Weird day trading, it was immensely profitable, but the signals that the market is sending just doesn’t make any sense to me. Is the “porkulus” plan good or bad? When there was chatter at different times today that it would get done, the market was neutral to down on the rumor and later on it traded up on the hope it would get passed. Personally I’m bearish and disgusted at how it exists in its current form, and to me it is a spending plan, not a stimulus plan as it does very little to create jobs, unless you think skate parks and STD research gets it done. Not.
As far as the Tim Geithner, the John Thain of the Treasury goes–well, where’s he been? We get some nonsense announcement that he will have something for us Monday? This whole administration so far is hiding behind somebody’s skirt, I’m just trying to figure out why?
BAC hit crazy lows today on a Wall St. Journal piece that basically said nationalization was imminent. Later in the day Chris Dodd said it would not happen, but this is also the guy that tried to hide a sweetheart VIP mortgage deal from Countrywide, but I’ll take him at his word. This comes from the same group of people who thought a “feeder fund” was called a “theaterfund” at the Madoff whistle blower shindig yesterday. I’m shaking as I write because their core incompetancies are so very shameful and pathetic, it truly petrifies me.