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
Wednesday, March 11, 2009
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.
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.
Scenario
I am reading a bunch of people as usual calling for the bottom here. Based on my wave count which I am nowhere a expert we should expect any rally to be stopped in the 734-748 area. It is possible we could touch these levels today or tomorrow and that would be it for the rally. Obviously a sell off to 672 would negate the upside and down we head again, the crucial point for the bulls is obvious! Can they muster up a follow through day>?
Tuesday, March 10, 2009
Rally today
Rally today was powerful BUT some red flags were seen. Firstly it was technically just fast money working the upside and not real funds who need to put money to work and secondly it seem it was fueled more on the talks of instituting the uptick rule and possibly stopping shorting on the financials again.
Now what is funny is as I type this, Cramer is on TV calling for a bottom, hmmm wasn't he saying last week we heading to 5400, geez this guy is ALWAYS wrong just do the opposite of what he says.
The market has been up 3 days in the last 4 weeks and anyone who thinks this is the beginning of a new bull market you will get shot down again. For the few of you who email me on a regular basis I called for a bottom between March 4-9 I guess I was right on that one but i do see a lower low setting in later in mid to end of March, so we should check back with Cramer next week sometime when we might be lower, WHAT A LOSER!!!!
Let me show you something folks, today movement was all finance stock based because Citibank claimed they were highly profitable in the first two months of this year. I want to see that quarterly report because there is no way they can show a profit without some padding of the cash somewhere. Maybe all those businesses they sold they are saying that is profit when it is not from operations.
Who cares I believe the next time we test the lows we get the rally we all expect. This little upside should be capped at 740-750 level the most if it can get there.
MARKETJEDI
Now what is funny is as I type this, Cramer is on TV calling for a bottom, hmmm wasn't he saying last week we heading to 5400, geez this guy is ALWAYS wrong just do the opposite of what he says.
The market has been up 3 days in the last 4 weeks and anyone who thinks this is the beginning of a new bull market you will get shot down again. For the few of you who email me on a regular basis I called for a bottom between March 4-9 I guess I was right on that one but i do see a lower low setting in later in mid to end of March, so we should check back with Cramer next week sometime when we might be lower, WHAT A LOSER!!!!
Let me show you something folks, today movement was all finance stock based because Citibank claimed they were highly profitable in the first two months of this year. I want to see that quarterly report because there is no way they can show a profit without some padding of the cash somewhere. Maybe all those businesses they sold they are saying that is profit when it is not from operations.
Who cares I believe the next time we test the lows we get the rally we all expect. This little upside should be capped at 740-750 level the most if it can get there.
MARKETJEDI
Values to watch
On the upside we have 734 on the S&P to watch with some minor resistance @ 724 the gap from over a week ago. Folks I do think we will get a monster rally soon but this is not it. I still think we have lower prices then we get a meaningful rally.
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