Monday, February 09, 2009

Tuesday,,,

Unless Guithner comes up with something completely out of left field, buying FAZ or SKF should pay off nicely Tuesday. It's hard to imagine that the banks aren't going to sell off.

I also think there's a fairly good shot C is rendered worthless shareholder wise. If I had my way they would completely nationalize the banking system, wipe out ALL shareholder and bond holder value and start building a solid base from which to move UP from. The plan they are likely to reveal will just delay the inevitable. The banks are insolvent, its time to face the music. Look for most of the banks to retrace the recent moves. Of course, unless they come up with some half brained way to keep the stocks propped up. I just don't see it, but anything is possible.

Ones to watch for nice downward moves;

C
BAC
WFC
CYN
STI
STT

Despite several talking heads ra-ra pom pom waving, I also think MS is in a heap of trouble. They have TRILLIONS in toxic assets on their books from what I've read and I think its only a matter of time before they are back to single digits. But, for now the banks themselves probably are better bets for a short term down move because they are weakest of the weak.

I don't know, call me crazy, but so many people are saying that the market is showing great strength, yadda yadda. OK< fair enough, maybe so, but I see it more that the market has been propped up by the hope that the Fed would bail us out of this debacle. So, we'll see if Tuesday they sell the news, which is my guess, again subject to what news comes.

We're kicking butt, seriously, I gave POT and X short right off their tops Monday, plus our BIDU calls are pretty freakin' amazing! We are rocking both ways! That's the way we like it! Watch oil here, if it can't hold near $40 it may see $20s sooner rather than later, amazing, so much demand destruction, jeez! Asia is struggling, so not sure where demand for Oil is going to come from.

It's sad, and its unfortunate, but we really are in a heep of trouble.

Off to bed, see ya in the am!

RULE!

Waxie

5 comments:

In Debt We Trust said...

Best bearish indicator for the week - Cramer is bullish! The Contrarian indicator strikes again...

Jim Murphy said...

Thank you for your thoughts Waxie. It allows us time to mull them over and decide what percentage we should risk, where to put stops, etc. without rushing to see how fast we can formulate and get a plan of action started. During the past several months, your calls have been the best I've ever seen from any service. I'm beginning to wonder how we got so lucky to find a person that shares his talent with such humility and enthusiam. I really appreciate your generosity! Please stay well and keep the great calls coming for a few more years. I pray that all your calls are profitable for as long as you share them with others and maybe one of these days we will also be able to have a more positive effect on society, like you. Warm regards, "murf"

Malin said...

Thanks Waxie. Thank you so much. Great calls!!!!

Marlena said...

I love you Waxie! Will you marry me?

Waxie said...

Thanks for all your comments!

Wow, a proposal. OK, Marlena, but only if our 1st born is named Waxie, jr. OK?

Market is in a big time range here, I suspect we soon break below November lows, but we'll see if it holds. Yeah, we been kickin market butt! I'm happy, my acct. doing very very well, knock on wood.

Rock on.

RULE!