Markets death

Traveling yesterday through airport I got a chance to see the bloodbath of the markets on tv monitors. I had no idea how bad it was till I got internet connect where I am and saw the financials, Gold, Silver and even Oil shot down heavily. It is so funny I ALWAYS miss the big days having appointments or traveling. Good I had set up some shorts when everyone was saying buys that are now well in the green. Here i am looking for new lows on the Financials, I expect GS to make new lows, BAC, MS and everything else in that sector. Gold looks ripe for the pickings as I said before it is just a matter of time before we get deflated on that one before we go again higher. Based on yesterday action as I am away overseas I would say everything was being sold and as such I would look for the regular Gurus like Cramer and such to be in the tube saying this and that stock is CHEAP. Yep I agree and they will get CHEAPER. Remember in the grand scheme of things I think when the stocks like GOOG trade down to 300 area that's when we will get a real good buying opportunity everything else now is just a short term buy for a trade. The market is weak and I would just be buying here at all I dont care. I truly believe those in cash now will be rewarded when we go much lower to really get a nice spot to buy stuff.

GS

GS heading slowly but surely to my $78 price target. Below $100 here

Dark

Blog will be dark till I get back early October- In the meantime my system is also giving me problems (Windows grrr) while my faithful 4 yr old macbook has never had a problem with software, go figure why APPLE stock is at all time highs. BAC long term debt was just downgraded and at last look it was @ mid $6 range. I would not be buying anything here AT ALL. I don't care folks. CASH is a position just have patience and either you will have cash reserve to buy very cheap or you will have cash to put on short positions if we go higher- I think we are panning out a top here and the higher pain would be 1245 while I think we will crack 1110 on the S&P and head to 1080 but it is a chop fest till then.

BAC

Once again below $7.00

Reality of America's Poverty

http://news.yahoo.com/behind-poverty-numbers-real-lives-real-pain-151738270.html

Blog Dark

Blog will be dark for the next two weeks. Have been having system problems and on top of that I will be traveling for business and have to prepare presentations. Just not enough time to do it all.

BlackRock says Managers are hurting

Reuters) - Tumultuous markets and financial problems in Europe are hurting profits in the asset management industry, according to Laurence Fink, chief executive of BlackRock Inc (NYSE:BLK - News), the world's largest asset manager. "This (volatility) is not a good short-term trend for the asset management business," Fink said, speaking in New York at a Barclays Capital conference on Monday. He said BlackRock, which oversees more than $3.6 trillion, will seek to maintain its profit margin by being "even more disciplined" on expenses. Most large investors continue to shun equities and other relatively risky assets and favor fixed-income securities, Fink said. The trend may be appropriate in the short term but not over the long term, he said. For long-term investors "it makes no sense to have a portfolio of bonds, other than being frightened of the world," Fink said. "Right now, maybe being frightened of the world is a good position to be in." BlackRock's iShares exchange-traded fund business has recovered from problems last year, Fink said, which he blamed on poor management at one particular fund. Performance of the iShares Emerging Market ETF (Pacific:EEM - News) trailed its benchmark index generating substantial "tracking error," he said. The problem has been corrected, he said. BlackRock's share of net new money coming into U.S. ETFs was 26 percent to 27 percent in the first three quarters of 2010 but fell to 16 percent in the fourth quarter. It has since bounced back to 24 percent in the second quarter of 2011, Fink said. He said BlackRock's ETF performance was "poor in the last year and much of it was our doing." "It wasn't because of the success of Vanguard," he added. "It was because of the failure of BlackRock." STOCKPICKING Asked about his favorite stocks, Fink first joked that he was not a portfolio manager. "I'm the overhead," he said. But he said BlackRock sees long-term value in some beaten-down European blue chip stocks like Siemens AG (XETRA:SIEGN.DE - News) and Nestle (VTX:NESN.VX - News). "Even in financial services, I do believe there are some great opportunities in Europe," he said, pointing specifically to insurance giant Allianz (XETRA:ALVG.DE - News), which owns U.S. money manager Pimco. Shares of New York-based BlackRock dropped $2.35, or 1.6 percent, to $148.72 in afternoon trading on the New York Stock Exchange. The shares have fallen 19 percent over the past three months, almost double the decline in the Standard & Poor's 500 Index.