Sorry I could not respond to all the pot shots at me in the past few weeks, been crazy round here, I have read them though. As for my defense of the current rally, I have none, completely befuddled by this market and unfortunately all of my chips are on the table. I am currently taking a swift beating on FAZ the banking short, triple inverse I might ad. FXP is holding steady at no gain, unfortunately I moved some shares to free up money to pick off FAZ at a higher level. Not a good move considering they stop moving in tandem and FXP, the one I slashed has leveled off and started back up, FAZ the position I added to continues to slide. Kind of a double whammy. Survey says, "X" wrong answer! Next. The only good thing going on in my world has happened in the past two days, the two reversals, very nice technical signs if your bearish. I read an article on thestreet.con..i love that..stealing it ty.....a gentleman was talking about the bears/shorts and saying even the longs understand there is a disturbance in the force but nobody knows what it is and where its coming from. I am sorry to say I agree and have no explanation why. You can not tell me a correction of epic proportions is not on the horizon, I mean seriously is the old stock market back? Can we now trust everyone and believe dividends are safe and your principle is safe, I don't trust a bank as far as I could throw one. Please someone tell me they have seen Michael Moore's documentary on Capitalism. I watched it two days in row and its long, over two hours and I have been stirring over it for days! All of the ideals and people I have admired for the past 11yrs got smacked around in this movie, its crazy, he takes shots at everyone except Bernake, but I will say when he is showing pics of all the other crooks, Ben was in a few photos. I do believe Michael Moore himself is a little goofy but if ten percent of this documentary is true, the game is fixed. This actually coincides with my conspiracy theory of why the banks are doing so well and continue to rise. The fix is in folks. I must say prior to this documentary I believed Dennis Kucenich was a total nut, even he is on the floor of the house saying is the a branch of government or branch of Goldman Sachs. I might be a little partial considering my exact job is in four or more segments. It show eviction crews showing up with the sheriffs department and evicted people, kind of sad what happens to many people, the banks tricked tons of people with no debt to use their homes as banks and take out your home equity, in essence use your house as the bank of you! Genius idea, the only problem was if you could not pay your home equity line of credit, HELCO, they come and take your house. People have lost family land and farms that have been in their families for years, how they were tricked into using their home as an ATM/ MAC machine as we used to call them in the north, and when they could not pay for all their new stuff they would just refi, refi again, who cares your house and land are going up faster than your spending so no biggie. When the party is over you can't pay and the banks takes your home and land. If your conservative and somewhat Republican this movie might actually be a little disturbing. I will say they make some connections from GS to the Treasury that can not be denied, scary stuff truly.
Good luck next week, IMVHO your going to need it because just when you thing you got your finger on Wall street they change the game.
Big Ben...I might have to drop the Big Ben tag...dumb ass stay the f out of bathrooms with inebriated woman. I received a text from one of my friends who pulls for the dolphins, he said whats up with Ben Rapehersberger, no clue, I hope Roger sticks his foot up Bens ass.
Recent Rolling Stone article by Matt Taibbi:
"Con artists have a word for the inability of their victims to accept that they've been scammed. They call it the "True Believer Syndrome." That's sort of where we are, in a state of nagging disbelief about the real problem on Wall Street. It isn't so much that we have inadequate rules or incompetent regulators, although both of these things are certainly true. The real problem is that it doesn't matter what regulations are in place if the people running the economy are rip-off artists. The system assumes a certain minimum level of ethical behavior and civic instinct over and above what is spelled out by the regulations. If those ethics are absent — well, this thing isn't going to work, no matter what we do. Sure, mugging old ladies is against the law, but it's also easy. To prevent it, we depend, for the most part, not on cops but on people making the conscious decision not to do it.
That's why the biggest gift the bankers got in the bailout was not fiscal but psychological. "The most valuable part of the bailout," says Rep. Sherman, "was the implicit guarantee that they're Too Big to Fail." Instead of liquidating and prosecuting the insolvent institutions that took us all down with them in a giant Ponzi scheme, we have showered them with money and guarantees and all sorts of other enabling gestures. And what should really freak everyone out is the fact that Wall Street immediately started skimming off its own rescue money. If the bailouts validated anew the crooked psychology of the bubble, the recent profit and bonus numbers show that the same psychology is back, thriving, and looking for new disasters to create. "It's evidence," says Rep. Kanjorski, "that they still don't get it."
More to the point, the fact that we haven't done much of anything to change the rules and behavior of Wall Street shows that we still don't get it. Instituting a bailout policy that stressed recapitalizing bad banks was like the addict coming back to the con man to get his lost money back. Ask yourself how well that ever works out. And then get ready for the reload."
Here's the link to the full article:
Last edited by Sirius Roadkill; 03-28-2010 at 02:08 PM.
Thanks for posting that.
Being a bank teller at the local BB&T does not really mean your in the banking industry, lol. Don't get me wrong, whether your a teller or loan officer, your are providing a service, but your a little way off from Corporate strategy. Your not dealing directly with Geitner at the Treasury are you?
Gonna miss you Willie Parker...defected to the Ravens...boo. Ravens have picked up Willie and Boldin in the off season, not good for the division.
I was watching Fox News the other day, and the guy they were speaking to said the market is good for another 20% before it turns (Dow = 12,500). I think the same guy said gold still has room as well. I haven't a clue as to what is going on. I have some cash on the sidelines looking for a home, and don't know what to do with it. Have to put it to work though. Maybe I'll buy some more SIRI. It should retrace a little before the conference call run up.
Thanks for the Michael Moore review. I'm no fan of extreme liberalism (I pay my mortgage, and for that I get rewarded with an 800 dollar payment to the federal government for my tax anti return). If I walk away from my mortgage, Obama will forgive me. WTF? Tax breaks would have been a more appropriate stimulus, and fair to EVERYONE. Anyway, it may be worth a look. It's probably one of those things we all suspect, but when it's exposed to you, it's eye opening.
PSU fan as well. I am from Greensburg, city outside of Pittsburgh in Westmoreland County. I graduated in 95, played basketball for Pitt, branch campus in GBG. I almost transfered into PSU in 98. I was going to finish my degree there and my girlfriend was going to go to IUP. We both new that if I went to PSU things were not going to work out, what a campus, what a scene, I could tell you some stories. We decided to move south and we both ended up finishing at Coastal Carolina University, CCU.
I also pull for the PSU kids, no matter what team they land on. In 94 I was a junior and we played North Hills in a preseason tournament, at the time they had a young freakish athlete name Llavar Arrington. All I can say is wow! Skinny sophomore starting varsity. Few things I will never forget about him, the face and the smile, wining or losing, smiling, his calves and ankles were so disproportionate it looked comical. His calves were bigger than softballs and with crazy definition, not normal for someone his age, around here we call it Lebron James like, freakish. (Lebron is a freakish human being at age 24, 6'8" 270lbs and faster than you, good luck with that.) Arrington same thing, he tried in the game to punch dunk the ball from the bottom dashes, thank god he got stuffed on the rim, it was crazy fast! I looked at the center (who went on to play four years with a free ride at St. something) and said that was nuts! I was looking for smoke, a trampoline, something! I could jump and float, one foot, two feet, off the glass, 360's, alley oops, everything, I practiced dunking more than any other skill in the game. This kid was different, plain and simple, special and he knew it, thats why he smiled all the time. One dribble and a hop step and boom, he was taking off and not for the rim at the rim. I remember being quickly out of the play and watching this 15-16 year old in flight, I wish he would have dunked it. He went on to dominate at PSU and his NFL career was pretty good too. When he jumped over the offensive and defensive lines and smashed the played, I wasn't shocked, I have seen it up close.
Big Ben - I was going to send you a PM, but figured there ain't hardly anyone here anyway lol.
I'm from the eastern half of PA, and quite familiar with "steel". Now I'm living here in enemy territory. Arrington was a beast. Remember him jumping over the line vs. IL? That was amazing. I finished at PSU in 87. Went to WVU for 2 years to avoid going to a branch campus (should of went to the branch campus, but had a lot of fun.....).
Should be an interesting week for SIRI. 1Q2010 is just about history. Do you think there will be a run up like there was last time? My take is that a run up has been consistent prior to the actual CC. And prior to the run up, the stock price trickles down. Like I said, I have cash on the sidelines.
We'll see. Here's to girls volleyball U.