There was once such a thing as profit taking, a concept of selling while the getting was good, markets being overbought, plummeting option prices being a warning sign - in this "market" nothing applies - we only rally, we buy all news (good, bad, or indifferent), anything of worry is cast aside, its just crazy.
Tonight we hear from Intel which posted "blowout numbers" (CNBC's term) , never matter that the market rallied almost all day into the number we are rallying afterwards as well...If you dont believe that there are non freemarket hands guiding this market you are crazy. In a country with 9.7% unemployment, and even greater underemployment all we have is a permabid rigged stock market...its absurd.
The secondary offerings and IPOs continue at a record clip - we have been participating in lots of em and passing on quite a few as well, luckily we passed on Metals USA a Goldman led IPO of a KKR company - it priced at $21 and close its first day of trading at $19.3 - ouch. When the KKRs and Blackstones are selling you better watch out.
Anyways - tonight the SPUZ are rallying as they will all night and all day forever until kingdom come.
JB
Tuesday, April 13, 2010
Sunday, April 11, 2010
Greece is the word....
Greece is getting 40 billion Euros from its fellow Eurobloc members...the baby has finally been given its bottle...Market is take a guess??? Up in the overnight session.
I was away for about 10 days out in the capital of foreclosures Lake Las Vegas...enjoyed lots of R&R with the family....It was good to be away from the flicks and ticks (as Toddo calls em) but its also good to be back.
This week Im thinking (hoping) should be pretty interesting, you get the non news bailout of Greece, and 1st quarter earnings start streaming in, oh and we'll probably here about numerous municipalities that are buckling...but dont worry your pretty little heads over those silly issues just keep buying downticks (if you can find any).
I bought some upside calls in AIG the other day - thinking is there is an enormous short position left in this POS and they should be able to post a big earnings number....I mean if ABK can put up a good number anyone can..and if AIG does the squeeze should be on.
Dont get me wrong, on a fundamental level Im still an uber bear and believe the problems and issues our economy face are almost insurmountable but.....
JB
I was away for about 10 days out in the capital of foreclosures Lake Las Vegas...enjoyed lots of R&R with the family....It was good to be away from the flicks and ticks (as Toddo calls em) but its also good to be back.
This week Im thinking (hoping) should be pretty interesting, you get the non news bailout of Greece, and 1st quarter earnings start streaming in, oh and we'll probably here about numerous municipalities that are buckling...but dont worry your pretty little heads over those silly issues just keep buying downticks (if you can find any).
I bought some upside calls in AIG the other day - thinking is there is an enormous short position left in this POS and they should be able to post a big earnings number....I mean if ABK can put up a good number anyone can..and if AIG does the squeeze should be on.
Dont get me wrong, on a fundamental level Im still an uber bear and believe the problems and issues our economy face are almost insurmountable but.....
JB
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