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Resubstantiation of Bernanke, Geithner, LLC
Same drill over and over. Any time the market violently sells off after the FOMC, and at a particularly politically sensitive time, the jack booted thugs at GS are ordered to sky stocks immediately.
Can you blame them? Who wants to suffer the humiliation and embarrassment or another crashing stock market while the O-Team is bumbling and struggling?
After a session in the Massage Parlor last night, both Bernanke and Geithner were refreshed and ready to issue the orders to buy EUR/USD. That in turn immediately causes the Pavlovian Dog response to computers worldwide to immediately start buying risk assets of every type.
Might as well call this morning Ben's "recoronation" event:
More and more Three Card Monty plays today.
Notice how KSS and JCP were "safe havens" during this recent correction. But today they were pole-axed.
Note how previous underperformers like WMT, MCD started skying lately.
And other dramatic blowups in names like CVS and WFMI, only because thousands of hedge funds accumulated outsized positions in them because they were deemed to be "untouchable" during market corrections.
Financials in general underperforming, yet AXP continues to sky after dropping an earnings bomb last week?
Too many hedge funds.
Too much concentration in specific stocks.
Too many guys trying to catch up.
Too many attempting to profit from the next "big crash".
Just another day in the casino.
...............................
Meanwhile, I have to leave the Pai Gow Table and get my collarbone screwed back together this afternoon after busting it pretty good last week.
Here are the nurses I have lined up today:
Wish me luck....
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ABK
Tuesday Close 1.11
Wed Close 1.50 (35% gain)
Thur Close 1.20 (20% loss)
Very healthy market.
As I predicted, massive short covering, especially in high beta stocks. Check out Fuel Systems today:
http://finance.yahoo.com/q?s=FSYS
Also, keep an eye on these Chinese solar stocks:
http://finance.yahoo.com/q/cq?d=v1&s=csiq,ldk,stp,tsl,yge
When they start sizzling, watch out. We are moving into the second phase of the global liquidity rally. Buckle your seatbelts and don't be shocked if we head much, much higher. Uncle Ben wants another asset bubble and he's going to get it faster than he thinks.
Leo - I followed you at NC and now here - while I find you to have a bit of a chip on your shoulder I have to say you have called this f'n rally from the get go - to that end are there any ADRs or ETFs that would capture this? (not that I am seeking investment advice - just info)
No chip on my shoulder, just tired of all the bs in pensions and financial markets. The ETF symbol is TAN, but it is not as liquid as individual stocks I mentioned.
> Uncle Ben wants another asset bubble and he's going to get it faster than he thinks.
Yes. He will also likely lose it much faster than he can imagine.
good luck with the collarbone robo!
Leo;
If you are chasing a Chinese solar bubble please keep us posted! If you are suggesting that I'm willing to chase a Chinese solar bubble your NUTS!!!
Will keep you posted but don't say I didn't give you a heads up.
Leo gets this info from the uncommonwisdom blog. Read their site for clear info about which stocks and when.
You busted it up? More like she busted it up when she realized the miniature TV would not stick to your forehead. A girl like that is hard to entertain- she is a master at multi-tasking. My advice is to not try to couch one like her during the Young and Restless. Unless of course your primary is loose with goofy dust.
Thanks for last weekends' halloween party flashback Robo, I love the outfits that take an occupation and make it 600 trillion times sexier - best pic so far, and good luck!
Swiss Nurses?
HIG has been acting like a p.o.s. Down today on a strong day... something is going on there.
Robo while you're going to relax with the nurses, I'm going to play a game of twister with some friends:
http://www.youtube.com/watch?v=jTnYrsbVCU0
HIG earnings were terrible, forward tax credits nd they lost money in every biz line except for P&C, which was carried higher on another credit. Thier fund biz did OK, but the rest of the lines lost major assets, not good and they only make 7-8 bps on MF biz. HIG will turn around, but that book value is not $36, not even close, watch for another offering very soon, convert bond more than likely(?) or something similar.
Robo, you're a good man
Robo: what track? have you made it down to Pala yet?
RT, your posts..."the fusion of enlightenment and entertainment", are worth the price of admission all by themselves.
Cheers!