I’ve been fooled for a week straight with false rallies, only to dissipate and stab me in the back of the head. Whatever cash I have left will remain in my coffers, reserved for a real sell-off, a catastrophe that even Scott Bleier could embrace.
Slowly but surely, the market is inching its way lower. I am up 0.84% for the day; but it won’t last.
ANR just reaffirmed guidance. This should cause a massive squeeze in coal names. I forewarned you of this possibility yesterday. The coals have been unduly beaten down, just like some of the good shippers, like OSG. But we are in a very tenuous place for the markets right now. GDP is advancing by a pathetic 1.3% clip and China is in dire need of stimulus. Those stupid fuckers are busy retooling obsolete Soviet Union aircraft carriers, instead of minding to their bullshit economy. By far, regardless of what the man in the bowed tie says, China has the WORST developed economy in the world. I say that because their risks and dangers have not been brought to the light. They are hidden under accounting fraud and government controls. If the Chinese economy was allowed to float freely, it would collapse like a cheap accordion–being played by a chimpanzee– in a small Italian town on the coast.
Nevertheless, I remain defiant in the face of immeasurable obstacles, long by 90%, up 30% for the year aka much better than you.