Remember that Fox News request for details of the the Fed's lending shenanigans in particular what type of collateral was accepted by the Fed. Well today we get news that Judge Alvin Hellerstein has denied that request ruling in favor of the Fed.
Don't you just love a democracy? I know I do.
So we get news the economy is shrinking worse than had been previously estimated yet equities are rising once again. It just goes to show you how the markets can remain irrational far longer than most can remain solvent. What was the Clinton campaign slogan, oh yeah, "It's the economy stupid !"
Interesting little blurb from Bloomberg on corporate earnings. Namely that they are not all they're purported to be. But why let something trivial like that get in the way of a party. In my next life I get to come back as a real live equity floor shill on the NYSE, or a leading equity strategist at a major Wall St. house. Where everything everywhere and always is good for equities and hence for my crumb dependent existence (re: Bonfire of the Vanities)
Good for equities that is, until my clients, the people I would rely on to think, as I would only be required to sell as that is what I would be paid to do, tell me it isn't anymore. Oooh the good life.
I want to touch on all these "experts" calling an end to the recession. I might be completely mistaken but aren't these the same cats who were denying the existence of a recession in the first place? Just wondering.
Regarding the market, it just seems to me that it is too easy here. The market has turned up and has exhibited extraordinary strength in the face of what amounts basically to underlying garbage. But, just as with the tech bubble, equities denied reality and continued to push skyward defying any and all that stood in its way.
Sadly I know of few that walked away with winnings from that event.
Very few pundits have the internal fortitude to admit error. Even fewer can admit when they don't really know whats going on for fear it would be a sign of weakness. The ol' if you don't know, say it louder as that will signify authority. That or the "baffle em' with bullshit" always is an option. I am in the "I have no idea camp right now!"
Suffice to say I will be re-reading Paul Tudor Jones commencement speech once again.
I was stopped out of the following positions yesterday.
1 unit of SRS at @ 15.78 for a loss of almost 1 pt on 1 unit.
1 unit of SDS at @ $47.27 for a loss of 1 3/4 pts on 1 unit.
2 units of AAPL at $162.12 for a loss of just shy of 4 1/4 pts on 2 units
Good speculating and remind them to please don't ever forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit US Gold ticker UXG @ $3.05 stop @ $2.28
Short 2 units Wells Fargo ticker WFC @ $25.10 stop @ $26.26/27.41
Short 1 unit JP Morgan ticker JPM @ $37.99 stop @ $39.61