Today’s trading reminds of my childhood, growing up in Brooklyn. As a youngster, little Fly had many friends who knew no boundaries. Every day, they’d think up new ways to get into trouble. Whether it was lighting a bag of shit on fire, leaving it on someone’s front door, then ringing the home owners bell or simply sneaking into a backyard to steal a sour apple, from a stupid Brooklyn apple tree, young Fly would always decline to participate (remember my IQ was higher than theirs).
My typical response to overzealous activities was “you go, I’ll wait here.”
That’s exactly what I’m saying to my new Wall Street friends today, who are out in the backyard of mystery, picking a sour apple from the tree of [[MER]], [[MS]] or [[WM]]—trying to pick a bottom.
It’s a fairy tale to believe we walk away from the [[BSC]] debacle unscathed. It is foolishness, at its highest level, to fathom the market will bottom here today, because [[JPM]] ripped off 14,000 employees from Bear.
With my money, I will continue to buy gold, via [[DGP]], short commercial real estate, via [[SRS]] and short basic resource stocks, via [[SMN]].
In addition, I will continuously sell short the shares of [[FED]] and [[DSL]], until they hit zero.
Take a look at [[NCC]] today and tell me if you have faith in our financial system.
While it’s true, dumber people than me may temporarily prop the market higher, via erroneous buy orders. However, “The Fly” is here to tell his loyal readers, when your broker calls you up to suggest purchase of stock, declaring “this is the bottom,” just know, it’s a flaming bag of shit he is attempting to leave on your front door.
Don’t you dare step on it.
Next Shoe UPDATE: [[MF]] is being ax murdered. No news, so far.