We have got a good old fashioned witch hunt brewing on Wall Street. The witches are banking executives with huge pay . The hunters are everyone but them.
I am not a fan of witchhunts, but they generally get shit done. Nobody is innocent in all this, so please no crying from the left or right.
The thing about witchhunts, is they are good for ratings but money making distractions for you. Prices are what you should be focused on, not those of freaking gambling stubs, Fannie Mae, Freddie Mac and AIG, but banks on the new all-time high list. Here is a list of strong ones from Eric at Blackstar…do some homework and pick at a couple of them if you must own a few stocks right now:
I am fascinated by the stock market. It is a giant brain. Always on, always calculating, never at rest.
I am fascinated even when I just watch the prices and have nothing at stake. Today, I twittered that the market would close weak and messy. It did. I was covering shorts though, not shorting. There is always something to do.
The market is so messy, that I would not be surprised if we saw a stealth 2-3 month rally. I hope so, because I have few shorts (just BBY and DECK as of today’s close) and little interest in shorting anymore. Just too negative right now. I would rather golf and talk to young entrepreneurs as I have been doing.