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Friday, June 11, 2010

Time to cover the "squid"

The last few days, I've heard from exasperated traders who've told me that you can't make money in  this market, and another who hedged his portfolio at 1043 "just in case." Just in case??? We already had the just in case fall!!

And now, we know have the two companies hated the most----- BP and Goldman Sachs. Which is why I touted BP at 29 and change just a few days ago. Which means it is now time to cover your shorts on the squid.

Sure everyone hates Goldman; and sure Goldman has litigation risk, but does any of that really matter to Wall Street? Last I checked, in less than five months, the elections will be over. And if BP can bounce back, can't Goldman?

Because everyone needs an enemy to feel better, but this too shall pass.

And at these levels, I wouldn't be short Goldman anymore.

Because we've put in a bottom, and now, the market will be easy enough that everyone can start making money again.

Including all the bellyaching traders I heard from this week!!

5 comments :

Anonymous said...

Yeah but you say we've put in a bottom about every other week!

Anonymous said...

what do u think of CBOE ipo?

Anonymous said...

I like bottoms, they're hot.

Anonymous said...

wow, just because you dropped a line that you think BP stopped going down or something similar to it, now that it si up you are gonna say that you touted it? oh my!

Ray Errol Fox said...

Great to read the news filtered through your wit, "Palmoni." Been away too long. Re: "And now, we know have the two companies hated the most--BP and Goldman Sachs"--did you happen to see the Pickle Award Poll sonofthecucumberking ran, "Which Partnership Was Most Clearly Not Made in Heaven?" The winner was your "hated the most" team: BP and Goldman Sachs. A runaway!