Thursday, February 5, 2009

I'm Confused

Weird day trading, it was immensely profitable, but the signals that the market is sending just doesn't make any sense to me. Is the "porkulus" plan good or bad? When there was chatter at different times today that it would get done, the market was neutral to down on the rumor and later on it traded up on the hope it would get passed. Personally I'm bearish and disgusted at how it exists in its current form, and to me it is a spending plan, not a stimulus plan as it does very little to create jobs, unless you think skate parks and STD research gets it done. Not.

As far as the Tim Geithner, the John Thain of the Treasury goes--well, where's he been? We get some nonsense announcement that he will have something for us Monday? This whole administration so far is hiding behind somebody's skirt, I'm just trying to figure out why?

BAC hit crazy lows today on a Wall St. Journal piece that basically said nationalization was imminent. Later in the day Chris Dodd said it would not happen, but this is also the guy that tried to hide a sweetheart VIP mortgage deal from Countrywide, but I'll take him at his word. This comes from the same group of people who thought a "feeder fund" was called a "theaterfund" at the Madoff whistle blower shindig yesterday. I'm shaking as I write because their core incompetancies are so very shameful and pathetic, it truly petrifies me.

5 comments:

El Ditto said...

Lets not forget Chris Dodd and Barney Frank were up there onj the hill stuffing thier pockets with Fannie and Freddy cash while telling us everything was alright, balance sheets are strong, "don't worry". Lying Bastards.
eo
lditto

ahab said...

not only liars but hypocrites...http://tinyurl.com/b3w9dg

Maximo said...

While I agree with most of what was said on this post here going to have to object to El Ditto and what he said about Barney Frank. I don't think Frank is getting rich. He might be wrong on a lot of things, but that guy is not a crook. If you have proof please send it my way, otherwise don't make accusations like that.

coasternuts said...

I can't believe you make money knowing all this. I'm like you petrified, but unlike you, as is my money. :-/

El Ditto said...

http://www.businessandmedia.org/articles/2008/20080924145932.aspx
http://www.usnews.com/blogs/sam-dealey/2008/9/10/barney-franks-fannie-and-freddie-muddle.html
http://www.usnews.com/blogs/sam-dealey/2008/9/12/speaking-frank-ly--barney-frank-fires-back-on-fannie-mae-and-freddie-mac.html

( Rep. Franks defense, take it as you may.)
We watched him in live interviews telling the American people everything was OK.
Now, I am not a Republican that doesn't like Democrats, and I am not a Democrat that doesn't like Frank.
I am an American who doesn't trust any of her Politicians.I didn't mean to infer that he was sticking money
in his freezer or anything as unethical as that, but those campaign contributions are nothing less than a back door to buying influence. Being bought is being bought.
This is just my opinion on the matter.

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.