Remember when Jonah, decided to flee to Tarshish instead of preaching to Ninevah? After being thrown overboard from a ship, and spending three days and three nights in the belly of the whale, he finally decided to go to Ninevah. Then something strange happened. The people listened, and repented. How often does that happen?
But Jonah wasn't happy. He liked being the prophet of doom. And it took the demise of the shadow of a gourd for him to realize that!
The bears were the prophets of doom. No one listened. But now, the central bankers around the world, reacted because the stock markets removed their cover of intellectual prudence. Hong Kong cut rates twice in one day! The Bank of England cut and is now promising another. Trichet, after being dragged in to cut kicking and screaming now promises more liquidity and Bernanke recognized that the evil demon he was fighting was deflation, and not inflation. I just wonder if Richard Fisher will finally give his mea culpa? But I doubt that. He's from Texas, and stubborness seems to be more honored than forthrightness!
And the stock market gave them cover to cut. Isn't it more nobler to "save" the financial system, than preach the evils of inflation, even though you have been staggering wrong in your viewpoint?
And the stocks that the speculators shorted against of which they assumed the leveraged hedge funds would sell because of their liquidations; or which the CEO or large holder borrowed money against their holdings, may finally get some respite. At least for a trade! A few of these names on the big board are Cleveland-Cliffs (CLF 33.26), Freeport (FCX 42.60), Chesapeake (CHK 22.41), MGM (17.75), and Mastercard (MA 163.54). Apple (AAPL 89.79 and Google (GOOG 338.11) on the NAZ are trades as they are being used as a source of cash for the cash starved funds.
The day of atonement mutual fund pick is the Direxion Fund(DXQLX 5.63.) It will give you leverage, on the only stocks that aren't leveraged in this market. The NASDAQ names.
Stock picks on Yom Kippur?
Well didn't Jonah flee Ninevah on the trading ships of Tarshish?
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