Friday, March 6, 2009
Monday, February 2, 2009
Potential Buy Setup in ESRX
There is really just not much out there in this market at all. ESRX has shown some strength off the open by moving sharply higher in the first 30 minutes of the day. Since that time it's had its cooling off period, moving in a more sideways, basing, manner. If it can break above $56.00 per share there is a scalp day trade buying opportunity in ESRX. Be careful though as this market is not rewarding much. Caution, more so then opportunity, is the key word at this juncture.
Sunday, February 1, 2009
Euro Swissy
The Euro Continues to show weakness vs major currency groups as the financial situation in the Eurozone makes our own look like a picnic. It's been trading in a range against the Swiss Franc and if it breaks below 1.4810 I will be shorting.
Thursday, January 29, 2009
Wednesday, January 28, 2009
Sunday, January 25, 2009
Jan 26
People are scared right now, unless you where around during the Dust Bowl you have never seen an economy worse. While Unemployment numbers have not yet shot the moon, if you include people who's unemployment has run out and still have not found work, and those who are “underemployed” you see that the true number of people in trouble is closer to 15%. That's more then one in 12 people folks!
People have been asking me a lot recently “When will the market bottom Brandon? Have we not had enough of a sell off in the market? When will there be value?” I wish I could tell you. You see the problem right now is not only that the economy is in the toilet, it's that we have been played for suckers and we know it. I made a video this weekend showing how Wall Street has spent over half a trillion dollars a year to lie to you about the success of “buy and hold' a strategy who's true long term returns are pitiful! In fact, if you invested in the Dow in 1930, after inflation YOU ARE BREAK EVEN RIGHT NOW. You can watch my vide and see for yourself. Trust me, if I lied about something like this some pretty powerful people would see to it that I'd be treated how Bernard Madoff should be being treated!
Simply state though the market is not going to recover until we can have trust in those who are supposed to “lead” us again. President Obama has required ethics classes for all White House staffers, and put severe restrictions on lobbying, I think that's an excellent start and I applaud him for it. But what about a guy like Tim Geitner. Look, Geitner is a brilliant guy, I get it. He lead the New York Fed and he's been a go to guy during this crisis (for whatever that's worth). I get it! But how can a guy who's evaded taxes, literally committed fraud (look, I'm not tax genious, but it takes a JENIOUS to think that your kids summer camp is tax deductable. How can we trust a guy like that?
And look at the companies themselves. John Thain on a conference call tells the entire world that Merril Lynch is fine in terms of capital. Then, only six days later they go out and have to raise over $8.0 billion. PLEASE! You mean to tell me the CEO of a compnay like Merril does not realize six days ahead of the blessed event that they need to raise $8.0 billion. Well, if that's true I guess it goes a long way towards explaining why they ulimatly had to be rescued by Bank of America. Which brings me to another LIAR who wants us to trust him.
We just recently found out that Bank of America CEO Ken Lewis knew back in December that the losses related to Merril Lynch were going to be significantly larger then any prior estimation. He held on to that information until one week ago. Does anyone care that he commited securities fraud? Do they think we are friggin stupid?
They must, after all it was SEC head honcho Chris Cox who was out screaming from the roof tops one week before Bear Sterns collapse that the Bear was in good shape and all was well. This is the guy who is supposed to be regulating these companies, not friggin cheerleading them as they rob us blind! I'll be curious to see what kind of job Mr. Cox Finds himself in now that he's leaving the SEC.
Or the Bush administration and Hank Paulson (Don't even get me started on the former CEO of Goldman Sachs giving away BILLIONS of our dollars to his frat buddies without any oversight), and the great scholar of the Great Depression Helicopter Ben telling us that everything was okie dokie fine, meanwhile the entire financial system was collapsing all around them. These guys are either stupid or blind! In any case what they all have done is criminal. And you know what, they think we are stupid and will let them get by with it.
Well, the market is not stupid. The market has finally realized that we have all been played for suckers and the jig is up. The market is not going to recover until we can trust what CEO's tell us again. That's not going to happen until some pretty important guys go to jail, and I'm not talking about “evil shortsellers” (who did nothing but point out the fraud that the theives on Wall Street carried out against us all) or little guys like me who try to tell you that you have been played for a sucker.
Until this happens, the market is going to continue to convulse. It's certainly not going to produce the long term capital gains you depend upon to send your kids to college or to fund your retirement. For the time being the only option, unfortuntly in my opinion, is a very short term focus on the market. There are still profits to be had, but if you think you can trust the people “in charge” you aint gonna be seeing any of them.
People have been asking me a lot recently “When will the market bottom Brandon? Have we not had enough of a sell off in the market? When will there be value?” I wish I could tell you. You see the problem right now is not only that the economy is in the toilet, it's that we have been played for suckers and we know it. I made a video this weekend showing how Wall Street has spent over half a trillion dollars a year to lie to you about the success of “buy and hold' a strategy who's true long term returns are pitiful! In fact, if you invested in the Dow in 1930, after inflation YOU ARE BREAK EVEN RIGHT NOW. You can watch my vide and see for yourself. Trust me, if I lied about something like this some pretty powerful people would see to it that I'd be treated how Bernard Madoff should be being treated!
Simply state though the market is not going to recover until we can have trust in those who are supposed to “lead” us again. President Obama has required ethics classes for all White House staffers, and put severe restrictions on lobbying, I think that's an excellent start and I applaud him for it. But what about a guy like Tim Geitner. Look, Geitner is a brilliant guy, I get it. He lead the New York Fed and he's been a go to guy during this crisis (for whatever that's worth). I get it! But how can a guy who's evaded taxes, literally committed fraud (look, I'm not tax genious, but it takes a JENIOUS to think that your kids summer camp is tax deductable. How can we trust a guy like that?
And look at the companies themselves. John Thain on a conference call tells the entire world that Merril Lynch is fine in terms of capital. Then, only six days later they go out and have to raise over $8.0 billion. PLEASE! You mean to tell me the CEO of a compnay like Merril does not realize six days ahead of the blessed event that they need to raise $8.0 billion. Well, if that's true I guess it goes a long way towards explaining why they ulimatly had to be rescued by Bank of America. Which brings me to another LIAR who wants us to trust him.
We just recently found out that Bank of America CEO Ken Lewis knew back in December that the losses related to Merril Lynch were going to be significantly larger then any prior estimation. He held on to that information until one week ago. Does anyone care that he commited securities fraud? Do they think we are friggin stupid?
They must, after all it was SEC head honcho Chris Cox who was out screaming from the roof tops one week before Bear Sterns collapse that the Bear was in good shape and all was well. This is the guy who is supposed to be regulating these companies, not friggin cheerleading them as they rob us blind! I'll be curious to see what kind of job Mr. Cox Finds himself in now that he's leaving the SEC.
Or the Bush administration and Hank Paulson (Don't even get me started on the former CEO of Goldman Sachs giving away BILLIONS of our dollars to his frat buddies without any oversight), and the great scholar of the Great Depression Helicopter Ben telling us that everything was okie dokie fine, meanwhile the entire financial system was collapsing all around them. These guys are either stupid or blind! In any case what they all have done is criminal. And you know what, they think we are stupid and will let them get by with it.
Well, the market is not stupid. The market has finally realized that we have all been played for suckers and the jig is up. The market is not going to recover until we can trust what CEO's tell us again. That's not going to happen until some pretty important guys go to jail, and I'm not talking about “evil shortsellers” (who did nothing but point out the fraud that the theives on Wall Street carried out against us all) or little guys like me who try to tell you that you have been played for a sucker.
Until this happens, the market is going to continue to convulse. It's certainly not going to produce the long term capital gains you depend upon to send your kids to college or to fund your retirement. For the time being the only option, unfortuntly in my opinion, is a very short term focus on the market. There are still profits to be had, but if you think you can trust the people “in charge” you aint gonna be seeing any of them.
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