Are you watching the parade of clowns on financial television. Don't you just love all the quips and one-liners which are so reminiscent of the post game one-liners we get from professional sports athletes day in and day out on ESPN.
The clowns and shills on pom pom TV have em' all, don't fight the tape, don't stand in front of this market, don't fight the Fed, close your eyes and buy, fundamentals always play catch up, tons of cash on the sidelines, M&A activity, blah, blah, blah. I have heard it all before, repeated over and over again, most often by the managers and custodians of "other peoples" money. You know the really 'smart money' !
The fear of being left behind, the fear of missing out is so strong so compelling, is THE reason the vast majority of the this so called "smart money set" was caught 'all in' when the shit hit the fan last year as the markets mercilessly rolled over. Do yourself a favour and listen in on an institutional conference call just once, it'll be an eye opener I can assure you!
And it is for this same reason, fear of performance flacidity, that they will get caught again. It matters not to them because it is a win win proposition for them. This is the reason dear reader that none of these pundits can "see" the downside as it does not exist for them in the same sense as it does for you and me. Heads they win, via their bonus, tails you lose. Best of all, the clairvoyant himself Ben Bernanke has declared the recession over !! Yes dear readers the man who saw none of this coming, the man who called sub prime contained, is qualified to call the recession over. The hubris of these folks is staggering, their arrogance and lies knows no bounds.
I received some interesting email regarding my thoughts on the U.S. dollar, of which you know I am bullish, which puts me in the very, very distinct minority. For those looking to play this trade there are many vehicles, one in particular that seems to have a following is ticker UUP.
I caught an interview recently with Louise Yamada, a technician whom I have tremendous respect and admiration for in which she commented on how this market has been one of the most difficult markets to trade in much less figure out. Now lets compare a statement like that with the fact that Goldman had not only a profitable quarter but one of the most profitable in it's entire history. I am no Sherlock Holmes but I one might be inclined to think, as does Andy Serwer managing editor over at Fortune is, that maybe just maybe someone is in the know.
But hey, it's just urban myth that Lloyd Blankfein was sitting in on that AIG meeting, yes that same AIG that Goldman claimed they had no material exposure to, right Steve Liesman?
Wonderful system we have no? Sadly we can only blame ourselves for it as we sit back and continue to "take it".
Late Monday afternoon I was stopped out of JPM at $43.66 for a flat trade.
Good speculating and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
Short 1 unit Abercrombie ticker ANF @ $33.23 stop @ $33.33
Short 1 unit Currencyshares C$ ticker FXC @ $91.95 stop @ $94.03