Another Rant, from James Lackey

January 25, 2008 |

One good up day… One reversal day… One "good date" night and an "O" sure does not make up for all the reprehensible behavior in the markets… Price fixing, rigged deals… Fed emergency rate cuts… It does remind me of all of the old books about 19th century financial markets…

Hey, on Monday night let's say 3am when we were limit down… who do you think was in there buying? Yes and .25 off the limit I am sitting there long too much, thinking am I really this nuts to hope or think we really are going to get an emergency Fed cut? What the hell kinda trader is that?

No that is not why I bought… But why I sold… I had no idea how much lower it would have gone once the limit came off later in the day, maybe not much at all, 10 SNP points for a joke on the Stop Boys. Yet, what I do know is we all should have had that opportunity to find out… the limit down deprived us of that.

If it falls below 1255.30 later this year… every point it does falls below, all the pain you take, blame the Feds for the bailouts, not me. If they let it fall this time, the next time we start buying before the old low and "hope" for a panic or a new low to buy more from the stops. No, next time down I'll be there commenting… "where is your bailout now. Don't ask the traders for help."

It wasn't this time that upset me so much… Hades we are down 20% in a few weeks. I am long anyways. Yet for the past many months how many stupid plans and bailouts have we had? You all know damn well years from now we are all going to look back and say, that wasn't good. 

TODAY: MBIA, Ambac Likely to Get Bailout, UniCredit Says

MBIA Inc. and Ambac Financial Group Inc., the biggest bond insurers, are likely to be bailed out to avert worsening credit-market turmoil, according to analysts at UniCredit SpA.

AIG Bails Out $2.2 Billion Nightingale Finance SIV

American International Group Inc., the world's biggest insurer by assets, will bail out its Nightingale Finance structured investment vehicle, according to Moody's Investors Service.

Bank of America Plans $6 Billion Preferred Offering

Fed 75BPS Emergency rate cut more to come next week (yea, right!) Bernanke to Cut Rates Further, Faster to Buoy Growth

Citigroup Trial May Double Enron Creditors' Payout

Don't forget the 150-200 billion stimulus package!

And don't forget the treasury department Super SIV.

And Subprime mortgage reform and price fixing!


WordPress database error: [Table './dailyspeculations_com_@002d_dailywordpress/wp_comments' is marked as crashed and last (automatic?) repair failed]
SELECT * FROM wp_comments WHERE comment_post_ID = '2651' AND comment_approved = '1' ORDER BY comment_date




Speak your mind


Resources & Links