Wednesday, March 11, 2009

Two Days in a Row?

If the planet wasn't so heavily short the market I have to wonder if anything that was said or done yesterday would have had any impact on the market. More rhetoric, all of it too little too late in my opinion. But the market doesn't care what you think or what I think, it never did and it never will. I do know that the next guy that says that we have definitely bottomed will be duct taped to a tree.

Goldman Sachs just downgraded American Express from a neutral to a sell with a $7 price target. You know how I feel about analysts, I rank them somewhere between inept and irrelevant, but I like this call a great deal. I've talked about consumer credit woes for almost a year and the problem will get worse, and I still stand by my COF to $5 call. Yesterday Meredith Whitney wrote a nice piece on the problem in the Wall St. Journal.

I am ready to play the trend until it stops and I know I am the skeptic, but my refusal to buy into the conventional wisdom has saved a lot of bacon on this blog. You will know when I'm bullish, I'll be the guy standing in Macy's window butt naked wearing a propeller hat, adorned in Christmas lights with the megaphone.



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.