What a horrible trading day. Sickly low volume, CNBC decided to trek all the bears out today in honor of the supposed $50 BIL crushing rich folks (and some not so rich) took with that filthbag Madoff, or whatever his name is. Market tried to bounce, and tried to tank and did neither in the end. Worst type of trading day unless you are a pure scalper or use no stops and trade against all rules and hold no matter what. Whippy days get stop outs all over. I lost today, first day in a while. I have to admit, I thought we'd get a bit more follow through and was too bullish. If we had gapped up I would have faded it, but we opened flat, and the rest is history! Such is life, can't make money every trade, or every day. Move on. Funny how many emails I am getting saying that I am now clueless, that the market will get crushed, no way we can go up a point, let alone 100 or 1000! Even funnier, one of the guys, who I won't embarass, is the same guy who was here bashing me when I said we would do what we've done! Hehe! Oh, how the worm turns, or the wheel goes flat, or...well, whatever.
G-d, I know I promised not to comment on booyahhead for at least a week or two, but I just can't take anyone who says that evil short sellers are the reason things go down. It's lunacy. C went down because of short sellers? Really? Has nothing to do with the FACT that C is bankrupt basically? NOthing to do with the $350 BIL in bad toxic assets? Yeah, ok, no, no I'm sorry, its just the SHORT SELLERS! What a joke of a society we are now living in. When do we get the police states? I read more articles talking about how we're going to be one big police state of a country in a few years. With the way the thinking is going, I don't doubt it. Yeah, its everyone else's fault but the investors who were DUMB enough to give that criminal their money? People gave a guy BILLIONS who didn't show any records, but its everyone elses fault. I feel bad that people got ripped off. I've been ripped off. BUt you know what? If you give your life savings to someone without checking out their records or doing any fact finding then you are responsible for at least part of the loss. The guy is a criminal, thats clear, but people are way too passive and way too eager to blame someone else for their own failures. Booyahhead is a knucklehead, he is clueless but people think he knows something. It's beyond comprehension that anyone in the market as long as he's been would blame short selling for the dirth of issues this market has. C went down because of short sellers? Yeah,ok, thats logical. $350 BIL negative net worth might have had somehting to do with, ya think?
RRRRRRGGGGGG!
See ya manana! RULE!
Waxie
3 comments:
Waxie....Love your perspective on things! I enjoy reading this blog. Keep it comin' brotha!
Mig
CEO, Migtight Productions
www.mrmig.com
mrmig@mac.com
Dear Waxie,
Perhaps more interestingly, is the US government running the greatest Ponzi scheme of all, by printing billions of dollars to keep a sinking boat afloat?
To be frank, by bailing out bankrupt banks, insurance giants, mortgage lenders and now possibly carmakers, the US government, the Treasury and Federal Reserve have now entered the business of picking winners and losers.
By one estimate, the US government has either paid or pledged US$2 trillion so far to try and prop up the economy with no discernible positive impact yet. A recent forecast is that at least US$1 trillion more will be needed over the next couple of years but even then, there's no visibility as to when this might have any effect.
Probably not. Wikipedia's Ponzi definition concludes thus: 'The system is destined to collapse because there are LITTLE OR NO UNDERLYING EARNING from the money received by the promoter.'
A system which requires the entry of greater fools all the time but one that could crash because there are NO FUNDAMENTALS to speak of? Sounds very much like today's stock market, doesn't it?
Your posting rocks, cheers!
Rgds
Roy
Keep it real Waxie! Don't let them get you down. Time will prove you out.
Two questions based on today's (Tue) action. First, with tyhe historic rate move by Mr. B and company, now is a good time to refi. Question is who to do it with? Can we trust any of these banks with the sad shape they're in?
Second, TF's platform of choice has been with TerraNova however their connectivity and feed quality has been deteriorating this year. There worst year yet out of the last four. Who is TF's second choice recommended level 2 platform?
Thanks
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