I saw AC/DC more then any band I've ever seen, other then maybe the Pretenders and the Clash. But, that was many moons ago and these days I'm more likely to see the Jonas Brothers and Miley Cyrus or Katey Perry with my girls then I am the Boss or U2. And, of course Chissy Hyde is like 90 and Bon Scott is long ago gone, but not forgotten, and of course Joe Strummer ain't strummin' on this planet any longer.
And, gone are the good ole days of the market being run by fundementals, or value engines. The market is now run by the government, and the friends of the friends are privy to info that no one should be. The rich get richer and the poor, well, they are plum out of luck.
A guy I never read in the NY Post actually did a nice job of getting some revealing info related to Paulson and the calls he made to GS the day last Sept. when the market found what at the time was a near term bottom, and what definately saved GS from going under. The day GS was ready, willing and able to go the way of LEH and BSC Paulson apparently was on the phone with GS all day. In fact, he seems to have called GS more then he called Bernanke. Does anyone really doubt that GS had the inside skinny on what was about to unfold and that the Fed intervened at the exact moment when poster child for greed and evil, the NY Yankees of Wall Street was about to meet the Grim Reaper of insolvency itself? If you do, please stand up and then kindly sit your dumbass down again and let me sell you a piece of the Brooklyn bridge!
And, of course, who has made more money trading this market then I have, and probably everyone else combined has since that fateful day? Take 1 wild guess, and I think you'll pin the tail right on that donkey boys puck marked face, babies and gentlemen.
And, now that we've just had the best quarter possibly in the history of the US stock market, now what? I have been pointing to Oct. as the month when we finally do get that selloff everyone's been waiting for. The market looks poised to drop. How far and if it'll actually happen remains to be seen, but I would not want to be long here past tomorrow for swings, at least until we prove we can bust and hold 1075on the S & P on a close, which so far we've been unable to do. The trend is clearly still in UP mode, but I think we will get a pullin here shortly and while I'm not betting the house, I'm willing to go on record saying such. If I'm wrong, then I'm long and if I'm right then I'm light. I can't lose...at least I think that's the case, right?
I talked about it in my Marketcast class tonight, 1050 on the S & P remains a VERY VERY key #. If we can't hold that here we should and could easily fall to below 1000 VERY VERY quickly, which is what I think may very well happen.
Will it? We shall see, yes, we shall see soon enough. And, one way or another the only sure thing is, I have tickets to Z-100 Jingle Balls in December and probably I'll be seeing Lady Gaga and thinking about what Chrissy woulda looked like in those outfits she wears.
See ya on the other side,
Michael "Waxie" Parness
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