Friday, June 11, 2010
Time to cover the "squid"
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!!
Posted by Palmoni at 5:10 PM