Last night the NFL changed the rules for this weekend's football games. They banned passing. It has created a complete turmoil, offensive coordinators don’t know what to do , quarterback coaches have been fired, because after all you don’t have to teach a quarterback how to hand off. Isn’t that absurd?
That’s as absurd as what happened in the late night massacre engineered by Bernanke, Paulson, Cox, and the rest of the Washington politicians, banning short selling of financial stocks until October 2nd, when all they had to do was enforce the naked short selling rules and re-implement the uptick rule. But that’s common sense and common sense doesn’t rule today.
But it is what it is. What does this action and also the RTC-like bailout mean for the market and does it have legs? Absolutely. No longer can the banks lose. No longer can municipalities lose. No longer can Money Markets lose. No longer can homeowners lose. It all adds up to a legislative bottoming for the stock market.
Do I agree with it? No. But my opinion doesn’t count when there are 3:00 meetings planning for the Washington takeover of Wall Street. Good luck Comrade.
I am a macro long term player. I have been long term short for the last 2 years. In addition I have kept large pools of cash on the sidelines. Today, a watershed moment in American History. I went long the S&P, the Dow, the Financials and increased my position in the municipal bond market.
Till next time,
Bill
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2 comments:
I have an opinion too: Your course of short investing has played a significant role in the market fall and the collapse of the financial stocks. As such, you made money at the expense of those ordinary investors in the market just wanting to stay in their own homes with maybe a retirement fund. And that is a disgrace and a disservice. Your bantering on radio and your so called financial gatherings just show your high opinion of yourself and snobbery. Please read this on your radio show. Concerned Investor
Kenneth, Thank you for the comment albeit it seems a bit harsh. My thesis has remained the same for the past 3 years. In 2006 I was called 'absurd' however now my concerns have come to fruition. I hope you have protected yourself.
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