Thursday, March 05, 2009

So much for bottoms...

Guess these knuckleheads were a tad too early! Dang, we are just absolutely cracked. Anyone still want to tell me how nuts I am calling DOW 4500? Please, tell me how nuts I am, I want o hear it.

Where's my friend who kept sending me those emails saying DOW 12,000. Dow has ZERO shot of EVER seeing a new high. EVER. Not 10 years from now, not 1000 years from now. I said same thing about the Nasdaq and unfortunately I have to say it about the DOW, its TOAST, its never coming back to anywhere near 14,000. Mark it down.

The crazy thing is, we still have not had capitulation! It's insane, we may go to 1000 and people just hold on. At some point soon we'll get that capitulatory move and that will be a real buy. Yesterdays BS move was just that. Tomorrow will be interesting because Friday's have been the day shorts often cover and with the jobs #s coming we may buy them if they aren't absolutely atrocious. So, it'll be an interesting trading day.

I was in a pretty bad car accident tonight, just got back from the hospital. It's pretty horrid having your daughter be involved in something like that, but I'm grateful since it could have been much much worse. Guy ran a red light and rammed me basically. What sucks is, he claimed it was my fault. I tell ya, I lose faith in humanity sometimes, it was clear to everyone the guy screwed up, just admit it and move on. What can ya do, some people have no integrity.

In the meantime, I guess those airbags really do work. Man o man, I'm going to bed. I would cut back on size here today (Friday), next week should be a lot easier to predict.

See ya on the other side!

Waxie

24 comments:

danny said...

Waxie, sorry to hear about the accident. Thank God the kiddos are OK. I appreciate what you do and how you go about it...Thanks

mauiman said...

I used to live on the Upper West Side. Its always there fault. People in NY have no clue how to drive. There fucking maniacs!

Roger said...

Michael, I hope and pray that you and your daughters are alright!!! Accidents like that are absolutely terrible. Take care and take some time off.

SilverSurfer said...

Glad you and your daughter are okay. That's some scary shit!

Looking into APOL. $10 billion mkt cap for an online college. They seem to have some big problems heading right at em. I think you are gonna nail this one.

c said...

So sorry about you and your daughter being in an accident. You had to go to the hospital? but sounds like you're both okay. Sheesh. We were at the ER for an accident last week. Tough place to be, especially with a kid.

Your blog is right on!

sanjay said...

People drive like nuts in manhattan specially the cab drivers .Hope you guys are fine .Take care

In Debt We Trust said...

Stay safe Waxie. Some things are more important than life than money and family/health is top.

Btw, a major treasury auction is due next week.

http://www.ustreas.gov/offices/domestic-finance/debt-management/auctions/auctions.pdf

I would not be surprised if Bernanke has been gaming the system again. Coincidentally, a Congressional hearing on m2m is due on the last Treasury auction date of 3/12/09 (30 year note). Hmmm.

mcroghan said...

Waxie,
I am very relieved to hear that you and your daughter were not hurt in the accident. Yes, the airbags do work, although I knew a lady that tried to sue a car manufacturer cause she got powder burns from the inflating agent in airbags. Ridiculous right? You are going to sue someone for installing a device that saved your life?

StockJock-e said...

Damn.. glad to hear you are ok!

Ill ship you a hamsa for your keychain, got to ward off that evil eye!

The Spring equinox is coming up next on the 20th, this usually puts people into a good mood, we could see some rally into that period.

sandy said...

Waxi...you certainly have the ability to see what most do not. I think you provided foresight that very few did in guiding your readers. I admit that at times I did think you were a bit off the charts but that was due to my lack of knowledge and understanding. I am glad you and your daughther are safe...Thank God for that. Keep up the good work.

richard said...

hi

i am sorry to hear that you had a accident , thank you for updating us for market picture , you are right about 4500 because financial system has to change and this criss gonna help that , faith is our only hope to inspire the next generation , good luck , rt

scott said...

Glad your all OK!!

katleninc said...

Waxie,

Glad you are well. Our actions are bound to fail when we reject our relationship with God in our lives. Do you believe that the present financial crisis was precipitated by greed and ignorance? In reality, is the solution ethical in nature?

N.J.

WannaBe said...

Waxie - I love reading your comments here. I think at times you're a crazy lunatic, but I really enjoy your reactions and predictions; sometimes I even let your advice influence my views of the marketplace! (Sometimes.) I am not a day trader, but I work in the investment management business. (I would love to be a day trader, but I my employer wouldn't approve of such a thing.) I've never written to you before, but wanted to do so now just to say that I'm glad you and your daughter are okay after the accident. That's scary stuff. Some people really suck. Take it slow Man.

FACTOR R said...

waxie me and my family we pray for you and your kids !! hope everything of !!

profit_guy said...

Clap for the Waxman, he aint gonna rate your stocks so high,

Clap for the Waxman, you gonna dig him til the day you die.

(as sung to Clap For The Wolfman, by The Guess Who)


...EXCELLENT calls in navigating us through this treachorous market Captain!

thomas said...

Glad you and daughter are alright.

Whatsadonk said...

Well wishes to you and your daughter Waxie

ttk said...

Wax glad to hear everyone is ok. Keep up the great work!!!

mauiman said...

DOW 4500 wont happen overnight. But it will happen ultimately. With the CDS market turning the world markets into a big shopping store. People are just selling everything. Maybe capitulation next week? Probably. If not, definetely lower..

Don Greenup said...

take care and thank God you and your daughter are safe. Thanks for your updates

RayFunRelax said...

Revolutionary "Ray's Solution" to the banking crisis.

#1. Government hires independent Auditors to rate the bank's in terms of "Safety" - Equity/Debt Ratio.

#2. FDIC guarantees customer deposits based on the above Safety rating. For example a very safe, good, healthy bank gets a high rating of 10 and FDIC insures it's customer's deposits up to 500K. A very unsafe, poor, unhealthy bank gets a low rating of 1 and FDIC insures it's customer's deposits up to 50K.

#3. FDIC widely publicizes this information in all newspapers to make bank depositors aware (in advance) so that they have ample time to move their deposit from unsafe to safe healthy banks.

This will minimize the financial burden on FDIC. It will also benefit the good banks and punish the risky bad banks. It discourages too much risk taking (resulting in customers pulling their deposits out).

RSMonty said...

Waxie,
Just read your blog from Thursday. Screw the markets!! Are you and your daughter doing OK?? That is what is important. Hope ALL is well and take care of your precious girls!! That is what life is about. I wish you well. Sincerely, RSMonty

Beanieville said...

Do you believe in the solar revolution?