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Something Smells Fishy
From Nic Lenoir of ICAP
We had highlighted last week that a lot of reversal patterns were in the works for beta assets. A lot of them were not validated by a follow through the next day, with the exception of precious metals. Still, the picture remains the same: if you buy equities here you buy a market that rallied 25% since July 1, with bullish sentiment at its highest since the Nasdaq bubble, trading anemic volume on the uptick, with the 10-day NYSE TRIN at its lowest since before the 1987 crash, and a put-call ratio telling you no long is hedged. With that in mind some will tell me that I am going to miss an 8% move or something like that. When you start getting worried about missing out on some upside that's exactly when you start thinking like the guy who is going to be left holding the bag. Personally I would gladly miss even 20% to make sure I am not left long when this one bursts. I won't extend too much again into why I think we missed a great opportunity to clean up the system in 2008 and instead set ourselves up for a harsher fall as I fear I might lose my most bullish readers to their brickgame.
In short, a lot of the flashing lights technically that we observed last week are still very worrying for the risk-on theme.
I start with precious metals which never invalidated the pattern of last Tuesday: Gold failed on the 61.8% retracement today, and posted a worrying hammer on the local high. We have a potential H&S in formation with the neckline support at 1,378 and the 50-dma right below. This set-up is quite concerning and if we go through those supports the move will be vicious. Again please understand that I am most sympathetic to the fundamental arguments to own Gold, but I am warning longs that a pull-back a relatively important magnitude could well be imminent if we don't go bypass today's highs in short order.
In equities, while the candlestick charts does not paint as clear a picture, and the VIX looks like it could have more to fall to go test support around 15.00/15.50, the hourly chart is showing a lot of divergence. That is of course on top of massive daily divergence in momentum indicators and all the over-extended measures of sentiment mentioned earlier. At least consider buying some protection if you are long here. I pointed out to couple friends this morning that the 1,220/1,200 put spreads expiry end of month were worth 4. Even if you are comfortable with your 53 longs to 1 short allocation, maybe spending a bit of insurance money here would be wise. The bank index posted a reversal pattern (evening-star-like pattern) today, and it was echoed by some very nasty looking charts for some of the major financials. Even with no hike last weekend the Shanghai Composite index also failed last night to carry on momentum and failed against the 50-dma 38.2% resistance. Chinese equities would need a red session to confirm the turn but certainly it's worth looking at the overnight session given our observations of the US market. Even some of the leaders like AAPL looked honestly like they needed QE3 today.
ERU2 almost tested to the tick the resistance at 98.00 this morning and turned south sharply. I still believe fixed income volatility for red Euribor contracts is far too cheap here.
Good evening and good luck trading,
Nic
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Nic,
You have been monkeyhammered over the last 2 months. Buy the fucking dip..... http://www.youtube.com/watch?v=jllJ-HeErjU
Just for the record NL did post an article immediately after the market bottom at 1040 S&P/9950 Dow and publicized to readers closing shorts on seeing an EMini SP futures buy (total 300,000 contracts) right at and just after the close for that day.
That EMini SP buy was August 31.
Robottrader also commented closing all shorts on the same information.
Sorry Nic.
'Something Smells Fishy"
Not only with gold, I assure you.
When things smell fishy, I mostly ask her to take a shower before we go to business.
A good tip I got from my Grandfather.
HA!
Reminds me of a story my friend told me about his 3 year old. Auntie is crouched down on her haunches, talking with him, when he exclaims, "I smell shrimp!". Classic.
OMG that is gross. Why do you not just kiss her on the cheek and say see you latter. Who knows what is left in there from someone else.
Too funny! I love this site and its community. Great insight, great recommendations and funny posts!
What is that html code in my post? Somebody is spying on our posts?
Blog script or feed error; or ZH is the new SEC Porn substitute...
You guys are unbelievable.
Blythe smells fishy.
fish rot from water street down
"Something Smells Fishy"
That's the smell of The Bernank jizz'n all over this 'market'.
The price in Gold and Silver shows 2 possible outcomes.
1. Gold drops hard
2. Silver explodes to catch up.
Silver is at 48:1 to Gold. A equilibrium is 19:1 or 17:1
AND I LIKE A BIG BANG, SO I CHOSE CURTAIN NUMBER 2!!!
I like the way you think here. One question for those who know something about wave patterns.
Isn't the third wave suppose to be the longest or it is invalid ???
It's smelled this way from the beginning. It can take a loooooonnnnnnngggggg time for the smell to go away.
What keeps you up at night? Being long overnight. Or short overnight.
Stay intraday, be nimble, and be very happy with small gains and small losses.
Just sayin'.
Easier to just own gold and fuggedaboutit. Should be able to sleep well that way. If the USD rallies against Au for a bit, with DC as it is, what's the chance that rally can be for real?
Might sound strange, but I'm actually enjoying the trading challenge. Feels like I'm running the 2-minute offense. Oh well, to each, his own.
most true, unfortuntely some of us are addicted to trading it intraday.
With gold, draw a trendline connecting the March 2008 and the November 2009 tops, and you will have a technical answer as to why gold is churning.
its going to make a new channel soon.
That's good, we could use a new channel.
VIX flip-flopper! That small is your dead NOV/DEC VIX calls.
it is not easy to make predictions mule. i think Nic provides a valuable service to ZH, right or wrong.
Hope does not protect you from getting herpes - although this market has been suggesting otherwise since March 09.
Bulls are balls deep without a care in the world - I just wonder when reality hits
Perception is reality. So things are better. LMAO!
Yeah, something smells fishy, and it's not a girl.
No Pomo today. Before Christmas I think there are 2 days with a double Pomo. I would be carefull.
Bears have been utterly destroyed the last 3 months.
Every day, I look for a possible reversal, and maybe look for a weak stock to short.
Yesterday was a classic example.
I thought that we had a decent chance for a selloff, and I almost shorted a weak stock (FSLR) at the close yesterday.
Today, that thing was up $5, and I would have gotten blowtorched on that trade in less than 24 hours.
Another weak stock I was looking at was AIG, and that thing shot up like a banshee the last few days.
Shorting this tape is futile, until you get a good sized drop, then a countrend rally back to the failure line.
As of today, the NYSE floor is littered with corpses:
- Robert "Shampoo" McHugh
- David Rosenberg
- Paul Farrell
- Nouriel Roubini
- Tom O'Brien, David White, Larry Pesavento at TFNN.com
- At least 80% of the guest article writers on Zero Hedge
Why not short the ES tonight.
Tempting to short, but too afraid. Did try a short Mini Dow this AM right off the Best Buy release, but bailed on the Retail Sales print for a small loss........got lucky and was out in time.
Nice divergence which has not been seen for a while on the Day chart between RSI and price on the SP, Dow, Nas100 and the DAX. Slow stoc are also well into OB on all.
That is all technicality after the Irish vote tomorrow, followed by a Merry POMO Xmas and Happy POMO New Year.
"Shampoo" McHugh...that is a new one for me...how in the world did that originate?
Remember all those "huge crash" calls he made during the 2003 - 2007 rally which originated from his "head and shoulders tops"??
That is why we call him "Shampoo McHuge"...
LOL....
Robo-
Can I get call/put information over the net for free if I do not trade options..? Whats a good site also for trading options/practice. I figured I would trade for 6-10 months/practice before I did the real thing.
If I were you, I would avoid trading options. I have over 10 years experience trading stocks, and still would not touch options with a 10 ft. pole. You can make plenty of money staying with liquid, big cap stocks. I recommend you start with the Dow stocks first.
If options trading was so easy, thousands of hedge funds would be doing it and making over 100% annual returns per year.
+100. I make good money trading stocks, but have only been burned by options, even being right on the trend calls. Equity market is rigged, but playable, but the options market is so rigged in favor of the market makers, your better off heading to the casino and playing the slots.
+1
I'm with you on this Robo. Options suck. Just a bigger rig for suckers. Can I play poker and show you my hand first?
The only way for an investor to learn is to pay the price. (paper does not count)
But an investor does not have to overpay. (mind your risks)
Although I agree with Robo et al, I'm going to say go for it Smailes
Try Think or Swim - they even have "paper money", by which you can practice. The most important part is that even if you're just buying, you'd better have a clear strategy about how you want to make money doing it. Most traders I've met, who attempt it, lack a clear plan. It also helps if you have been successful trading equities. In any case, start with simple buying, before moving on to doing spreads and more complex trades. And don't ignore trading ETF options, if you find it overwhelming trying to track so many stocks.
It was because some simple options trading that went well for me, that I decided to move out of equities (mostly) and into futures. Nothing like leverage that works in your favor - and hopefully you'll have the discipline to get out when it has the signs of really blowing up in your face.
Thanks. I have think or swim Lol' ... never used it. Just trading now out of my td ameritrade account.. I want to bet the farm on us steel 6 months out ....
I use ToS for futures - nice platform and the fills are fast and the charts are very good. Too bad one can't trade the emerging markets futures with it, but lumber and even some of the softs, you can trade. Yes, X looks very promising, a lot more potential upside. If you're betting on the commodity rally then do not ignore some of the energy stocks like SU, or even the sea shippers like DSX or GNK - but be careful with these current laggards - very difficult to time when they'll turn around - but keep them on your radar as they are long-term oversold/near oversold.
Again, it's a matter of having a solid plan about how you want to profit from options trading. It might seem like casino play, but I don't see it that way - I see it as one means of making good money using leverage, and I do it only for playing major reversals. Also, helps if you learn how to use Bollinger Bands, if you aren't already familiar with them. Helps with reading volatility.
X is going to explode higher. Cat mining is totally off the tracks busy, unreal. The long term play for ag and mining make us steel a no brainer for me long term. The shops in Illinois are loaded with work.
The suppliers have nothing in stock(ryerson ect) so us steel will be filling those needs all year. Look at (ZEUS - Olympic Steel- All ready started a run .....)----,CAS,MT, also ....
Aren't some of the steel companies supplying the rig builders (like NOV) as well?
And then you need to watch the iron ore plays...
I have only been trading for 9 months. The first 6 months was blowtorched trading off news. The last 3 months made all my money back. I had VALE back in the day but it is just back to 34 again.
I only have 8 stocks. Another one I like/have is (HOLI) They are like seimens in China real big into high-speed rail. Not sure about building rigs but thats a nice plus. Manufacturing is coming back also,slowly many firms looking to build in the USA again you see the forex bounce around a weak dollar.(toyota,honda,ect already busy building here again - new model s)
Cat just bought this company ( Bucyrus ).....whos going to make all that steel.....???
http://www.bucyrus.com/mining-equipment.aspx
............."PEORIA, Illinois (AP) -- Heavy equipment maker Caterpillar Inc. says its railroad service unit will spend $820 million cash to acquire locomotive maker Electro-Motive Diesel.
Caterpillar says that its Progress Rail Services division has agreed to buy EMD from private equity firms Berkshire Partners and Greenbriar Equity Group.
Caterpillar Vice Chairman Doug Oberhelman says this deal will help his Peoria, Illinois-based company increase its presence in the railroad industry, which has a bright future because it can efficiently move lots of freight.
In 2009, EMD generated $1.8 billion revenue on sales of diesel-electric locomotives.".............
Commodities = long term play in terms of farming and mining and cat ( the best equipment ), us steel will benefit.
Greetings, Mr. Smailes,
Never mind Robo. If you want to throw your money away on options, start at the CBOE website and download the CBOE Options Toolbox. That thing is cool, with an options calculator that will let you figure out your risk/reward.
Also, you can find a plethora (and I mean a plethora...) of info about options on individual stocks and ETFs and all kinds of stuff. CBOE is the bomb when it comes to options information.
There's got to be tons of demos out there. I don't know them but a friend uses think or swim.
Perfect .... !!
Thanks the site is great.
That makes sense now...he has been pointing out the Dow and other indices putting in large head and shoulder topping formations. At least to his credit I believe he is bullish on gold and the HUI.
Robert McHugh of Technical Indicator Index...
He's another Elliott Waver cut from the same cloth as Prechter... Has been calling for the market to fall into a "black hole" at any time...
A month or so ago he was wandering down the street like Diogenes with a lantern telling anyone who would listen that we had multiple "Hindenberg Omens" and that the end was neigh.
I asked him once how he could count waves in a rigged S&P and never received an answer... Same with Prechter... I felt sorry for his (Prechter's) poor subscribers last April when he told them to load the boat with agressive, "all in", S&P short positions... I don't recall him telling them it was a false alarm and that they should exit their positions at 1030-1050.
Prechter did however issue a short Silver and Gold special interim report the night of the 6th of Dec, and a move stop to break even suggestion last night. Although he makes mistakes interpreting the waves like everyone else, credit where credit is due. His subscribers are short PM's with no risk at this point.
I sort of got the impression from some of your more recent posts that you thought there was a decent probability of a correction here ?
FSLR was not up $5 today, it has popped afterhours after "beating the whisper" earnings #.
Yes, I was out most of the day, and I saw it up $5 on the after hours ticker. Just dumb luck for me I guess, if I shorted it, I would have felt like a hero until the after hours jubilee...
It would be wise to assess the movements in the UST 10-year note at this juncture, Robo. It is not looking good at all for equity markets.
Look for some of the high profile, high priced with extreme P/E ratios to get bludgeoned first. eg. FFIV, NFLX, CRM. The valuations are hilarious and definately indicate market tops as does the crazy IPO market for Chinese garbage.
Maybe too late but NFLX down 30 pts. CMG looks freaking scary. CRM off 10%. Buy the dip if you want
I don't think it's too late to short Netflix. The stock is full of speculative money.
Be careful shorting NFLX here. That is a very clean 6 month chart, and since it has partially filled the gap from before, just like last time, this would be the place where the new leg up begins. I won't dare go long NFLX here but this is where the dip buyers should go long.
Robo,
For what it's worth, check out OPEN as a short. Don't chase it now... wait to see if it climbs back into the mid-70s. $75 to $70 could be a good trade.
If you want some research on it, Whitney Tilson put together a good slide deck discussing the valuation. Prior to seeing Tilson's deck, I performed my own valuation and couldn't get anything above $35/share.
OPEN has 2 revenue streams: sale/lease of reservation systems, and commissions off each reservation. To support a 30 P/E, both those numbers would need to double.
DYODD.
The Fed is propping up the markets. Everyone knows the Fed will step in and do anything to keep the market up, so I have a hard time seeing how there is going to ever be any panic selling. Everyone here knows the market is inflated.. but sadly the Fed has unlimited power to inflate.
Sure, Nic's smart and his work is tight but timing is the critical factor as always. Some people need to "make money" for practical purposes so they stay with the trend. Trying to guess when it's all going to come undone is impossible...in the meantime just buy the fuckin' dip. When everyone is wealthy no one is wealthy...when everyone is poor no one is poor. Russian roulette with the stock market, it sucks but you have got to be long stocks or out...because you just can't get any traction being short right now. Sure it's going to all blow-up....eventually...sooner or later...we are all fucked. I don't like it but I will take my chances in the market.
what do you guys think of deciding on a strategy like this: if the stock goes up by 5%, sell 10% and keep in cash/pms/art, instead of rebalancing.
all the investment books say to diversify and set your asset allocation and rebalance, some of them say only once a year. but everyone seems so nervous about a possible crash, it doesn't make sense to me to wait a year.
also, have you ever seen the site alphaclone? it's hilarious. they will just clone the holdings of hedge funds for you by going to the sec 13 f filings. i wanted to find the harvard endowment as the ivy endowments do well, but couldn't so i went to the sec website myself and found it there.
well, unless harvard invests under multiple organizations, their portfolio sure as heck isn't "balanced"!!!! like 3 american stocks out of 120 and the rest some kind of "emerging market" stock.
don't know what to make of that.
If I had a nickel for every time a head and shoulders pattern in PMs was violated...
The lox rots from the Bernank's crotch.
These late day sell-offs and the bullish media blitz make perfect sense to me. The squid and all the others are unloading their shares just like they did last year. If for any reason you have decided to go long this market in the last week, I can tell you with complete confidence, you've got it all backwards and should end your involvement with the stock market immediately.
Perhaps, the Market is rallying because the economy is slowly getting better. The yield-curve certainly suggests that it is. We can all talk about the manipulation of the markets, the idiocy of the fed, the evil of the banks, and the de-basing of our currency, etc... But yet the slope of the yield-curve has been a good predictor of things- better than conspiracy-theorists or optimists!!!
The yield curve tells me that things are getting better!
Is that you Harry?
That fishy smell, is probably coming from the fishy forecast work of these charts.
Just like last weeks 'slew of nasty reversals' that were doom for the markets turned out to be toxic for any one who followed them, this will be the same for any fool who takes this analysis seriously.
I am hoping this guy is a comedian and that readers take this analysis as the joke that it is.
I suppose if he sticks at it he will be right eventually?, probably after his followers are broke. But I suppose even a broken clock is right twice a day.
Paul Thomason
Grats on your 3rd week here...not
http://www.telegraph.co.uk/finance/personalfinance/investing/8202251/Investors-told-forget-savings-accounts-think-of-shares.html
After reading this, Nic has just said what I wrote earlier today. When the market is up like this in a few months, and all the crooks start making wild claims to just keep buying stocks, its time to get out. Mad Money man is a prime example of irresponsible remarks and suggestions made to investors. I still remember this clown telling people no matter how irrational it is, that is how you make the money, and to keep buying even when you know everything is over-valued. Now, lets ask those who followed that ignorant advice how that turned out? If they still have a home and phone to even ask them. No doubt as rates get pushed higher and higher, there is going to be an abrubt slam on stocks and its going to be ugly. Once rates get to a point where people are comfortable with the yields, wham! I expect at least a 250 point correction on the S&P, and possibly more with so many on one side of the fence. These conditions never work out for the over loaded side of the boat.
Nic is at it again, but his time he may have something,AAPL struggling and then at the weekend the Squid puts it at the top of its 2011 buy lists,I think this has to mean something!!! -the Squid is shorting AAPL! get the fuck out!SinceAAPL is something like 20% of the NASDAQ we may have the beginning of a top here!
Nic is at it again, but his time he may have something,AAPL struggling and then at the weekend the Squid puts it at the top of its 2011 buy lists,I think this has to mean something!!! -the Squid is shorting AAPL! get the fuck out!SinceAAPL is something like 20% of the NASDAQ we may have the beginning of a top here!
I have a hard time imagining that the poster-child for this rally is going to over gently, and then slip gradually into a protracted decline, giving everybody plenty of time to carefully consider their positions and calmly exit at their leisure. I'll short it if it gaps up after closing 10% over the upper bollinger band on huge volume, but otherwise, I'd bet that worst case is a bounce off the 50dma.
Resorting to an Elliot wave count in TA is like resorting to calling someone a Nazi in a debate. And using TA on gold? Really? How well has that ever worked? Show me anywhere where gold had a meaningful top that was not a massive spike. The fact that gold is making any sort of formation at all means it is just consolidating for the next move. If by some combination of intervention and hubris gold manages to dip from here, it will just be another great buying opportunity.
If you’re tired of being robbed by Bankster’s and Politicians that line their pockets at the expense of the PEOPLE, then watch the YouTube video “Join the WAVE” at (http://www.youtube.com/watch?v=6HMnI8X6rvk).
Fight tyranny and help the movement to go viral!! It’s time to take OUR COUNTRY BACK!!
by Anonymous
Inspiring. It is true that a class losing it's wealth due to fraud, it is wise for them to stand up when you still? have the ability to, before the strife.
Nic...as a long time trader....I can assure you there is simply too much manipulation in these markets...whether Gold, Silver, or Equities for me to use such broad technical analysis...these are not free markets...thus I have been profitably reduced to tape reading and looking for the obvious signs of manipulation to profit...these markets are totally illegit and not subject to traditional analysis any more....
then why is everybody STIlLL playing in the market...jesus...everyone get out...that is how you starve the beast
Bond market is about to take a major hit...
http://midasfinancialmarkets.blogspot.com/2010/12/end-of-bull-market-on-...
Robotrader is right about this market.
When you have the Fed adding liquidity to the system in an unprecedented way, there will be consequences.
The main one is the constant grind higher in the market when POMO is on. The chart tells the story. Just take the crisis in Europe. When POMO was off in the spring and summer, we had a volatile sell off. When POMO was ON the past few months, the market just snapped right back with the "patch" that the ECB offered.
Forget about 3/09 to 4/10. Just look at the S&P chart. I mean what a joke. Every blip was met by a race higher.
After all the corporate fraud (Enron, Fannie, Freddie, Countrywide etc) and investment fraud (Madoff) and housing fraud, we are supposed to believe the government census dept. employees are above reproach! I mean this must be the one last bastion of complete honesty. The census workers who poll the public for unemployment. How about all the other government agencies that collect the numbers. We have to believe them? Congress has 20% approval, the pres 40%. BUT lifetime bureaucrats, they are totally honest and not subject to pressure from above to produce positive results?! FRAUD.
The Fed has engineered a market where the dollar declines, PDs are given free money and told to buy futures, the economic numbers always snapping back just in time to avert a sell-off, the unemployment number magically just barely below 10%.
Sure corporate earnings have been good, but they should be! We were near collapse in 08-09. Everything shut down. Nobody was spending or buying anything for like SIX MONTHS. Yes, we should have good numbers b/c it's been a catch-up and re-stocking game for distribution chain and confidence/relief trade for consumers.
So yeah, Robo is right. This has been a great market to trade the tape and the charts tell the story.
You can try to fight it, but the EXPONENTIAL size of the Fed is hard to explain or imagine.
Imagine the biggest hedge fund with NO p/l, no clients, no mark to market, no fees, no carry, no VAR limit, no institutional liquidations, and the best of all, NO need to raise capital from investors! That is the FED.
Bernanke can say what he wants.
Purchasing something costs time (labor/barter) or money.
When you create money, you can buy time.
That's all BB has done and the tape tells the story. The market wants to go down, correct, crash. But it won't as long as the FED is a buyer.
BB believes we have a risk of deflation in the classical economist view. He's fighting this battle with lessons learned from the 1930s. But the tools he has now, my God, they are exponentially more powerful. The leverage the FED can take is infinite since our chairman actually believes he is not "printing" money to "Purchase" treasury bonds in the open market.
Leverage can snap the heads off the shorts in an instant if applied in the right places. Just look at the past two years and you will see how they have done it. Hell the outlawed shorting for a while, you think they won't do something more extreme than that if they have to???
So bond vigilantes beware. You are next. You're f-ing with the zombie master. Put all of them together, then add a trillion dollars. Your not even close to the power the FED has.
Yeah, this market has hundreds of reasons to be short. And why short it when you can buy commodities instead?
But the biggest reason not to be short is the dark side that the FED has taken us to. They have gone so far away from using traditional tools to manage inflation and employment.
In fact, they are now trying to CREATE inflation, not fight it. That never worked in the 30s.
The only thing that worked then, and Bernanke knows it, was the eventual devaluation of the dollar by FDR in 1934. And that my friends is next. The "gold standard" now is China's currency. If BB fails with QE, the target will be (and has been) that peg. Think of the inflation that would be created if the RNB was revalued 40% overnight?! Stay tuned...
+1
WOW
Comrades. Kindly log on to your Apple phone and click onto the iSnitch application to report this fishy activity.
Looks like we're putting in a nice round top for the rest of the week. There's no doubt some distribution taking place. I have a feeling a lot of bears are going to get slaughtered on this next dip. They're going to wait for some type of confirmation, and by the time they sell, it's the bottom of the dip that the longs were buying. As long as our government prints money, this fun casino will go up, until it collapses.
Kinda off-topic:
Shamelessly stolen from a contributor to the "National Lampoon"
Should be fun to watch
Cramer: Dow 11,497 Signals Rally to Come
Actually fish does not smell. Rotting dead and decaying fish smell. Like JP Morgan, Goldman Sachs, Citi, BOA, Alan, Hank,Ben, Timmy and their ilk smell to the high heavens.
When will Americans bury the lot!!
The fact that so many here feel the need to denigrate what happens to be a reasoned, well thought out analysis, is the biggest GTFO signal of them all.
Grow the fuck up people. There has never been a single individual that has gotten it 100% right all the time. Ever.
The only thing fishy is how Nic Lenoir is wrong 100 percent of the time.
The only true word Ben sad in its 60 minutes interview was "Yes, there is risk of acting, but there is also risk of not acting."
And now, if PMs should fall, so what? Do you have a choice? Is not-acting by holding cash best? What cash, what currency?
Anyone having savings must act, trade, invest in some way.
Good analysis Tyler but you may as well ignore all the reversal patterns- they were thrown out with the advent of intense market manipulation by the fed and the PTs/PMs. The fed's $ pimping is holding the market steady. There is no volumn because the majority of breathing investors/traders are sidelined shaking their heads/fists at the antics. The deal cut with the PTs was 'hold the market up through the holidays so the average citizen feels warm and fuzzy about their 401's and other investments'. We're not supposed to trade- the fed wants this market to be a electronically manipulated cache of income for the baby boomers who, in admittedly good faith, placed their trust and life savings into our market.
It'll blow up here before too long. Until then make a few day trades to keep your blood warm and sit sidelined with great attention to the unfolding saga.
cheers to all fellow ZHers.