The Market Sucked, But Not For Everyone Who Got Out
When that sternly-worded Goldman Sachs statement came via email last night regarding Citigroup, and how everyone should not have it anywhere near their stock portfolio, I thought: is tomorrow going to be a real hosing in the market? Yes, yes it was. Even some of our favorite finance bloggers have lost their minds: "Is this it? Was today the official end of the 6-week 25% rally that started in early March? Or is today just a particularly painful hiccup?" I don't know, you tell me, money-blogger! Also, painful for who? Painful for all the people who made 20 to 25% on short-term gains in the last two months and who sold this morning, pushing financials down? Probably not so much. The final call: Dow down 3.56%, big f'ing deal, tune in tomorrow. And also? Consider this, Wall Street haters: "If we become too cautious, the outlandish cartoon characters behind every big building or business in the world are less likely to be able to take the huge, incredible risks it takes to make it big." (Donald Trump? Is that you? No but seriously.)
My retirement diet just plummeted from dogfood to dumpster.
The best part of not actually being Donald Trump? It's okay to have a total nerdcrush on Ivanka. That and I'm not a failed lie of a man.
I'm glad you like Weisenthal, though, he's a good sort.
Well, duh, like Jake said:
it had nothing to do with ken lewis. the rally was on borrowed time already. it had everything to do with options expirations last friday. i mean, look at SLG – it rose 50% in one week and then today drops 25%. the rally of the last week was about inflicting some pain on the shorts.
And what Tom said:
This is the shorts weaving their magic. Anyone with half a brain would be far away from banks at this point. If there remains a doubt, read BAC's nitwitted description of the reason for the gains. When you have a board that allows this sort of public explanation of performance, they deserve to tank.
Obvs.
Heh. MAGIC SHORTS.
Yo, Choire, love the new digs. Get your blog on, man.
p.s. – You know what I've been looking for for, like, forever? I wish I could find a candy bar with electrolytes. Wait, what?
Goldman Sachs shorting Citibank is like a pot complaining about the color of the kettles.