Is it any wonder that my first response to certain news items, such as "the worst is behind us" or "our company isn’t seeing a slowdown" or "this is the last of the big writedowns", is akin to a mouthy teenager: Uh, yeah, right…….Whatever………. I want proof! I will not take their word for it, because they’ve proven their word is no good. Actions speak louder than words, and I certainly don’t like their actions (the Fed’s or a lot of companies actions).
FED TO HOLD THREE TAF AUCTIONS IN JUNE; AMOUNTS REMAIN AT $75B EACH
- 28-day credit auctions to be held June 2nd, June 16th and June 30th
8 Comments
May 29th, 2008 at 12:03 pm
FINANCIALS leading the current charge towards total unreality today. Is it going to take earnings reports , starting with LEH MER and GS next month to restore some sanity to the markets? I remain convinced things are going to continue to get worse but I would love to hear from fellow traders who feel the same way.
May 29th, 2008 at 2:20 pm
Catch me before I pass out!!! Doug Kass, the penultimate perma-bear, has gone bullish on the financials!!! This guy has been short the financials for three years. On a CNBC interview today, Doug says that C and WFC may be a generational opportunity with a possible quintuple in the stock over the next 3 to 5 years. I didn’t know that Doug ever went long…
I am not buying financials, but found Doug’s comments interesting. He has been slamming financials for years (and taking a lot of flak for it).
May 29th, 2008 at 2:36 pm
I’ll catch ‘ya, Dave. But, nothing surprises me at this point. People are reaching the end of their ropes and confusion reigns. “generational opportunity?” Oh, give me a freaking break, Kass! Dick Bove ring a bell?
May 29th, 2008 at 2:46 pm
Lisa and Dave, I’ll check with the legal arm of JP Morgan, aka the Federal Reserve, and get back to you on Doug Kass and DICK Boves’ delusions.
May 29th, 2008 at 2:47 pm
P.S. Perhaps Meredith Whitney needs to bitch slap these guys.
May 29th, 2008 at 3:40 pm
Here is a link to that Doug Kass interview if you want to see his rationale —
http://www.cnbc.com/id/15840232?video=756794098&play=1
May 29th, 2008 at 4:25 pm
I’ll buy financials when they come clean on their losses. Lehman is just now getting exposed for that last quarter.
May 29th, 2008 at 4:29 pm
Doug Kass is wrong, wrong, wrong on so many issues he discussed that I don’t even know where to start. He’s trying to pick a bottom and… (OK, there was more to that sentence but I deleted it. I’m a good girl, I am.)