My posts are becoming eerily reminiscent of the ones I made almost every day last year, and the financials seem to again be the topic of conversation. I killed them today with longs in FAZ and shorts in GS and COF. But as usual it was mostly FAZ as the banks died again. What’s that say about January? So goes the year? We are now down about 800 points from the high made on January 6th. Happening quietly isn’t it? Maybe the financial media if finally feeling shame and embarrassment for their incessant idiocy. Never happen. Did everyone enjoy the “Madoff Yule Log” as Rome burned today? Personally, I thought it was riveting television, a definite Golden Globe nominee next year.
Well BAC (Bank A-merill-wide) came back to the teet for more loot. I know, I know, they were in such a rush to buy Merrill that they miscalculated. Give me FREAKING BREAK. SCHMUCKS in the first degree. This comes on the heels of HBC pulling a Greenspan this morning (” I miscalculated) to the tune of an extra $ 30 billion. Getting the picture yet? BAC’s dividend is bigger than their earnings. That dividend will be gone by the end on 2009 and the stock will be $6.
I hope you guys are benefiting from the ideas here because it’s the hottest shoe in Vegas right now. Have a great night and I will see you tomorrow.