Why not? That's about the only thing the stupid thing might be good for! What a gigantic mess these dolts have created! Are you kidding me? As bad as the market is, it should be a LOT worse, but I'm not in the camp that that is some bullish sign. I'm in the camp that people remain in denial that probably 10 to 20% of all companies listed public are effective bankrupt, and like 80% of all financial stocks are belly up, only being kept alive by TARPY the Fed idiot.
I kinda like that, TARPY the Fed idiot, its kinda like a comic book. Can someone write it for us? :)
Unreal. Today after the close BAC announced they need BILLIONS more of our money because they took on the MER merger. Who knew that was a bogus deal manipulated by the Fed? This is DISGUSTING. I'm sorry, but this isn't capitalism, we now officially live in a dictatorship. The United States of Paulson and Bernanke. All hail, hear ye, hear ye! INSANITY. It's like a surreal bad dream, like walking through a Kafka novel on 2 hits of mesculan, or smoking major ganja bong hits!
Are you freakin' kidding me? I repeat, this will go down as the BIGGEST FRAUD, the BIGGEST SCAM, the BIGGEST LIE in the history of civilization. How dare they treat citizens as though they are nothing but sheeple. How dare they. Who annointed them King, Pope and Ruler of the world? ARE YOU FREAKIN' KIDDING ME?
The banking sector is TOAST. ANYONE buying a single share of those stocks is a SUCKER unless its for a quick trade. These stocks are all WORTHLESS! Hello! Hello! What about negative $300 BIL net assets doesn't the idiot financial advisors understand? The best is when they come on CNBC lately and say that the BANKS will lead us higher!
ARE YOU FREAKIN' KIDDING ME!!!!?
What more can I say? Did I tell you it makes me ill? OK, yeah, I did, huh? Hehe.
OK, so today I was the dummy, I thought we would get a squeeze after lunch and I went long and I lost money today, so my streak ends at 8 to start the year. 8 out of 9 ain't bad, I'll take it. I think I'm up about 50% on the year even with today, so tough to complain! Ka-chingo!
Tomorrow is a key day. We are either going to get a reversal here or I'll see ya at new lows below 7500 very soon. We need to reverse, and we should, but it'll just set up another shorting opportunity shortly. Obviously we have to favor the downside on any bounce. Here I would watch for a reversal but be careful and trade smaller until we get some clarity, these choppy days are very tough and can make your broker a lot of money shaking you out of a ton of stuff.
Need to mention that Steve Jobs finally admitted he's in trouble health wise. My heart goes out to him and his family and I pray for him to have a speedy recover. The stock price is really insignificant in the grand scheme of things. The stock has been predicting this as it kept going down lower and lower, so this wasn't said to any investors, but some people knew. Now we'll see if it fades the gap down and rallies to green. Watch that as a good indication of the way things will go Thursday.
Also, GOOG announced that like I've been saying, things are really messed up. GOOG sees below $100 by year end, you heard it here first. ANyone buying these stocks for more than a trade are incredible foolish in my opinion.
The market is going down, whether thats now, or 6 months, its going down. Yesterday Suze Ormon was on CNBC saying that in 10 years the market will be higher "I don't care what anyone says". Sorry, Suze, you should care what I say, cause I ain't ever wrong when it comes to these things, honey and in 10 years the DOW has no shot to be higher than where it is now. Buy and hold and dollar cost average (which doesn't work, fyi, studies have shown) will only net you brokesville!
See ya on the other side,
Michael "Waxie" Parness