Where does one sign up for the new math training class being deployed by our government and Wall Street.
I am being called a bear which is ridiculous as I have been bulling Amazon, Netflix and recently Shanda (SNDA) for huge gains. If there were hundreds of all-time highs, I would be bulling many of them. I call it as I see it and we are being absolutely scammed.
You will not, maybe for many years, see all-time highs in financial stocks because there are no new financial stocks going public and the carnage is too great for old winners to reemerge. For a great bull market, we need a healthy financial sector. We need deals and we need CHOICE. We don’t have that and it feel like we won’t for a good long time. That is the basis for my negativity. If you want to start a chartered bank…good luck getting approved (I have tried). The government would rather squeeze the small banks barely getting by and print money to support the broken ones.
With respect to the financial stocks, we are being robbed of our stock market and futures and we are watching it live. We know it and we are blogging and tweeting the links and yet Goldman is getting bolder. Wells Fargo is out pitching the public on record profits, but they may need $50 BILLION to cover housing losses still .
Goldman is trying to raise $5 billion from the dumb public to pay back TARP so they can be free of bonus and leverage restrictions . Yay….let’s do it all again. It was obvious from last week when Wells Fargo reported that Goldman’s numbers would be gynormous. There are lot’s of juicy rumors about the evilness of Goldman and how they are making their numbers . They are pretty freaking plausible given the corruption in our leaderships ranks. Tonight, there is no surprise as Goldman ‘numbers’ were indeed gynormous.
I can’t be sure that Goldman is evil, let’s just call it a wicked hunch. I can’t be sure the stock market is broken, but Goldman Sachs has traded at $200, $50 and now $130 in like 8 months. This is not action for anyone but gamblers. It will be fun to see what the reaction is to the numbers when we look back in 6 months. I think the stock will be closer to $50 than $200.
I have had success avoiding financials almost entirely for 15 months, but the news and crimes in that sector will drag all sectors down if we let the current leadership continue along their way.
In the meantime, I am getting shorter by way of selling my long web/tech positions every day. I am slowly running out of stuff to sell.