We Wait

“I simply don’t know where the money is”- Jon Corzine

Here is the full transcript of Jonny Boy’s release before the hearing today. I hope he doesn’t take the fifth because this market is dull and I need something to watch in between all the chop.

I think fast money and algos are having  a blast with this market, but I think the serious money is still sidelined as they don’t want to get caught long in front of a possible  weekend failure in Europe. That’s understandable. That is probably bullish if things go well, but there won’t be enough put options if it doesn’t. The $SPY 200 day moving average in the line in the sand and a convincing move through that level could trigger buy stops galore.

I’m leaning long because the world is watching these jackasses and failure at this point is not an option. But their track record has been horrible, so nothing would really surprise me.

This tape is interesting because it is offering up good long and short set ups. Sometimes in an uptrending market shorts are really hard to find, but some potential breakdowns are showing up.

Blagojovich got fourteen years yesterday and Coach Sandusky got taken off to jail because he couldn’t post bail. His new nickname in the can will be “Happy Valley”.

Alec Baldwin was ejected from an airplane for playing Words with Friends. Stephen Baldwin was ejected from Hollywood for having no friends. Danny Balwin is still running through the Plaza hotel naked, drunk, and high on blow. Great kids.











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