Odelay!
The Bear: "Are you an assassin?"
The Bull: "I'm a soldier."
The Bear: "You're neither. You're an errand boy, sent by grocery clerks, to collect a bill."
Needless to say days like this make me happy. Particularly since today's 243 point drop on the Dow was within plain sight......two weeks, to the day........of the lovely 400+ point drop on the Dow on February 27th. A new force may be emerging.
Not that long ago - say, last year - I would have been jumping around talking about how it's the end of the world and the bears are going to own everything, and so forth. No more. I've learned a skosh of humility (and paranoia) since then. So I take it a day at a time. All the same, I grin when I imagine what that Australian touch-hole who called me must be going through. Although I'm assuming he has money to lose, which is probably a false hope.
On the occasions when I drive my family up to the mountains of California, we pass many towns that seem completely populated by those completely grotesque and utterly uniform beige-with-red-tile monstrosities that are advertised as "Homes" in the weekend papers. These vile creations seem to be the work of firms like Toll, Pulte, and Beazer, all of whom seem to be going to hell in a handbasket. Maybe there's a little justice in this sad, sick world after all.
The unwinding of the "buy and flip" insanity is crushing the sub-prime lenders which, in turn, is causing we few.........we happy few........to have good days like today. Here's Fremont....
And the poster child of this debacle, New Century. Thanks, fellers! We appreciate your bringing along the kind of disaster we need to start something really horrific!
The story for the indexes is the same across the board, so pay attention: if they can break the lows set next week, it's party time. If they stabilize and recover, we're probably going to be range-bound by something approximating today's range. Here's the NASDAQ composite with a potential target circled.
The minute by minute charts illustrate how the bullish breakout that was attempting to form completely failed. Disappointed bulls! Our specialty! Die, you weasels....
My favorite index, the Russell 2000, needs to break below $760 for us to continue to celebrate.
Here's a minute chart of the $RUT with more detail. An analysis of the psyches which pushed the market up, and then down, are provided for your convenience.
This is getting old, but here we go - the S&P 500.....
And the minute graph of the same.......
The $XMI is staring in the face of a grand breakout failure.
AutoZone, which has been up about three million percent in the past few months, is finally breaking. I've got puts. Lots of 'em.
Recent favorite CME is throwing lots of green into my account.
Oh, and then there's Google. The company that could do no wrong. These turds paid $1.6 billion for a web site where people could post mostly stolen content. And they haven't been able to figure out how to make money at it. And now they're getting sued for $1 billion. And I've got a hunch there are other big media companies that will follow. Nice goin', braniacs. Talk about buying at the top. Had they waited a few months, they could have picked up the same company for 1/8th of the price, I bet.
Ah, and Goldman. Yep, you've seen this mentioned here many times. My puts on this did great - - I bought a bunch at the top today. In spite of blowout earnings, they fell down hard on huge volume with a bearish engulfing pattern. Yes!
Wow, it's almost too much pleasure to take. Maybe the bulls will wipe some of the grin off our faces tomorrow, eh? We'll see. Deep down, I'm always hoping we're at the start of something very big that will absolutely destroy those creeps. Hope springs eternal! Go get 'em, a'ight?
