I was in total lauhghter this evening listening to Fast Money. I mean do these guys make any money? They said time and time again that the financials have bottomed and one said he got his head handed to him today buying Goldman. Told you guys before when they were talking about $150 is a floor for Goldman, I said no way! GS will see $125. They have earnings report in the morning s we will see what they have to report on their books.
What is scary here is that I was reading today how many cross relationship some of these firms have. Citibank has a huge interest in AIG through preferred and if that one FAILS, we will see another domino effect in the financials. Let me be straight as possible we are nowhere at a bottom. I am very sure we will bounce tomorrow sometime or wednesday but it will be another chance to short.
Anyone notice Citibank and Wachovia today. Citibank had 125k puts bought at the $15 level expiring this week, that's just bearish. I have never seen such put action on Citibank before. Wachovia down 25% today looks like it might hit my $7 level very very soon, just death all over.
About two weeks ago JIM CRAMER announced his best bank bets :) WHAT A JOKE. Maybe he thought of saying best banks to fail :) man oh man ! what a call. Death all over the financials. SKF was up like $20 today. I suck I only got $9 profit from it but oh well.
I am very light here as I think we will get a rubber band bounce soon and I dont want to be heavily short and I would advise all to do the same.
We rocking and rolling if you follow the calls here for sure.
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