Sunday, March 08, 2009

Thanks to all!

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 @ waxie@trendfund.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; waxie@trendfund.com NOW and I'll hook you up!

Thanks and look forward to seeing ya all soon!

RULE!

Waxie

8 comments:

in the mountains said...

just discovered your blog recently, and my impression so far is that you're right on the money. Keep up the good work!

Congrats on surviving the crash (both of them!), and best wished for a speedy recovery.

P.S. Who is booyahhead?

Jim Murphy said...

Thanks Waxie. I'm praying for a speedy recovery for you and your daughter. It sure is nice that your able to continue guiding us even when your in pain. That tells me you definitely have "integrity" and commitment to your followers to not let us down. You have truly made my life and investments more enjoyable during the past six months. A few more weeks with your guideance and I'll be signing up for the Ninja membership. It's taken quite a while for me to actually obtain significant profits, however, your leadership ever since last September has truly been right on target. Thanks for all that you do to help us obtain the keys to the kingdom!

murf

Mark said...

Hi Waxie,
Thanks as always for the great blogs. I'm going to start commenting so people can see some of the great calls you make. On Friday in the chat room you called GS short at the open around $82. I shorted 500 shares. It went up against us briefly to 84ish, but it still looked like a good risk/reward to me, so I shorted another 500 shares. With an average share price of 83ish, I moved my stops and let it ride all the way down below 75 for an 8+ dollar move. 1000 shares x $8 = Kachingo! Sweet call and very nice way to end a great week! That's why I pay my $429 to Trendfund every month! So, if you're reading this and you think you've got what it takes, you need to sign up as a TF member. Thanks again Waxie and keep the great calls and blogs coming.
Regards,
Mark

mauiman said...

Booyahead is calling a bottom in the housing market for June 1 2009. C'mon, do you really believe this will happen??

FACTOR R said...

glad that you and family are doing well !!!

FACTOR R said...

Waxie

I am very happy to part of TF family , I am learning more and more and never make money like i am doing but more important I am not just follow you I am learn for real I change my life and I am sharing with you this I know this is just the begging and i want to thank you ,sally,tiny,and everyone from TF i just dont know for how long you be around I have a felling that you will be on TV maybe FOXNEWS show at 6PM i will feel sorry about cramer if that happen ....just to let you know I got all books that you wrote and dvds ...etc....

many thanks for your help

GOD BLESS YOU AND YOUR FAMILY TODAY AND ALWAYS !!

Beanieville said...

Oh man, Wax, didn't know you're in an accident. Dude, be careful out there and hire a limosine for your destinations. The accident, That is a sign. Ok? Take care,
Beanie

Jeanne Mancuso said...

To: in the mountains

Booyahhead is a slang term for Jim Cramer of Mad Money fame.