I've been touting Hartford as a leveraged play on the stock market, when it was $6.15, less than a month ago.
Today, you finally got the move in Hartford, when the supposedly "surprising" news that the TARP would be made available to the life insurers.
Surprising? How was this news surprising? Wasn't Neal Wolin, nominated in late March as Geithner's Treasury Deputy?
And wasn't he the President and COO for Hartford casualty? So how was this a surprise?
It was the same with Lincoln National. I picked some up Friday at $6.66. Citigroup downgraded this number last Thursday, and Friday there was news that LNC was going to make a $500 debt payment, but no-one cared!
I suppose no-one wanted 50% on their money in two days!
Now the shorts will say that the move in the insurers, came because they got TARP money, blah blah blah, but the truth of the matter is these stocks were pushed down by the shorts farther than they would have gone down on their own.
And after 790 on the S&P, Hartford now starts looking better with their GIC's!
But the market is so bearish they can't see straight!
And Citigroup analysts, seem to be dumber than anyone else on the street!
They came out with cautious comments on Freeport Copper & Gold (FCX 40.62). Last Friday, this number traded up to $43.75, and then it pulled back to 39.68. closing a buck above the lows.
Besides cautious comments on it by a couple of firms, and Cramer getting nervous and telling his minions to take profits, Zero Hedge, thought that copper had moved enough on the charts, and it looked like Wall Street thought the party on FCX needed a break.
Some of these analysts probably decided to read a blog, and figure that copper was going down. Well, I think that was the break, and now FCX goes higher, and the copper in storage gets taken by China.
And once again, it's time for the bears to start sputtering again!
At the market bottom, Cramer was eviserated by Stewart on the Daily Show. I defended him here, on March 13, and my last line in that piece was "I'm just looking for the "Free Money!"
You already have Real Money, Mad Money and Fast Money, so where's the Free Money?
Now what was more profitable for your portfolio? Listening to John Stewart being a "tough guy" and saying f*ck you to stock touts, or was it better to just buy equities?
Yesterday, Nourel Roubini, who overstayed his welcome on the bearish side, came out gesticulating, and spitting and drooling over himself, saying that Cramer was a "buffoon" for being bullish.
Roubini said, "Once people get the reality check, than it's going to get ugly again."
Excuse me, but maybe it's time for Mr. Roubini to have a reality check.
In the mean time, I'll keep taking the free money!!
And keep making it fast!