Cramer Should Pay Rogue Traders Legal Bills

Cramer and Wall Street got what they wanted, a big rate cut but little did the Street or the FED know that it was because of a major banks unwinding of a bad trade of biblical proportions by a rogue trader. This guy looks about fourteen years old by the way. Starting about yesterday, we started hearing about how the “rogue trader” lost billions with Frances second largest bank and how it was possible that the FED was hoodwinked into the rate cut because of the unwinding. Was the FED going to change their mind after the facts came out? This was the largest cut since 1990 and I still don’t feel bullish. As a matter of total fact I feel really bearish and have a really quick trigger finger on anything I do in the market. This is a miserable tape in my opinion and I still feel we test the lows soon. I have been wrong before. Just don’t “buy,buy,buy”on a 24/7 basis like someone will tell you to every night. Think on your own,think outside the box and don’t ever follow conventional wisdom-it will save you a fortune in the long and short run.I think 1 to 1.50% daily moves in the market will become common place going forward and we need to be prepared and ready to adapt.I think the Fed feels idiotic at this point and so they should. Will they want to spite the street for the 3/4% cut this week because of the rogue traders position hitting the market and punish us with a 25 bip cut and not 50? Either way, I think the market is in for some tough love.Hope I’m wrong. Hope everybody had a profitable week and I will be around this weekend.

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