Wednesday, September 24, 2008

Now EOD 09/24/08

8:00pm: I just watched an interview on Bloomberg with "full of Blarney" Franks, and he's claiming we are going to have a settlement between the Democrap's and the Buffolite's by tomorrow, Friday at the latest. He claims there is going to be an over sight board, AND, most importantly as far as I'm concerned, we are going to do a "partial in", IE, we will do like $150 billion to start, to see how it works out, etc etc. And of course, Blarney said there will be mortgage relief, you know what I'm talking about, about how you live on your block, with 40 udder home owner's, and one of you is a beer sucking worthless peice of shit that refuses to pay your bills, and da government is going to come in and help HIM out, while telling the rest of you to go suck the big one!!!! Hahahahahahahaha, I Loooooooove this country!!!!

7:20pm: Well, I lost that bet, hahahahahaha! Surprise surprise, he never once mentioned that phrase that he's been repeating like a Chenney puppet (Soooooooooooo), but what he did, was let Hankie baby off the hook, by saying it was his idea for his mouth piece to go around spouting off, that it's the greatest thing ever for us to buy these derivatives that have no market, IE the MBS's and CDO's, and then we are supposed to go right along with the rest of his violation of the consitution and our rights, by saying that there should be no over sight of how the $700 billion is spent, only to go on the great judgement of an administration that has been the biggest spendthrift's in the history of the world, and they will make it all better, hahahahahahahahaha!! I loved his explanation about how we got here, it's because we've had "decades" of irresponsible government spending and easy credit!!! Haaaaaaaa, NO, it's been because of the last eight years of that!!!! I'm amazed he didn't mention his little catchy phrase "The Great Ownership Society", or Greenspan's testimony to congress, when he was holding interest rates at 1%, about how fricking great ARM loans were, and about how EVERYONE could afford an unbelievably over priced piece of junk house!!!! Wad ever, this thing will end up, where ever it ends up, the futures have ticked up after Buffo, I guess it must be true, HEY, go for it!!

6:45pm: In waiting for the breath taking revelations that Buffo is going to give us in a few minutes, I was just going over some stuff, and I have to admit, the Q's had a very nice inside day today. BUT, other than my longer term view that I've been hearing about third quarter earnings, there are some sucky things on the chart. The bollinger is just pointing straight down, I mean, what you LIKE to see, is a flattening bollinger with a little spike through it, not like it is now, where the Q's are sitting out in mid-air, I mean, it looks like we could just continue to fall downward. There is no divergences, either the MACD or the Stoch, although the Histogram on the MACD "could" be moving above the line, but I point out the low made in the Stoch to the left, it actually made a little lower low, at the low made on last thursday, it would have been really nice, if that had made a HIGHER low, with a flattening bollinger, I would be a lot more excited. On a trading basis, if you like to trade, well, YEA, you "could" take this sucker over today's high or some thing, with a stop under the low, you have a very obvious R/R on the trade, which is what I really like to look for, IE, I want to know EXACTLY where my stop is, in this case, I would be WRONG if we broke below today's low.
Bernie Schaffer is predicting a market melt up for this upcoming earnings season, plus the "predictable" rally after the election. I agree about the election, there is always hope. And, to be honest, I'm kind of doubting my thought process about the information I have been getting about earnings season next month. By that, I mean, that with me being an average Joe six pack, and me thinking that it's going to suck, I may be sucking myself into the wrong avenue, IE, with expectations low, the surprise, would be an UPSIDE surprise, am I explaining myself there??? I'm always fighting my thought process's, that's why I don't show updated pictures of myself, because I have black and blue mark's all over my face, from me doing the head slap thing, about why didn't I think of that!! By the way, like I have mentioned in the past, I think Bernie's services suck, and I have been in and out as a member for more than a few years, but his note just made me think about my own thought process, for what it's worth.

Oh, I almost forgot, I'm taking bet's on how many times Buffo says the economy is "strong and resilient", I'm betting 8. I long ago lost count of how often he said "stay the course, complete the mission", and that was years after he stood on the deck of the aircraft carrier and declared VICTORY!!!

2:10pm: Pretty much a nothing day, for some reason, I get the feeling a lot of people are waiting on some thing, hhhhmmmmm, now what could that be??? I'll tell you what it's not, Bushie is going to address the nation tonight...................... hahahahahahahahaha, now number one, who in the hell would ever believe any thing he says, and number two, what in the hell is he going to say, that his two bald yakking doll head's have not said the last two days??? I hope the networks don't cover it.
I listened to a rather long interview with Buffett today, he admitted the money market thing really scared him last week, he thinks we need to get an agreement on this thing (not necessarily what Hanky and Bennie want, but just "some" thing), anyway, he also admits that if we don't get an agreement, the markets are going to absolutely dump, which he said, would not be very good for him. Then they asked him if he had an idea on which way this was going to turn out, and basically he said he had made a 5 billion dollar bet on how it would turn out. That was good enough for me, I doubled down on the UYG.
Later gators.

5:30am: Stock futures are, eeeeeerrrrr, WERE, up, mostly as a result of four words last night, War Ren Buf Fett, as he took a five or six billion dollar stake in GS, the DOW wowed up at least 190 points, and what is happened, is that we have been meeping weeping down the rest of the over night session, eventually filling the Buffett gap a few minutes ago.
In a more surprising developement, at least to me, oil is UP this morning, I say surprising, because I heard last night that the Democrat's have decided to let the ban on off shore drilling expire next week, wad ever.


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