Yesterday was one of those days that hearkened me back to the heady days of the internet/dotcom bubble. How can you not love a market that rallies 130 points on the news that Greece is getting yet another bailout. No restructuring for bond holders. Speaking of Greece does anyone out there remember the TV show Good Times? If not google it as there was a character on it named Ned the Wino. Greece has as much chance of paying off any of these loans as Ned the Wino does. But of course don't believe me, believe Junker and Strauss-Kahn and the rest of the idiot parade claiming it is simply a liquidity problem. Too funny if not so tragically sad.
So, yes Another bailout for Greece and the stock market boyz cheered their asses off to the tune of 130 pts. Still guessing why I call the stock boyz the dumb ones? Anyone remember what number bailout this one is? I have lost track.
Suffice to say that it is all good for stocks. Nuclear meltdowns, armed conflict, deficit and balance sheet sheet nightmare, no it is all bullish. Is anyone taking any bets that the Wall St. boyz have, yet another, loss free trading quarter?
Like I said earlier, this all takes me back to the good ol' days of the internet bubble. Yes those days when rookie brokers would wax eloquently to anyone within earshot regarding how astute market observers they were. These market sages would drone on about their Nortel call, or their precient call to buy Cisco. No it didn't stop there, they would argue why JDSU was a must for everyone's portfolio and lest we forget good ol' Intel who in 98' was only trading at only 12X year 2001's earnings.
Quality stuff for sure.
Yes the bull market made absolute genius' out of these cats. I mean what else could it do. That is until one sad day it didn't anymore, and these wizards were relieved of their market sage status much quicker than it ever came to them. Unfortunately for them it did not end there for as the losses mounted the lawsuits started. A curious word popped up into these former genius' vocabulary, suitability. It come as quite a shock to many of these intellectuals that their adoring clients, who so loved them when their market picks went up become quite hostile when they went down. So hostile that they stopped calling them altogether and instead called their attorney.
Now I can imagine that those that survived the tech debacle and those lawsuits most likely re-emerged in the "tight leash" program where the conditions of their continued employment with said broker was peddling only approved selections from the managed product division s they paid off their debt. No more individual stocks for them, no more market calls. Anyone wanna bet they're not buying precious metals funds right now?
I thought so.
I notice that now today that the market is down on a poor private employment and factory activity numbers. Shouldn't it be up on more QE given the economic weakness? I am lost here now. Isn't bad news good for stocks? I am positive that's what David Tepper told me on CNBC. Where are the " lots of cash on the sidelines" morons today?
Do you remember that old phrase "it takes one to know one" to any derogatory playground taunt shouted? Well, I think there is some merit in it. A con man like Frank Abagnale who Leonardo DiCaprio played in Catch Me if You Can, once apprehended, helped the authorities with security. With this in mind you can understand how I would logically suggest that an idiot can recognize other idiots.
Regular readers of this blog know all too well what I think of uber-moron and at one time Wall St. super idiot Henry 'please don't read my emails' Blodgett. So just to show that I can acknowledge the positive and not just the negative I want you to check out a video from Yahoo Tech Ticker Market Rejoice as EU Plays Another Round of Extend and Pretend with Greek Debt put out yesterday. It is with Aaron Task, who I think is quite good, and our dear old friend, former Wall St. thug born anew Henry Blodgett.
In what for sure could be a first for me, Blodgett, at about the 1 minute mark of the video, says something I totally agree with. In particular he says this;
"There has got to be a way to make the folks (re: the banks) who lent Greece money, who in hindsight, are idiots, actually pay the price for that?
Listen Henry Blodgett could tell me the earth is flat, that Kareem could ball and that water was wet but I would still check it out for myself given the dirt bag he is. But in this case he is totally and completely correct.