Did anyone listen to the hearings last week pertaining to the Bear Sterns bailout. Did anyone hear Bernanke and the head of the New York Fed state only bank they could have gone ot was JP Morgan!!!!!!!!!!!!
Do you understand the implications on this!!! Other than the conspiracy theory about JP Morgan and the FED, they are really saying only JP Morgan is the only financially sound institution in this economic climate. Geez SCARY!!!!!!!!!!!!!!!!!!!!
Wednesday, April 9, 2008
some predictions
I think Oil will hit the $116 area here on this push with $121 being the ultimate target. With the economy seeming fragile and traders not that enthusiastic about equities I think the commodities markets especially oil will get a push here. The Euro should also push on this also and from the charts it looks like 1.6150 area might be something to look for as initial all time high target if it clear the congestion in the 1.59 area.
Nothing has changed here people. short the banks and brokers and long commodities dont get your mind distracted from the talking heads on TV.
SKF long- Winner\
FNM short Winner.
SOV short kicking butt slowly but surely.
I purchased some GS puts here $180 today. I will see how those work.
I had a dream that I was trading GS at the $120 area. I think that dream will come true, we will see soon enough
Good luck with the rest of the week.
Nothing has changed here people. short the banks and brokers and long commodities dont get your mind distracted from the talking heads on TV.
SKF long- Winner\
FNM short Winner.
SOV short kicking butt slowly but surely.
I purchased some GS puts here $180 today. I will see how those work.
I had a dream that I was trading GS at the $120 area. I think that dream will come true, we will see soon enough
Good luck with the rest of the week.
Oil projection--$121
I am now projecting oil to goto $121 per barrel based on wave analysis, more on this later
Current Trade
FNM short we up +$2 on the partial shares we in.
SKF+$5
man we rocking and rolling, too bad i said scale into them. I only have a few share
SKF+$5
man we rocking and rolling, too bad i said scale into them. I only have a few share
Another Bail out
The street must be crazy. One of my favorite short in the banks as you all know is WM. I think WM is worth $5 at most. Yesterday they got a $7 Billion bail out by some private equity but they have diluted their stock so much that even trading here at $12 it should be $8. My views haven't changed fundamentally on WM. WM is a piece of junk one of the worst run company out there.
Citibank also had news after the close about they sale of some of its portfolio. My thought on this is they need monies to keep up operations. Citibank has gotten a bounce because of the market but I believe Citibank is a $10 stock at best and you can all write that one down.
There are major problems in the banking system and it can't be fixed in 3 months, no shot in hell. In the meantime, the market is going to either really believe we are going to have a short lived recession and break out to yearly highs shortly, or we're going to break back down. This is, truly, make or break time in my opinion. I still think there is a decent shot they bust us higher. I always say that people would rather lose money than risk not making money. Most of us have that instinct, its part of human nature.
We should get a bounce. From there we'll see where they want to take us, but 12,500 should provide nice support. If we bust below that and hold below it then I think we retest 12,000 again shortly. If we can hold 12,500 then it should set up a higher high near term and perhaps get us that HOY move. I hope so, cause that should set up a very nice fall when we break the yearly LOWS.
It's all about keeping your eye on the bigger picture, folks! All about it.
See ya in the am, keep your focus and keep your powder dry. We're gearing up for a BIG move here...one way or the other!
Citibank also had news after the close about they sale of some of its portfolio. My thought on this is they need monies to keep up operations. Citibank has gotten a bounce because of the market but I believe Citibank is a $10 stock at best and you can all write that one down.
There are major problems in the banking system and it can't be fixed in 3 months, no shot in hell. In the meantime, the market is going to either really believe we are going to have a short lived recession and break out to yearly highs shortly, or we're going to break back down. This is, truly, make or break time in my opinion. I still think there is a decent shot they bust us higher. I always say that people would rather lose money than risk not making money. Most of us have that instinct, its part of human nature.
We should get a bounce. From there we'll see where they want to take us, but 12,500 should provide nice support. If we bust below that and hold below it then I think we retest 12,000 again shortly. If we can hold 12,500 then it should set up a higher high near term and perhaps get us that HOY move. I hope so, cause that should set up a very nice fall when we break the yearly LOWS.
It's all about keeping your eye on the bigger picture, folks! All about it.
See ya in the am, keep your focus and keep your powder dry. We're gearing up for a BIG move here...one way or the other!
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