Election Years are usually positive years in the market but late last year I got to start thinking we are doomed and no election can save us. I have been correct so far on this notion and obviously it would take some miraculous event to send us positive on the year on all the indices. Maybe they catch Bin Laden and then everyone will think that mean the mortgage market is ok and we now have all the banks good. That damn Bin Laden holding down our stocks :):):).
We look anemic here as the bounces come hard but have no staying power, almost like some old guy on viagara, so I have been told :). Tomorrow is 9-11 and I am sure they will try and be patriotic and keep the markets green but geez I dont know if Wall Street even cares about 9-11 anymore with all the chaos on the street. Greenspan said yesterday on CNBC that we are in a very unusual state and this is a once in a century phenomenon and I believe him.
MARKETJEDI
Wednesday, September 10, 2008
MER
I heard someone on the NYSE floor saying there is no way MER can go below $22.50 because of some announcement they did back in July, I guess some capital infusion. I have to do some research on this BUT my play stands on the MER puts. I think MER cracks $20 here easily.
MER at its best is worth $7 yes $7. with negative EPS and a market value of 36Billion this values MER in single digits.
Goldman downgraded MER with a price target of $22 in a year but when we break $20, we will be going straight to $10.
MER at its best is worth $7 yes $7. with negative EPS and a market value of 36Billion this values MER in single digits.
Goldman downgraded MER with a price target of $22 in a year but when we break $20, we will be going straight to $10.
OK Dookie
This is a copy of the post I did on July 12, 2008 on the 5 banks I thought might go belly up ::
Okie Dokie
We just had our first bankruptcy of a slew which will happen in the near future in INdyMac. This is going to be one tough road for the bank and I STILL think a regional bank will fail. I was ask last week who I think will fail and my list are as follows:
No.1 candidate is WM (Washington Mutual)
No.2 SOV (Sovereign Bank)
No.3 DSL (Downey Financial)
No.4 NCC (National City)
No.5 STI (Suntrust).
My list still STANDS and the #1 WM looks like they are in deep trouble with the stock dropping 30% today to a 17 year low.
I know the tv guys are saying July was the lows but whoever believes that is in DENIAL of the true situation we are in.
MARKETJEDI
Okie Dokie
We just had our first bankruptcy of a slew which will happen in the near future in INdyMac. This is going to be one tough road for the bank and I STILL think a regional bank will fail. I was ask last week who I think will fail and my list are as follows:
No.1 candidate is WM (Washington Mutual)
No.2 SOV (Sovereign Bank)
No.3 DSL (Downey Financial)
No.4 NCC (National City)
No.5 STI (Suntrust).
My list still STANDS and the #1 WM looks like they are in deep trouble with the stock dropping 30% today to a 17 year low.
I know the tv guys are saying July was the lows but whoever believes that is in DENIAL of the true situation we are in.
MARKETJEDI
FUTURES TRADERS
Remember the future contract move to december trading tomorrow. (Z08)
Only ER will still be U08 as it will change over to the ICE exchange on the 18th I believe
Only ER will still be U08 as it will change over to the ICE exchange on the 18th I believe
Bear Market Rally
Wow we are truly in a bear market. All rallies should be sold period!!! We going lower folks the banks are just in trouble and tech is beginning to collapse. Commodities have been cracking the last few weeks and as such we have no leadership in the upside in the market. I think we go to 10500 in a rush, could be this week or next I wouldn't be surprised.
Call me crazy but I think we will be in the 9000s very very soon oh yes. Same craziness when I called FNM to $5 or less when it was $32 and same craziness when I called SKF @$90 to $170.
Time to face reality folks and not buy stocks. You want to buy?? buy ultrashort ETF's and you will be happy.
Banks are going lower have your pick, BAC, C, MER, GS, WB, WM, SOV, they are all dead with broken business plans, it is as simple as that. The models have broken and there is no turn around in sight.
How are we doing this past 2 weeks????
RIMM Puts up 100%
SKF Options up huge
ZION short +$2.50 in a day
TWM + $3.50. Holding this one for much higher.
We only have winners here on this blog Period.
MARKETJEDI
http://marketjedi.blogspot.com/
Call me crazy but I think we will be in the 9000s very very soon oh yes. Same craziness when I called FNM to $5 or less when it was $32 and same craziness when I called SKF @$90 to $170.
Time to face reality folks and not buy stocks. You want to buy?? buy ultrashort ETF's and you will be happy.
Banks are going lower have your pick, BAC, C, MER, GS, WB, WM, SOV, they are all dead with broken business plans, it is as simple as that. The models have broken and there is no turn around in sight.
How are we doing this past 2 weeks????
RIMM Puts up 100%
SKF Options up huge
ZION short +$2.50 in a day
TWM + $3.50. Holding this one for much higher.
We only have winners here on this blog Period.
MARKETJEDI
http://marketjedi.blogspot.com/
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