Don’t worry about what “The Fly” was doing, the last 4 hours. As far as you’re concerned, he was was out dog sledding, throwing jumping jacks at innocent bystanders.
Truth be told, had I sledded past Dennis Kneale, I would throw a few dozen block busters at him.
How the fuck is that idiot still apologizing for the banking executives, for taking 100’s of millions in bonuses, at this stage in the game? I mean, it’s pretty obvious now that those idiots bankrupted the world and have led to the unemployment of about, oh let’s see, 60 million people worldwide.
And yet, Kneale says Wall Street “needs to retain talent.”
When I was young, I was a huge baseball fan. I remember watching a NY Mets game and hearing, Hall of Famer, Ralph Kiner talk about his contract negotiations with his former team, the Pittsburgh Pirates.
He said, and I’m paraphrasing here, “I hit 50 homeruns and want a raise.” The ownership replied “absolutely not. We finished last place with you and will be able to finish last place without you. Good day.”
It’s a rather crude way to look at things; but it is spot on, if I may borrow of phrase from the idiots across the pond.
There is no accountability today. Everyone wants to be a Caesar. All CEO’s feel entitled to live a life of luxury, despite not doing dick for shareholders. Bob Nardelli comes to mind.
Anyway, as for the markets:
I am glad to see GS do the Lord’s work and downgrade XOM. And, I am pleased to see DUG, ERY and SRS move higher, following yesterday’s death match with Obama. However, now I have all sorts of long positions going down. What a mess.
In a market that whipsaws 200 points up then down, on a daily basis, it is next to impossible to trade flawlessly, unless of course you are trading in and out of one position.
One thing to take note of is TBT. I must admit, I am a bit surprised to see TBT run higher so quickly. I would not be chasing it up here, not even with my neighbors money.
To sum up my market position, I am a long term bear on energy and commercial Re stocks. I have not sold any of my SRS, DUG or ERY positions. I refuse.
On the other hand, I will take opportunistic trades in some names, when the voices in my head tell me to buy. Right now, I own CHL, BUCY, FXI, TS and MT, just to name a few.
NOTE: Because my overall bias is bearish, I will keep longs on a very short leash.
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