Friday, February 13, 2009

HAVE A GOOD WEEKEND!

Stocks dropped into the 3-day weekend in a potentially ominous sign that retesting the November lows is a foregone conclusion. I stick with my DOW below 7000 by the end of March call.

One comment on our favorite Booyahhead!

How come the guy just refuses to admit he's wrong and move on? Nearly every day he rants about how the SHORTS (oohhh, those evil doers!) have it all wrong, how WFC, BAC, C, JPM are all screaming buys!

This is the same nonsense he spewed for months and months into BSC failure, when he screamed at callers telling them not to sell it when it was $60 to $80, saying it was a perfect takeover target (I'm paraphrasing, you can Youtube it for the actual quotes).

The same nonsense he spewed saying that C, WB, etc were all buys, and in fact C was part of his Tower of Power banks or whatever he called it.

Listen, I've been wrong before, clearly, but to keep pounding the table and crushing people time and again is unreal. Today's action was horrendous for the bulls. Into a 3-day weekend, when everyone knows there will be stimulus, bank and foreclosure news for the market not to rally is pretty ominous. Will it play out that way? We'll see, perhaps its meaningless and we rally hard next week. Perhaps, but either way, anyone buying the banks for anything more than a very short term trade is an out and out dolt. It's not the shorts, BOoyahead, its REALITY. Reality is, these banks are INSOLVENT. You want to own C and BAC and WFC? Good luck, don't fight the tape is the 1st thing I ever heard about the market. I think it was in Trading Places or some other movie I saw. I was very busy looking at Jaime Lee in Trading Places, so perhaps it wasn't that movie (classic comedy though it may be!), but regardless, why would you even talk about that group, or point to the dreaded "SHORTS!" That's absurd, the banks aren't going down because of SKF, or the shorts, the banks are going down because everyone with 1/2 a brain knows they are completely insolvent. Same as FRE, FNM, BSC, WB, etc. WFC is worthless, C same, BAC same, STI same, and many many others.

I've said it here many many times, the problem is MUCH bigger than any of these knuckleheads imagines. $1 TRIL? $2 TRIL? I wish. Try $50 to $100 TRIL on for size, cause that's what I think the problem would take to be cleared up.

How much is the US dollar worth if they print $100 TRIL? Yes, it's the SHORTS!

Part of being a profitable trader is dealing in reality. I wouldn't own BAC for 30 days if you spotted me $2. That's how much I think of it. Now, maybe it's $20 next week. Or, even $10. Maybe, maybe so, but it'll be that with us trading it, and certainly not owning it for more than a TRADE.

As far as shorts go, we're short some of these names with puts, I'll take my chances. Some people are here to make friends, I'm here to help you make mooolah, babies - BIG KA-CHINGO MOOLAH!

Rock on, and enjoy the weekend, next week should be a doosey either way! I'm not making a call on the week, too much news will rule. And, I'm on vacation!

RULE!

WAXIE

3 comments:

thomas said...

C'mon Waxie, market is coiled up like a jack-in-the-box waiting to blow it's top, with Mr. O turning the crank as carnival music comes out of the tin can. There's a near trillion dollar historic bailout on the doorstep that's going to happen, one way or the other, with the help of two women from Maine. And, you don't have an opinion about direction?? Have the sun's ultraviolet rays neutralized your brain??? Please wear a hat before it's too late!!

Unknown said...

Hi Waxman,

How did you end up doing on your FITB trades last week? You never said exactly how that all ended up for you after all was said and done.

gleetha said...

I think he has violated one of his own rules: "Bulls make money, Bears
make money, Pigs get slaughtered!"
Holding stocks that are 35-50% down?
OINK, OINK!!
XX- K -XX