Slow Your Roll

Slow your roll; you’re carrying too much shit.

Let’s not get ahead of ourselves and believe this market is off to the races again. Like it or not, we are in a depression. Before you know it, you too will be drinking black smoke from grotesquely large mugs– alongside the Occupy Wall Street crowd.

People are buying Citi this morning, even though the numbers scream sell. Investment banking is down 30% yoy and you are going long. Holy shit, you need your brains examined.

Germany’s Merkel told people to shut the fuck up and quit dreaming about a quick fix to Europe’s problems. More specifically, if Greek debt holders take a “voluntary” 50% haircut, how much capital will they need to raise? Moreover, I hope you realize the only reason why it is termed “voluntary” is to prevent a credit event, via triggering CDS.

One amusing thing to note: PHG announced they are firing 4,500 people and a share buyback in the same statement. So, let me get this straight, they are firing people to save money, but will take savings to buy back shares?! I am seeing a lot of this tomfoolery.

Occupy Phillips.

I will be reducing my longs into strength.