I was dozing off the other evening channel flipping and came across the movie Goodfella's. You remember the one, Ray Liotta, De Niro, Sorvino and Pesci. An absolutely great flick about true events to boot ! I happened across the movie during the part where the restaurant owner is having trouble with Joe Pesci's character and he approaches Pauley(Paul Sorvino) via Henry(Ray Liotta) about partnering. Well, its all downhill from there as they pillage everything and when they've bled if for all its worth and there's nothing left but debts, they burn it to the ground. It got me to thinking that the restaurant would represent the broking/banking business, say JP Morgan or Goldman Sachs and the mob would be represented by the government. As I said I was dozing off at the time, but it's a thought, no?
This market smacks of distribution to me. After yesterday we should be lucky to get a rally day or week which will give 'the strong hands' the opportunity to continue to sell even more stock to 'the weak hands' under cover of financial media/pundit spin of "a strong economy", "good profits", buy the dips", "this time is different"(with specific comparison to tech in 1999 for good measure). Kinda like Blackstone did to the public.
You should be very afraid. They will ridicule the naysayers like they did to Gary Shilling last night. The other 5 on Kudlow's show(Ritholtz excluded) couldn't carry Mr. Shillings bags let along compare market acumen, yet the "market journalists" with specific note the Ms. MacDonald and Mr. Bowyer 2 of the finest CLOWNS I have ever seen, listen to these two at you own peril. I understand and welcome opposing views and frank disagreement and but the derision directed at Shilling went beyond reprehensible. Shame on Kudlow for permitting it.
Just shut up and stick to the charts. Okay, Okay ! Good trading to you all.