Predictions on point again!!!

WM- Washington Mutual now becomes the largest bank failure in history.
Here is the blog entry from July 12

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 RULES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

REALITY

The reality folks is that no matter what we heading into a deep recession. Again I get alot of heat sometimes from people when I say this but the economy has to run its course. Don't be surprised if we go to last week lows in a rush if no bailout is passed quick enough.
I can't believe the idiots we have running financials institutions and the government. I have ideas but who am I for them to listen to :).



MARKETJEDI

Bailout

Bailout seem to be on pause. Wow not good news in the eyes of Wall Street. We will see how this pans out

Goldman Sachs

I have been reading this evening thoroughly about Warren Buffet so called investment in Goldman Sachs. Maybe I am an idiot but it is not an investment but lending of cash with warrants attached which looks like an awesome deal. Buffet is going to be paid 10% on his 'investment' and have options to exercise purchase of common @$115.
To me this is an awesome play and if I had the money I would be doing the same. Even if the share price goes south he will be collecting 10% no matter what and on top of that if it goes higher he can buy shares at a discount @$115.
Saying that, I dont believe GS will be speared the bloodbath of the upcoming selling. Goldman I am now putting on my top short list of financials. OPPS we can't short them :) I guess options will do :)


MARKETJEDI--

Absolutely no losers here period !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Had to blow my horn

Well folks another AWESOME call- RIMM death after market close. I noted June 25th that RIMM would see south of $100 by September and on July 25th I called RIMM my number one short pick for the next 18 months.
RIMM was $125 then now it is trading around $82 after hours. I think RIMM is a $20 at best. We still got 15 months left to see where it will be in 18 months.

Stay Tuned-


MARKETJEDI

Bailout Plan

I have no idea what is going on with the bailout plans but this is what I think. I think we get some mojo higher into the final draft next week and then have a few days of buying which will be on weak volume. I still think this will lead to nothing just as the other deals but who knows.

See you at DOW 9000's

Ironic

It is Ironic that they are saying the republicans are holding up the progress of the bailout

Financials

Financials higher as noted this morning. Everything is light here as the markets are obviously waiting for some news on the Bailout package.

Bailout Plan or whatever

Bailout plan or whatever they are calling it seem like it is going to get passed with some adjustments. Although I am bearish this should give us a nice push up for a few days I believe. The financials will more than likely get the biggest push and retail sector. As of now the futures are up but I am wary to short this as any news can send us higher into a resolution of the bailout.