Monday, January 12, 2009

C to 3

"I readily concede I chucked aside my free-market principles when I was told ... the situation we were facing could be worse than the Great Depression," Bush said. "(But) we've taken extraordinary measures to deal with frozen credit markets (that) have helped thaw the credit market."--- George W. Bush today


The market opened a giant can of whoop ass on Citi and the financials, and it's been long overdue. They are on their way to the November lows, today was my evidence and if one person tells me it was light volume I will find them. The blog had some levels to watch as potential trouble spots and they broke like egg shells. XLF traded about 102 million shares on Friday and 147 million shares today. There leaving the space again and we are going to make a ton.

My new buzz phrase is C goes to 3. We are only about two points away from the all time low on XLF. Can you say SKF $300? My thoughts on the financials have been beaten to death so I will now shut up. But if you missed my thoughts on 2009, here it is.

Alcoa posted its first net loss in six years and commodities and materials got taken to the wood shed. Who's buying this stuff? Needless to say SMN a 2008 favorite is back on my screens.

I will have some charts a little later, break downs everywhere. I love this stuff.

And remember, people are still looking for recipes not restaurants.

7 comments:

Jonny said...

Joe:

Again, great blog. Thank you for taking the time.

My question to you: Do you really think SKF can go to $300?

Won't JPM gum up the works a bit tomorrow? We all know how even terrible news from the financials is greeted with hosannas of 'not as bad as we thought' these days and everyone rises...

Also, what of SRS? You did all that research a few weeks back and haven't heard squat on the topic from you since. What gives. I made a pile from it today but I'm not holding... what do you think?

Quid quo pro: ATVI is the best videogames stock. ;)

Bob Brill said...

you da man!

steve said...

Speaking of recipes, we tried your pot roast recipe from a few weeks back. Not bad!

StrasserTalk said...

How 'bout a simple pan-seared macadamia nut encrusted Ahi ;)

Lasertrader said...

The chart of the commodity index tells all http://tinyurl.com/a2re3g

B-rad said...

recipes, not restaurants?

EDC said...

Upside,

Love the honesty!

Bravo!

great blog.

About Me

My photo
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.