Sunday, September 21, 2008

The Market Will Never Be The Same Again

And that is truly a shame. We've completely lost ourselves as an economy, as a nation and as a free market. The more I see, read and hear this weekend the more I just want to puke Wall St style.

The politicians will use what has happened to make us as similar to Europe as possible which really will only further destroy our markets going forward. Oil to high? No problem, raise margin requirements and ban "speculators." Market tumbling? No problem, ban short selling and let the taxpayers who are already on the edge, throw a trillion at the problem. Gotta save the Macks and Thains of the world though at all costs. Grown men who are inept and beneath incompetence. Men, who when all of this is over, still walk away with net worths in the hundreds of millions. Small, pathetic men that will be on the same golf course a year from now having a chuckle at the expense of all the legitimate traders and tax payers. Men who won't ever understand the damage they did or the hurt they have caused.

I was always pretty good at trading and navigating a market, long or short, but now the mirror is broken and frankly I don't know how to play it. About a week ago when the Dow Jones was around 11,200 or thereabouts I mentioned that I wasn't concerned about the market breaking the July lows anymore because we were going to 10,000 anyway. It wasn't a bad call because within several day we tagged 10,459 and would probably have not only broken 10,000 but gone much lower. It will be harder to make calls like that again.

When one door closes, another one opens---right?


Adam said...

Feel the same way. There's some opportunity there somewhere, but kind of feel like I want to mostly sit it out. I have a feeling we're going to see wildly disjointed action.

Stewie said...

'When one door closes, another one opens---right?'

I so hope you are RIGHT! I have ABSOLUTELY NO CLUE what yo expect next week, next month.....what the trading environment will look like going forward.

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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.