Thursday, October 28, 2010

4 Years Late

Regular readers know all too well how I feel about the propaganda network know as CNBC. I have ridiculed the boobs and boobs in chairs at the pom pom network so often that I have lost count. Luckily for me the clowns at CNBC continue to offer and endless supply of material to ridicule and mock ad nauseum, like the new heat map recently unveiled. Ya just gotta shake your head and laugh. The leader in carnival theatrics, excuse me, I meant to say serious business news, sure you are. More like the leader in carnival barking, book talking and disinformation. As if all this is not enough, the boobs and boobs at CNBC have the audacity to ridicule and mock those in the blogosphere, or as Michelle Caruso-Cabrera likes to say "idiot bloggers".


That said there are not some glimmers of light in the tunnel of darkness at the pom pom network. When Rick Santelli, Diana Olick or Phil Lebeau appear on screen I most definitely raise the volume. Like now, I am now watching one of the few "reporters" of CNBC, Diana Olick, do a piece on the mortgage mess. Sadly this is CNBC at its typical day late and dollar short best. 

No offence to Ms. Olick as she has done and continues to do a great job reporting the facts in the real estate sector but if you had read blogs like:
  • Mortgage Lender Implode-O-Meter, 
  • Mr. Mortgage, 
  • Market Ticker,
  • Mish's Global Economic Trend Analysis,
  • Financial Armageddon, 
  • Of Two Minds, 
  • Dr. Housing Bubble,
  • Mike Morgan
  • The Mess That Greenspan Made, 
  • and ahemmmm Prudens Speculari (gratuitous plug there!)  
  • not to mention a whole host of others to numerous to mention
you would have known everything you needed to know when it counted, back in 05-06' before the implosion and with the Dow trading 13-14k plus to boot !

So here we are now 4 years past the 'idiot bloggers' warnings about housing, about subprime, about LIAR loans, about NINJA loans, about Lehman, about Bear, about extend and pretend, about delay and pray and now CNBC is finally, at long last, wrapping its collective arms around the problem, intent showing the world how brilliant and insightful they are in analysing and dissecting the issue. 

Reality most often is far funnier than fiction.


Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $60.30
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $52.60
Long 1 unit ishares Barclays 20yr Treas ticker TLT @ 92.15 stop @ $98.74
Long 2 units U.S. Dollar Bull ticker UUP @ $22.56 stops @ $21.94/$21.44
Long 1 unit Powershares Gold Double Short ticker DZZ @ $9.07 stop @ $8.67
Short 1 unit Apple ticker AAPL @ $312.25 stop @ $315.37
Short 2 units Caterpillar ticker CAT @ $77.75 stop @ $81.71
Short 1 unit American Express ticker AXP @ $40.37 stop @ $41.81

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