An irreverent look at Wall Street
I hear the bears are giddy this morning with the pop up...its what they have predicted and hoped for to load up on shorts for the next fast and hard fall.So your no longer a short term bear and covered all shorts?
I think the bears will try and hit it today--with this gap up.They should push it down--that way they can show that news doesn't matter. I'm covering today
would C be on your "i don't trust list"
No--the correction is over and the market will forgive any excessIt doesn't matter now if the earnings on these banks are fiction--the stocks will go up despite it--you can be right on the story and wrong on the stock priceI'm just not playing the financials now--I covered my shorts on them today--the new too big too fail bill is just another subsidy in case they get in troublelast I checked we only get paid on what the stock price reflects--if it doesn't reflect reality --so be it
good point...so you sold your C's and do you still think you'll be touting to 7s?oh btw...a couple of months ago....you mentioned that GDP growth would be 3% or higher...just wanted to remind you that you can put up your "as advertised" on that.thanks for helping me out last night...had some fustrations and glad didn't sell just yet.just trying to figure out what will happen to the bears b/c they are loading up and will do so if it hits 1062
how does the market go from really unforgiving to really forgiving this fast?it's insane...and you're right...if you short you need to do it fast and right other wise it could be a nightmare.i almost sold everything today but once i saw the 3.5% gdp i had to check your blog to see if there was any change of heart
btw...any idea how LVS earnings will be and how it might affect MGM?
remember traders are like basketball players every game starts with the jump ball--and the GDP was the report.Traders only care about making $$$. You have all these other people that give background noise and color on the economy who only care about their macro calls.Screw that--It matters what the traders think--they are the marginal buyers that affect pricing--And in just one second, they'll flip viewpoints if the datapoint allows them.Today was a big enough data point to do it. And now in a couple of days the charts will show that we had a successful pullback and rally--but these macro guys can't switch--heck I had way better cover prices than I should have because you had people that doubted today's action this morning.Cramer said it meant nothing and he based the economy on SPW-what a 2.6 billion dollar company will tell us the direction of this economy?look at SocGen this morning--they had a really negative piece over on BloombergMorgan Stanley had this piece on the equity bubbleRichard Russell two days ago had all these charts showing why we should head down.Roubini, Rosenberg and then Gross with a dollop of Goldman cutting GDP piled on with the bears.That's why it was over this morning.It became too extreme.heck I bought FLS at 91.37 in the afterhours yesterday and flipped it just now at 103!!That was just like ISRG back in April! It was the SPW and FLS tag team--and look how the stock reacted--everyone got the same story--and everyone drove it down to convince everyone else that it was true!So take that and multiply it across the market and this is what we get!!Gotta get back to the trading turret!What action today!!!!!
initial sell off on LVS after earnings but now up 5% AH
Rosie heated on Fast Money
Isn't 3.5% GDP growth a V-shaped recovery? Yet more money is piling into bond funds.... we haven't seen anything yet!
What ya gotta say now bull?? -3& freefalling. Bearish charts are/were right and they sucked you in to fleece with a headfake rally. Looks like the bear is back. And the bears will be right as usual.
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