Jul

17

BullIn Damn Yankees the hero leads the hapless Washington Senators out of their losing streak by trading his soul to become the much need long ball hitter they need. If I were to play that role with my friends on this site, and all those who read the column, I would remind them that when things look really, really bad, that is the time to buy. I would remind them of the Rothschilds' advice, both the founders and John, that the time to buy is when things look hopeless and there's blood on the street. Such a situation occurred this week, with oil looking as if it would never go down, and the Fannie-Freddy duo looking like imminent bankrupts. Everything fell in place, with all major indexes including Tel Aviv, falling below round numbers, and truly disruptive moves following the Bernanke testimony, to 1201 on the S&P, both within the day and the next morning in England, to say nothing of a 2% drop in one hour from 3:00 to the close on Tuesday night. You have to hand it to that diabolical evil hand, the weak could not even bear to look any more, let alone hold or add to their positions. We've gone pretty much the longest in history without a reasonable multi-day maximum or a couple of up days in a row. How much more of a silver platter do you need, and how many Lolas must you resist to come back to the Lorie, Dimson, triumphal kind of view?


Alan Millhone concurs:

BellYesterday was something to behold, and for all Americans to build upon, with oil dropping $10 and the DJIA up almost 300, its best rise in three months.

There is still some more dust to settle, for instance IndyMac, but all will shake out in due time and we will get back to business in the US.

The late great GM of Checkers Tom Wiswell once told me he liked to eliminate the negative and accentuate the positive. His admonition holds true in all facets of our lives.

Vince Fulco wryly notes:

Perhaps this is what is needed to maintain the overnight lows earlier in the week:

Pakistani Investors Stone Karachi Exchange as Stocks Plunge : The Karachi Stock Exchange 100 Index fell for a 15th day, the longest losing streak in at least 18 years, prompting hundreds of investors to walk out of the trading hall, throw stones at the building and shout slogans against regulators.

But how do you stone a distributed set of server farms and fiber optic communication links?

Sam Marx remains cautious:

Martin Zweig concluded from his studies that bear markets quite often end with a violent move upside. We had a good move yesterday but, in my opinion, it needs more of a move on the upside in the next day or two to be considered violent. Four things came together this week to cause this 276 point upmove: the SEC made shorting financial stocks more difficult, the Dow was slightly below 11,000, Sen. Obama's campaign took a number of hits, because of changes in some of his positions, with much of the criticism coming from his closest followers (the New Yorker cover did not help either) and President Bush took a stronger stand in favor of offshore drilling. A short squeeze will occur if this rally continues.

On the subject of the Yankees, the last All-Star Game was played in the 85 year old Yankee Stadium yesterday. The stadium will be torn down this year and last week Tab Hunter, the star of Damn Yankees, was 77. Time moves on.


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search