Thanks all for the well wishes, appreciate it! I'm alive and in pain, having spent all day yesterday in an ER, but my daugther is fine, at 5 its a lot quicker heal time, she's indestructible! :)
I have to gather my thoughts for the week, as soon as I do I'll post them. We may get a near term bounce. There's some sense to the notion that we will rally into the hearing on Mark to Market, and then sell the news when it happens. I'm fairly sure they will pass it if for no other reason then its the dumbest thing they can do. Since the 100% trend is they do the dumbest thing, it should pass. Losing mark to market is ludicrous, any accountant will tell you that its very important for the ingegrity of a companies books (and for shareholders) they you mark your assets and deficits to market. If they take that away it'll give investors false hope AGAIN and drive shares artificually higher, only to see them crushed even harder when they realize it won't work anyway. Hasn't that been the result of everything they do? Of course it has. We got rid of short selling, stocks rallied and then tanked, we did stimulus bills, stocks rallied and then tanked, etc,etc,etc.
When will they get that #1 anything and I do mean ANYTHING booyahhead recommends is a BAD IDEA. The guy hasn't been right about anything (nice bottom call! NOT!), and is all about self serving drivel. Yet some politicians get their que from the knucklehead.
Ending mark to market accting rules, or suspending them, will create a nice trading opp for us, but ultimately will just lead to LOWER stock prices, not higher ones. At some point perhaps they will get the notion that the market has to be allowed to do where it needs to go, it has nothing to do with short sellers, ETFs (the DUMBEST idea by booyahhead by far), stimulus plans or lack thereof, mark to market accting, etc. It only has to do with reality vs.fiction and reality is pretty bleak. Until reality is allowed to dictatea nd the market is allowed to trade where it should (below 5000 at least) we won't get any real bottom, only tradeable rallies.
I would not want to be short the financials here into the hearing, remember that nothing goes in a straight line and its better not to try to ride something to the last tick, your risk reward switches and you on the wrong side at some point and that point might be now. Watch tech for relative weakness. AAPLs slide Friday may be indicative of where they want to take money out of next. GOOG looks ready to bust below $300 and hold soon. Would love one more pop up to $340s to get short it for the long haul, we'll see.
TIny noted $260s on SKF, thats where it hit Friday and tehn reversed, so thats meaningful and should be watched closely, we may have had a double top in SKF, if so and it does make sense, the financials should get that pop I'm referring to. I like FITB, FAS, and USB for nice trades if so. FITB in $1.30 so downside seems limited if you trade it and don't go nuts. 1st target will be $2.50.
That's all I'm giving you, you should all sign up for memberships! :)
OH, very important! We are shooting our new infomercial this week in New York City. If you are interested in being on TV with me (you'll meet me and Tiny and eat with us and you can pick our brains for FREE!) please email me IMMEDIATELY @ email@example.com. If you are out of town we may be able to bring you here and put you up for a day as well. Email; firstname.lastname@example.org NOW and I'll hook you up!
Thanks and look forward to seeing ya all soon!