Not much to say about the shittkicking that the financials took today other than…duh!
Goldman ANALysts took a few moments away from adding up their bonuses to declare Citibank a ’sell’. That’s just humorous at this point. If you expect more from research at this level, you are VIC .
Elsewhere in financial hell, CountryWide (CFC) is about to become a single digit stock and the long painful decline of Fannie Mae continues – now under $40. I am trying to dig up all my old short sale confirms of Fannie Mae from the last 6 years to see how much I would be up if I held it. It’s plenty! I did nail the beginning of the end back in August but past pain kept me from shorting it .
Fannie Mae is one of my ‘Tells’ at this point. It is in freefall and rarely does so. The financials are in pure panic mode nd everybody get short mode.
CNBC was a trainwreck of television today. I caught a muted hour while on the machines at the gym. They spent a bunch of money going to Dubai to interview people in malls. Genius.
They were also a walking press release for Citibank today. As I twittered earlier, Citibank was pimping their Private Wealth business in Arab countries. As I see it, Citibank is saying they have run out of idiots to squeeze wrap and commission dollars from in the US.
Why not issue the press release that sums up how you really feel about things:
We at Citibank feel your mortgage pain and are working hard to blame the right person internally. When we find that person, we will all have someone to blame. We will destroy him/her, likely him. Until than, we must move on to people with real money…The people of Dubai.
Other than Goldman Sachs (which I ahave no position), we are in meltdown mode. Actually, Starbucks is up .
It sucks.
I have some piss in the wind SPY puts but maybe 10 percent coverage. I am just giving back some meaty gains that had been accumulating. Stops that I did not feel would be in play until the New Year, are whiskers away.
Most of the givebacks though are of the October massive gains so I am still unsure if a real meltdown is at hand.
On the bullish side, Dr. Meltdown (Bill Fleckenstein) who has called for this for 10 years, is looking like a genius. Today, he is calling for the same crash he always does . Even a broken clock…It is actually his crash call that gives me hope. Thanks Tim for the e-mail, but why are you reading MSN Money.
Anyways, this is not a time for me to act all brave. My stops will keep this as a great year and I will obey them.
I am looking for paper shredder stocks, because they must be flying off the shelves in manhattan today .
You know how I feel about this. These firms are well dressed crooks. The smartest ones.
In the end, this will be scrubbed clean, but who’s smart enough to call a bottom.
I am extremely tempted down at these levels to dip my toe in this great/tarnished financial brand. Merrill is now back at 1998 prices. Considering the global bull maket, that is simply quite amazing. Talk about underperformance.
I wish Goldman was back at $160 and Bkackstone at $20 because those would be the ones I would buy.
Gold at $800, Oil above $93, Tech on fire, China in a boom of histrorically epic proportions and the US Dollar imploding…based on these headlines, it makes sense that Goldman Sachs hit all-time highs today.
Here’s why…they trend follow. They pile on. They stick you with the mistakes. The ‘credit crunch’?…Peeshaw…just a nuisance to Goldman.
A week ago, it looked like Glodman was about to crater. I even shorted it for the weekend as a ‘piss in the wind’ hedge (but quickly covered and blogged both trades). Funny that when I covered at $217, I got emails calling me crazy (you know who you are). Today, a week or so later, it’s back at another all-time high above $243. Phew!
Probably a China implosion is the only thing that really wrecks Goldman right now. Even so, I would buy on that carnage at some point.
If anybody is leaning on these trades in my blog title right now…it’s Goldman. Remember this:
Animals .
Disclosure – Long Oil, Gold, Canadian Dollar, Tech and China through selected stocks and ETF’s, but Not Goldman
A very interesting/exciting day indeed. Google, Goldman Sachs, China, and the Dow/S&P are at all-time highs.
Oil and Gold are pretty much there as well.
Shipping companies too.
It also ‘feels’ that EVERYBODY is short. The bears think what we are seeing can’t be happening. Wasn’t Goldman Sachs (GS) just bailing themselves out almost 80 points ago (August) to be exact. Wasn’t Blackstone a laughingstock (now up 40 percent since August). Google was at a laughable $480 in August as well, on it’s way to $200 because all the mortgage ad spammers were broke. I could link, but why embarass all the cocktail smartypants.
To me, today’s action signifies the true upside of a SHRUNK and FLAT world. We are truly there and benefiting from the goodness of it.
If you are short/bear though you better be considering that this bull may just be getting started. You really need to start considering some outside the box thinking…you have been wrong for way too long.
If you are a BULL like me – I am a half full – respect that a FLAT/SHRUNK world also has a downside. Don’t get giddy or greedy, this BULL is no different than the last BULL. It ends.
Semiconductors just suck balls in this rally and I have had a great run in Nvidia (NVDA) so am getting rid of it today. That sector is just too aggravating. Traders will be saying the same thing 5 years from now on homebuilders. Dead cyclicals are dead cyclicals.
I would love to see some more downside in Garmin, but other than that I am not chasing stocks up here. Other than the semiconductors and metals, nothing wants to come down. I am plenty long if we just continue higher. Even my trusted ‘guru’ friend ‘The Fly’ ‘ seems to be reaching for stocks today.
Blackstone and Goldman are the safest China plays you can make. The Chinese may shit on the crappy little bubble stocks in the end, but Goldman and Blackstone are family now.
I am watching Goldman Sachs right now. I bolted at $178 per market on the rate cut announcement. The stock now closed a few weeks later above the $178 at $180. It could preannounce and open at $150 tomorrow, but are we not expecting that? Is that not facored in?
I think so and as long as Goldman trades above the $178 I am feeling good from a trading perspective.
Long-term, we are all soil food. This was a big win for the bulls today.
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