Monday, September 15, 2008

Fear And Loathing On Wall Street

First of all, don't listen to the Fast Money guys, Adami and Najarian have just made their 50th "we're close to the bottom" call. Please, these guys can't make money. I like them though.

I hope you guys took some of that BAC call, it was a bad move, and the street punished them for it. Paulson and Thain must have naked pictures of BAC's chairman for that to have ever happened. AIG was all over the place and was the subject of chatter, rumors and fact all day long. $SPX and NAZZ broke important technical levels from July, and the $DJI is close. I'm not as obsessed with the breaking of the July lows for any of the indices anymore because I think we are going to 10,000 anyway. You guys read the papers so I won't pontificate about the many reasons why.

The close was ugly until someone finally took the initiative and started to hit bids. I never heard an interview as scary as the one with Meredith Whitney late today on CNBC. The market just melted when she started her thought process. Go get the video, it's worthwhile. Well, Jimbo Cramer, we are right back to the place where " we would never see again." Oh, and Jimbo, how about that bottom in the housing stocks a couple of weeks ago? Oh, and who wears shirt sleeves rolled up over their biceps?

There are trillions of assets out there that needs to unwind, it ain't a bottom. We've been here before so don't get amnesia. Wait for the rally and don't try to catch a bottom.


Adam said...

yeah, the BAC-MER deal smells rotten, must be a hidden Fed backstop there or something. The BAC guy was so full of it that he had to outbid himself right then and there, as opposed to buying them at 0 next week.

upsidetrader said...

backroom deal if i ever saw one-what will they do for wm and wb?

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.