Monday, September 29, 2008

No Deal No Relief

For those of you that are new to the market or to trading, this is kind of what a crash feels like. Is it a capitulative bottom? I can't see how it can be when there are still so many unknowns. The market hates this stuff. The market was left at the doorstop today by a bunch of children in grown up bodies that are more concerned about infighting and face time than solving the problem. Frankly I say let em fail. Forests burn, ocean floors shift, volcano's erupt and we're all still around. As Clemenza said to Michael Corleone when discussing the war with the five families, "this needs to happen ever five or ten years." It' all part of the evolution of anything and hopefully we will be smarter next time.

Right now pointing the blame is the thing to do, and frankly I care not a wit whose fault it was or is, I just wish everyone would shut up, stop posturing and do their jobs. If they do the bailout, my home won't appreciate by 30% nor will all the unemployed be back at work on Monday.I think it would just prolong an inevitable move, in my opinion, to 9000.

Not much talk about China anymore but their growth rate is slowing, and with America catching the flu, they will no doubt catch pneumonia. We have high octane influenza too, not just a cough or a cold at this point.

The goal posts get moved on a day to day basis and no one knows what to do. Buy because it's cheap? Big mistake, try and catch a bottom and you will most certainly pay the price. What gets me is that 99.9% of the planet thought the deal was done today and the market was already getting clubbed like a baby seal. So we get a deal on Thursday now? Too little to late.

I'm flat and happy tonight and SMN up 20% today didn't hurt, I was also short FCX which was also a beauty. I'm going to open a Pinot now and watch the the talking heads fight like children and think about running through a meadow hand in hand with Barney Frank.

Catch you later. Hope no one got hurt today.Let me know.

5 comments:

todd said...

"I'm going to open a Pinot...?
California or Oregon?

upsidetrader said...

mark west from cali

Bluedog said...

You're having a pinot out of amusement at the market; I'll be drinking my pain away tonight. lol. 15% haircut today for me. Speaking of pinots, though, if you like pinots you really ought to try La Crema pinot noir. It's absolutely fantastic. Very smooth, velvety deliciousness. You can get either the regular pinot, or the Carneros. Both are outstanding.

BD

upsidetrader said...

bd
lol thanks for the tip and I'll pick up one tomorrow

Bluedog said...

You'll have to let me know how you like it! :D

Cheers,
BD

About Me

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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.