us. The Gold bugs long term view is just that, that all currencies become worthless and Gold rules the world. It's possible that Gold makes that huge dramatic move. I own some Gold to diversify so clearly I think it can happen, but more than likely the dollar gets firm and then Gold drops to $600 or lower and THEN when all currencies are weaker Gold may take off. That I could see. The dollar would be worthless by now even if not for everyone else struggling just as bad, and in some cases worse. I know I am tough on the powers that be at times, but in all honesty I dont know what else they can do on some level. They can't let unemployment go to 30% or some crazy #, it would create chaos, so they are trying to take the lesser of all evils. My big issue is with the stock market and creating an artificial floor which can't hold long term in my opinion. That's why I think they will ultimately have to sacrifice something and it'll be the stock market. It's amazing how many booyahheads recommend JPM and other banks for the long haul when they, if I am right, will all be worthless.

OK, I'm beat,thats all I got for ya! Fugtures are up decently here overnight. We'll see where we open, I would think the fade play will work again if we open either way with a decent gap. We'll see soon enough! TSO calls today went 100% literally in less than 90 minutes! For those that asked, NO thats not a record, I once called an option play for over 800% gain in like 1/2 an hour if I recall. It was a few years ago, I think it was CHKP on options expiration day!

Watch RIMM here, I THINK the bad news is baked in, stock may head higher post earnings. Not saying to buy it and hold over earnings, but may be worth a flyer intrday.

Lots of other goodies I have to save for members! Sign up!

RULE!

Waxie

3 comments:

thomas said...

Waxie,

You getting amnesia, brother? Two weeks or so ago you proclaimed "gold sucks!" right here, and all the gold bugs were losers.

StockJock-e said...

Good analysis on the dollar situation. The Eurozone has yet to respond and Japan has already said they will intervene to prop the Yen.

Ming said...

Waxie,

Could you comment on OIL, and its impact on commodity/oil related stocks? There is a big difference between January and February oil future. OIL is just down too much.

Thanks
Ming