Welcome to The Great Obama Crash of 2009

I have never seen the British pound down this much (5.5%) in one day. You can track the pound via FXB.

Without a doubt, there are many people stuck in the funnel today, trying to escape The Great Obama Crash of 2009. Howsoever, due to the conviction of the bears, via egregious selling pressure applied to the banks, there is no respite.

The losses in the banks, worldwide, are staggering. Look at RBS. Look at BCS. For the love of healthy hair follicles, look at BK.

Today the world is expressing their cynicism, with regards to the notion of “change” and “hope.” Despite the flowery rhetoric from President Obama, his actions, through appointments and stimulus proposals, suggest we are in for more of the same.

On days like this, it’s important to remember the people who got it wrong. Remember the mustard seed motherfuckers from CNBC and throw eggs at your televisions, whenever they appear on your bullshit goggleboxes.

Look, I’m more than happy to be in cash right now. While it’s true, it would have been fantastic to be heavily short, kicking old men down idle sewer pipes. However, 2009 is going to a very long, painful year for equity holders. There is no need to rush into a half hazard trade.

Looking at the banks, I have no desire to short them down here, nor go long. See, recent actions in the U.K. tell me that all major banks are subject to nationalization. Essentially, the equity of all banks are at great risk here. On the other hand, I am not crazy enough to short stocks, already down 50% intra-day.

If anything, towards the end of trade, I may buy 10,000 DUG or 5,000 ERY, due to XOM‘s retarded persistence in the high 70’s. That fucker deserves to be much, much lower.

Trade accordingly.

UPDATE: I sold out of VCLK @ $5.59.

UPDATE II: I bought 10,000 DUG @ $27.95.

UPDATE III: There is no need for “The Fly” to opine on today’s market close, since he is in a glowing state of “winship.” Instead, I offer you a little poem, written by none other than Karl Marx.

1. Abolition of property in land and application of all rents of land to public purposes.
2. A heavy progressive or graduated income tax.
3. Abolition of all right of inheritance.
4. Confiscation of the property of all emigrants and rebels.
5. Centralisation of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.
6. Centralisation of the means of communication and transport in the hands of the State.
7. Extension of factories and instruments of production owned by the State; the bringing into cultivation of waste-lands, and the improvement of the soil generally in accordance with a common plan.
8. Equal liability of all to labour. Establishment of industrial armies, especially for agriculture.
9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country, by a more equal distribution of the population over the country.
10. Free education for all children in public schools. Abolition of children’s factory labour in its present form. Combination of education with industrial production.

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