Tiny will be doing a 1/2 hour discussion from 4 to 4:30. I will then be doing a 1 hour and 15 minute discussion until 5:45. Scott will also be doing a discussion after me as well. It's all totally FREE, so no excuses for all not to attend!
I left the link here yesterday, same link, just 4 pm EST start time now.
As far as the market goes, if you read my thoughts from yesterday I pretty much nailed the model - gap down, fade to green, and then die again and trend down the rest of the day. Wha-la, thats what we did. Nice trading day. Indeed.
Today is iffy, we are nearing supports on a lot of stocks I follow and the govt is likely to do something to pop us again here without too much of a pullback. We should gap down, but from there we'll see. I expect us to have a pretty choppy day unless news comes. INTC earnings sucked, and frankly all these stocks have run to heights they have no business being at, despite what some pundits will have you believe.
GS oh GS, I simply think they are the most vile company on earth. They are so slimey as to make my skin get a rash, or worse. They reported early so they could sell stock premarket today at a higher price then they knew the stock was remotely worth.
So, they sold $5 BIL worth of stock for $123 a share. Hehe, good deal! ROFLMAO, how crazy is that? If you bought the $5 BIL deal at $123 you lost $8 a share already. Nice! Very smart these people are. They diluted their stock by roughly 8%, they have a book value of $88 a share but let's pay $123 a share for a stock that's run up 150% off its lows! Wow, what a bargain! Oy.
I've been reading on the bank stress tests. The more I read the more it gives me an even bigger bigger rash. They rigged these tests,its a total scam in my opinion. It's another smoke and mirror attempt to lie to the American people. Such insanity. The truth will set you free. I guess no one ever told government offials that, or they just missed that in the ethics class they taught at Harvard law. Hmm. It's ironic to me, there is no way they will say how bad things are, but they are doing these "tests" to regain confidence in the financial system. Does anyone believe they will tell the truth? ANyone? No, of course not, so then why not tell the truth? Oh, yeah, becuase of the sytematic risk of a run on banks. Please, haven't they figured out that no one is going to run to the bank and take their money out, no shot in hell. Indy Mac bank everyone knew they were going under, and yet 1000s of depositors were "shocked" when they actually went under. Hmmm.
Just come on TV and say it, say "OK, here is reality, we are in over our heads. We need a new system, there are 100s of TRILLIONS of dollars in toxic assets (or non assets) and derivatives that are worthless. These assets went to pay bank and broker bonuses for years, to the tune of trillions of dollars. The profits were basically all phoney. The banks are insolvent, they are crooks and thieves and liars, the banking system is a Ponzi scheme and we're screwed for about 10 years.
THere ya have it. NOw, I know what you are thinking, you're thinking "wow, this is horrible" but instead of looking at it as horrible, why not look at it as a positive. We've finally spilled the proverbial beans, the cats out of the bag, Dr.Suess is in da house! The fat lady has sung and eaten her donuts, too!
WOuldn't that be refreshing? I think it would be. Trust me, no one would run to the bank except me and you. People would just go about their business and pretend it wasn't so. If they were really serious about solving this problem they would nationalize the banks, period. I've stated that many many times. The lies always end badly. Thats reality. These banks can't pass a real stress test, hehe, give me a break.
I rebought FAZ today and we're up already on the call. We'll see, maybe its too soon and we pop again, its certainly possible. I just think that if they do it sets up another and even better short. People rushed into these things as though they were all fine. Banks tripled or quadrupled. Why? HOPE. ANd as you know, HOPE is a four letter word!
OK< I will try to find a different topic to discuss tomorrow, perhaps we'll go back to talking about my dating issues and love life. It's amazing, I've been turned down by like 27 women in a row. I just don't know why. I feel bad about myself for it, but at least I can trade!
See ya tomorrow at the class - 4 pm EST sharp!