Jon Stewart our HERO

Setting up

This will set up a nice trading short for us very soon. Don't worry as I said two weeks ago the sentiment was about to change because the short side was getting hard to trade. Where and how high we go? I dont know but just watch the financials as most believe they are cheap and the first sign or them as the insurers fading out the upside that will be the signal to get short. Yep folk that's how you have to play this one, up and down with the trend, this one will be sweet once again!




MARKETJEDI

Talking heads

Well folks again hearing the oh this is the bottom oh this is it again from the talking heads. Well as I said I expected a rally and expected it to run somewhere in 750 before resting. Well today we hit 750 on the March contract while we rolled over to the June contract which printed lower. My caution is too much too fast, I mean why are we bullish here, did something happen that I didn't know about. It is just a short covering rally to ease the pressure of for the next leg down, remember nothing goes in a straight line. Tomorrow we should have some profit taking as remember next week is option expiration so we could reverse this move easily. I am still neutral here poking minor stuff here and there but I am not ready to commit. Something is telling me the rally will last only a couple of days and we are on day three already so we will see soon enough.
Our shorts are still working and are so deep in the money profits that I am not even adding to them, just letting them play out as it may.
On a different note I posted a video and it was taken down because it spoke the truth about the media and the market (Jon Stewart video), this is the stuff the regular guy has to be afraid of seriously. Maybe they will take down my blog but who cares the point is why if it is not true why be worried, right CNBC, right CRAMER. In my book you are all just a bunch of crooks and not for the regular guy, who I am.

A HI-5 for JON STEWART!!!!



MARKETJEDI

March

Well I told you March would be significant and it seem to be proving that way. Firstly I have gotten emails about the rally and in my opinion I think it is just a bear market rally, what I do find bullish about it is that it pushes pass areas of resistance without much effort. Now longer term this year I do believe we will trade somewhere close to S&P 1000 BUT I dont think this is the beginning of that run. There is a good shot we test those lows THIS month and then I will be ready to go on the long side with more confidence.

Thursday

Tomorrow there is some debates on the market to market accounting and because of this I will take the day off. Reason being it can move the market either way and if you are on the wrong side you can get killed.
I would love to see some upside but I am cautious here as I am sitting on my hands till we get a true directional trend

Jim Cramer is a Criminal watch video

In light of the current economic crisis, and with the hullabaloo ignited recently by Jon Stewart over the accuracy of CNBC's reporting, we thought it might be useful to revisit this shocking 2006 interview Jim Cramer gave to TheStreet.com's Aaron Task.

In it, the host of Mad Money says he regularly manipulated the market when he ran his hedge fund. He calls it "a fun game, and it's a lucrative game." He suggests all hedge fund managers do the same. "No one else in the world would ever admit that, but I could care. I am not going to say it on TV," he quips in the video.

He also calls Wall Street Journal reporters "bozos" and says behaving illegally is okay because the SEC doesn't understand it anyway.

Here are some gems:

-On manipulating the market: "A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,"

-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."

-On the truth: "What's important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view - it is important to create a new truth to develop a fiction," Cramer advises. "You can't take any chances."

Special thanks to our tipster Henry Chukuka! Keep those tips coming team!

For more on Jim Cramer and shorting stocks, click this.

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