I was thinking after yesterdays rally my short ideas via SH and PSQ might get blown out today. The charts for being short took a hit, even as the volume was super low as usual. Still, the late day sell off gave me some reason to think it was still the way to go. Then today's drop really had legs to it. If not for the banking sector getting a late day pump (never on purpose right?) by some rumors that Basel Capital requirements might get lowered things could have been really ugly.
My thesis remains the same; a big drop in oil, food costs, and stocks will be needed if QE 3.0 is to happen. Looking around I see some think another FED induced ramp up is needed RIGHT NOW as the markets are down like 6%. Not good enough. David Tepper agrees with this line of thinking.
Today could be THE bottom, a bottom, or just a start of some really nasty action. Right now is a good time to review risk in play as well as how to get moved should hot money start chasing the market down instead of up. It does work both ways you know. Be careful out there!
Soapbox speech begins here
What is funny is that I think if the FED would just come out and say "No more QE and we are raising rates in two months, you are on your own!" things would get ugly for a bit, but then that bottom would be something we can build on. I am not against markets or want things to go down, I just want all support taken away and to let the market work. We have a great country filled with the best people in the world, I know we can figure a way out of this and back where we want to be. If the fast money types would have to go to real work for their cash (they can do it) instead of hoping to play the next bailout/handout angle, they might start allocating capital to business that will build America and create jobs. This will bring the economy back. 30 Billion for a coupon sharing site so you can go out to eat with friends is not going to add anything to the real economy other than monster gains for Groupon share holders. Well, for a few weeks anyway.
I am a believer in America. Get the dreams of easy money off the table and lets get to work.
End soapbox speech
Friday Night Entertainment
No worries, Friday night fun is on and has been since 2007.
Game of Thrones - Your Guide
I have not been watching HBO's "Game of Thrones" but I do have them recorded and hope to catch them. If you are into this show or the books, you need to stop over at David Batista's place for his episode reviews, which are detailed and hilarious:
Ep. 8 Reactions: "The Pointy End"
Robots Now making Cookies?
This has to STOP!!!:
Robot Can Make Cookies From Scratch
This was pretty severe and we are not used to such things up here:
2011 New England tornado outbreak
You can see the path in this picture (long brown line):
Hopefully this look will catch on, yes?:
see more After 12
A new baby brother, so cute.....:
see more This is Photobomb
Some clips to get you watching some good stuff.
The film "Legend" was bad overall, but Ridley Scott did manage some wonderful scenes, like "Proposal of Darkness". Skip to the 2:55 mark and this one is a gem:
Great music as well. The Darkside always beckons.....
One of my favorite new era films is "Constantine". Just a sick as all get out movie, I highly recommend. Check this scene out Lucifer confronting the angel Gabriel:
You will have to see it to get the context.
Keeping you rocking at all times.
Plenty of requests this week, lets see what I can do.
Lead off spot is set for Pat Benatar's "Hit Me With Your Best Shot" for my good friend Soleil, who takes every hit she gets and keeps on fighting. Courage to make you feel really small in that girl!:
Live version too, NICE! All my best Soleil!
Great request by reader Gawains for Bad Company's wonderful "Shooting Star":
Nice new live version!
My full apologies to reader Watchtower, but when I hear a remake that beats the old song, it's all I can hear. Let's roll "Detroit Rock City" by The Mighty Mighty Bosstones and make sure you stay for the sick sax solo:
LOVE that one. This KISS performance is my favorite.
I caught this over at Dinosaur Traders Mixtape section at TRB. Try out Ty Segall and "It's #1":
Funky, rocky, nasty, bluesy. I likey!
Ok, only two songs left! What will hit the playlist?
Speaking of a Tepper, in this case Robert, in case you are doign a workout or just want to drive over 100mph, just play "No Easy Way Out":
Last call! You have a drink? No? Geez.
We shall close LIVE with Billy Idol's classic tune, "Eyes Without a Face":
Have a good night.