I ask myself, what kind of horse shit is this?
Then, I realize, it’s stock market horse shit. The kind of shit that falls on your face, while you’re on a hot date—in a high end restaurant.
Do the above sentences make any sense? No, of course not.
Is it important to be coherent at all times?
No, only when your Mother is around.
Looking at today’s tape, I genuinely feel bad for people who are long stock. I know the pain they are feeling in their gut right now— and it hurts and it sucks.
The stock God’s are fucked up like that. Do you know how many goats and Romanian lions I had to sacrifice, in order to get in their favour (sic)?
Quite a few, might I add.
Just when you think the market is going to break the fuck out, it punches your balls in, with the strength of 10 Marvin Hagler’s.
Sadly enough, many of you were probably celebrating, drinking champagne, eating low-end shrimp. Declaring final victory over the bears; because today was the bottom.
Then, all of a sudden, some jerkoff, with gold chains, broke into your office, punched your eyebrows off, drank your champagne—then stole your wallet.
That’s the market. Enjoy.
The problem with the market is simple:
Our mortgage insurers are on the brink of disaster. Keep an eye on [[MBI]], [[ABK]], [[RDN]] and [[MTG]]. Oh, and now people are speculating that the CFC-BAC deal will not get done. Frankly, I think it’s absurd; but the share price doesn’t lie.
If this market confuses you, just ask yourself one question:
With everything that has transpired in our economy, namely our banks, do you believe, in 11 months from now, the Dow Jones will be down a mere 7% or where it is now?
If so, fear nothing but empty manholes and go long.
In my opinion, we still have another 7-10% of downside left.
NOTE: The banks are just getting annihilated here. Hence, I’m banking a profuse amount of coin in my [[LEH]] short and [[SKF]].
NOTE II: When stocks like [[S]] start tanking like this, you know the market is fucked.