I’m out of here; this shit is for the birds. Apparently, the market is stuck on stupid, frozen, unable to ball up and make a move. However, that shouldn’t stop the stock Gods from punching my teeth in with a little “reverse SRS love action.”
The late day SRS fuckery is so classic, they should rename the etf ‘Frank Sinatra,’ ticker FRANK.
Here is a recap of today’s events:
X told us they blow and will begin the long process of bleeding out losses, for the foreseeable future. In addition, they have a $2 billion pension shortfall.
On that news, the stock ripped higher.
The Obama stimulus package has, in fact, no stimulus, touting less than 5% in real infrastructure spending. Instead, we will waste some fake money on condoms and abortion clinics.
Good times.
And, the big news being swept under the rug is: Congress wants to restrict steel contracts to U.S. firms only—with regards to the stimulus spending. Do these fuckers ever pick up history books; and more importantly, are they familiar with Smoot Hawley?
It’s almost as if they (Congress) try to be extra stupid on purpose.
This is not the time to take a protectionist stance with our trading partners. You can’t build an economy, based upon global growth and all if its trimmings, then all of a sudden, when the shit hits the fan, rescind or radically change how we conduct business with other nations.
Asshats.
In short, I like t-bills here, via TLT. And, I like short oil and short commercial Re. However, I cannot short the banks down here, no matter how much I hate them. Look, BAC, USB, WFC and C could double from here and no one would complain about valuations. It’s all a black box. No one knows what the banks are worth. Therefore, absent any really bad news, men in green leotards may choose to jack those fuckers up, in order to be all stupid and shit.
At the close of trading, my top longs were CHL, FXI and TS. And, my top shorts are DUG, SRS, EEV and ERY.
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