Wednesday, January 14, 2009

The Financials--Again

My posts are becoming eerily reminiscent of the ones I made almost every day last year, and the financials seem to again be the topic of conversation. I killed them today with longs in FAZ and shorts in GS and COF. But as usual it was mostly FAZ as the banks died again. What's that say about January? So goes the year? We are now down about 800 points from the high made on January 6th. Happening quietly isn't it? Maybe the financial media if finally feeling shame and embarrassment for their incessant idiocy. Never happen. Did everyone enjoy the "Madoff Yule Log" as Rome burned today? Personally, I thought it was riveting television, a definite Golden Globe nominee next year.

Well BAC (Bank A-merill-wide) came back to the teet for more loot. I know, I know, they were in such a rush to buy Merrill that they miscalculated. Give me FREAKING BREAK. SCHMUCKS in the first degree. This comes on the heels of HBC pulling a Greenspan this morning (" I miscalculated) to the tune of an extra $ 30 billion. Getting the picture yet? BAC's dividend is bigger than their earnings. That dividend will be gone by the end on 2009 and the stock will be $6.

I hope you guys are benefiting from the ideas here because it's the hottest shoe in Vegas right now. Have a great night and I will see you tomorrow.


Bob Brill said...

I was interested how you pursued after hours shorts today, unlike usual as I understand your day trading in recent memory. Hope all continue to work well for you. Keep twittering and blogging :-)

upsidetrader said...

when the bac news hit i had to get short

Murph said...

Sykes is calling you out on Twitter about covestor.

upsidetrader said...

penny stocks r for kids

Murph said...


marcrigaux said...

Hey just started following you, and just started learning - academic not mechanical understanding of all this stuff, but just getting really into it with all the tools out there like stocktwits, etc.

Question: what's the trade you're setting up for over the weekend if BAC and / or C DO get nationalized?

I was in C a few months back the Friday before the bailout, but couldn't stomach the massive dip I took before going into the weekend, so I pulled out and missed the run to 7.00 from 3.00. Don't want to miss another one!

upsidetrader said...

will post 2 morrow-dont know yet but i will be flat going into the weekend

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.