All of my securities have opened their wings and flocked to the sky, unafraid of Einhorns or other nefarious anti-aircraft devices. My positions have tested time and won.
Now all of you out there, reading these scribes, are probably losing your horses in this tape, scared of shadows, sick to your stomach from the churn. Rest assured, this is the 5th time the machines have destroyed Zion; they are becoming increasingly efficient at doing it. You have a choice to make now.
Either you ignore what you see in front of your faces and go play a game of tag with some of your adult friends outside. Or, you can sell everything, buy a bunch of oil stocks, and arrange for your own funeral. There isn’t anything left to do, other than play with the mirages.
The market started to drop, in lockstep, with NOW today. They reported better than expected results, had a few nice chaps at the old brokerage houses reiterate $84 price targets, only to see its shares eradicated from trade within 10 minutes of the opening tick. People in my business watched, in horror, as the stock dropped 14% from yesterday’s close. Panic set it, as the realization of nothing being able to arrest this decline set in, not even great earnings, and everyone ran for the exits, cloud stocks in particular. As we speak, some of those shares have recovered a great deal. What we are looking at is either the beginning a complete and absolute collapse in growth companies without earnings, or something less sinister in nature, but equally depressing–nonetheless.
What we are bearing witness to is the end of speculation. Very soon, all of the IPOs will be canceled and brokerage firms will fire 50% of their work forces to make ends meet. The economy will respond by tailspinning into the ground, completing the Obama legacy of nothingness and ineptitude. As this occurs, the Federal Reserve, chaired by Yellen, will continue to ignore the fact that this economy is dead without stimulus and there is nothing that can be done to save it, without artificially pumping it.
The better alternative will be to see this morning’s panic and subsequent reversal extend into the afternoon session, erasing all losses for those of you out there, less fortunate than I.
Fingers crossed, for the sake of America.