I am about to mock you, so be on-guard.
Now that we got the ol’ jobs thing out of the way, we, as a nation, can now focus on quantitative easing, part II. This way, we can shovel even more money into the banks’ vaults that will boomerang right back into Treasuries, keeping rates at historical rates. The unfortunate caveat to those low rates: you can’t have them. Look but don’t touch. Taste but don’t bite.
Nevertheless, the stock market has other things to focus on, other than stupid jobs. Who on Wall Street needs a job anyway? Hell, last I checked, I was still working. So what some guy in Detroit is living off a bag of rice per month. All that matters is quantitative easing, part II. Do you think I give a shit about some hobo fishing for food out of the Harlem River?
QUANTITATIVE EASING PART II, you cocksuckers.
It’s no surprise to me to see stocks rally off the lows, thanks to all of the fervor built up for QEII. As soon as I saw the jobs numbers, which by the way confirms we are nowhere near recovery, I was tempted to dump my longs. But then I got to thinking about how no one gives a shit about poor people without work and how this would be a pleasant excuse to help the banks out a little more. So, I decided to keep my longs.
Whew, that was a good idea.
As we speak, the market is down 30 and my VXX is flat. My overnight hedge, FAZ, is up 20 cents and sinking. However, none of that shit matters, people.
In all seriousness, the recovery is dead, regardless of what people tell you. The stock market should drop like a stone here; but I am afraid people are thinking band-aids cure cancer. With my money, I still like the hedged approach, especially on a slow Friday in August.
UPDATE: Buying FAZ on dips.
I bought another 20,000 FAZ in the $13.40’s
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