Without question, the temptation is there for me to jump around and declare myself master of the universe. However, I am instead going to behave like a gentleman and refrain from doing so.
Even though it appears as though my insistence to hold out against the rally is now justified, the truth is I am still down a considerable sum (almost 20% for the year). I hardly call that a victory.
So I will wait with dignity, my body erect, head up, and calmly and quietly observe the happenings of the market.
To be sure, watching the Italian yields crack as fast as they did after the EU attempted to lithely and slyly circumvent an entire market has been humorous. It is at least as humorous as when Porsche organized that epic short squeeze on the shares of Volkswagen, only to watch its own funding dry up as the same market participants began to shun Porsche’s debt.
The law of unintended consequences reigns supreme.
I hope there’s a valuable lesson here for politicians the world over; do not try and outsmart people who are smarter than you. In trying to save their banks a few measly hundred billion, they may have just cost their governments and banks a trillion.
Nice move, guys.
I am playing this selloff on two fronts; short oil (breakeven around UCO $33, I believe), and with EUO, effectively short the euro.
If any of you feel that the euro will not be going to par against the dollar now, I would be delighted to hear (and subsequently ignore) your opinion. But I digress; leave a scribble.
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This is just the breakdown I was looking for. I will take great pleasure in shorting AAPL(for its failed break) all the way down to $300. Fuck Apple.
(laughter) if this is the fall of AAPL, it will be epic. So much premium baked into that cake, it’s lighter on substance than angelfood.
lol!!!
Only difference I have is there will be some type.of new easing initiative before it reaches par
Still enjoy all of your articles, and, cited you in my latest (comments)
Sorry, I’ve been neglecting the new blogger network (to my detriment). I’ve just been too busy, but as soon as things settle (a few weeks, probably), I’ll be stomping around, catching up.
Good luck shorting AAPL here. Hasn’t broken 50 day with market down 300. Patience dude.
Cain.. claiming anything at 10:30 am in this market is crazy. Could be up 200 by 3:30. You know I ain’t lyin’.
Definitely. Which is why I am trying to contain my enthusiasm.
Can I just say, this is sooo dramatic!
See you at Dow 14,000
Oil is still a bit over $96. Not exactly pricing in the end of the world here.
1450… bitches.
And now oil markets are rallying. Could they be more manipulated?
Cain, I agree on the EUR/USD par play I was balls to the wall short EUR last year into summer only othave my head handed to me and took a big loss. Even a year ago I knew the euro trash was lying, but market remained irrational longer. Still short EUR is small quantity now and smacking the lips waiting to go for the choke hold.
There will be intervention before parity, and I thinnk it will be the nuclear option i have talked baout before in your blog space, where Benny B and the INkl Jets also paticipate. I just dont think the time is now, could be wrong.
BTW, why arent we down 800 on this Italian news? just wondering.
euo the call
What you girls looking for the end of days?
You might be right, however it doesnt matter.
Dont be buying SRS in may of 2009.
regards
chuck
not end of days chuck, just end of BS in Euro land. The stress tests were fantastic last year, look wher ewe are today.
and you cant argue a slow down at present. WIth out QER there is no growth.