Be Gentle
Ok teh new site is up and running. Its still rough around the edges and needs a few kinks worked out but so far so good. Go check it out.
Changes
Major changes very soon to this blog. Just need to figure a few things out.
Should be live sometime this weekend.
Sad Day
This morning as I was riding in my car between places I needed to be I realized a few things. First why do I take my responsibilities seriously? Seriously think about that… You can act like Ken Lewis and all the other bankers and get a 138 billion handed to you by the government who treats it like its nothing. But really why it is such a sad day is after some thinking about the events of last night and the past few months…. I’m ashamed of my country…. These politicians and ceo’s are very close to destroying our country, if they already haven’t.
We seemed to get a short sqeeze earlier after BAC was so kindly rescued from their CEO’s arrogance. Trading down right now so I’ll probably just sit tight and watch. Definately would not recommend buying but not sure I could say to short anything here either. So in other words I gave you nothing. Live with it. It’s too cold to think right now.
Amongst the new changes I am making here I also decided I am going to start using Twitter again more regularly than I have been.
That is all… Carry on.
Oh by the way Futures are pointing up.
Overhaulin’
Here at Twoandtwenty we always like to adapt to the times. So coming soon will be some major changes to this blog. No the content will stay shitty but the site will see some upgrades.
Bullshit
I’m calling Bullshit on todays market rally. We went from -200 to +90 back down to -50 to end +12. All on what? New bailouts? The fact that BAC is inslovent? Or maybe we just like the talk of C being nationalized. SRS traded today between 60 and 75 settling down 4. Why? All because we love dillution now, as I said earlier VNO is paying 60% of their divi in stock. It’s dillutive and to me shows they do not have the cash to pay their dividend but fear cutting it worse. All this makes me feel better about being short. We very well may rally for a day or two maybe a week or two but it is not sustainable. Listen people everything is not “baked” in we are trading 20+ P/E. Money is not sitting on the sidelines waiting for the right moment. The government can’t save the day by massive Keynesian spending.
Update: Forgot to mention. SocGen says we are going into a Depression in the States and China is on the verge of imploding. Take it for what it is worth – afterall the did let evil knievel take em for billions.
Fuckery
Too much fuckery today. Although I expected some sort of rally I chose to push it. At the peak today I was up 53% on the year but in a matter of minutes SRS shit the bed. The REITS are dying and some, VNO, are going to start paying dividends in the form of stock. Don’t worry though they are perfectly healthy, that isn’t dillutive or a sign of how fucked they are. C and BAC are at deaths doors and no one really seems to care. Backroom bailouts seem to be the norm these days. Ken “I should be Fired” Lewis is demanding more TARP funds even though he insisted that he didn’t even need the orifginal money. The man invested in CountryWide and Merril Lynch he should be fired for that alone. Good ol’ boy Hank Paulson is apparently giving away taxpayer money behind closed doors that he doesn’t even have. I got greedy and should have lightened up on some of my positions locking in gains earlier. I didn’t. I will continue to hold and push but I may add a few longs to hedge just in case.
Update: Amidst the pending implosion of CRE, SRS is now down over 4. VNO, SPG, KIM all up. Because dilution is a good thing.
Update2: I hate Options expiration.
Blogging
I’ve been thinking about this whole blogging thing and realize I suck at it but that won’t faze me. I will continue to post shit on here that no one reads or cares about. At least I am better at my real job than you are.
Reading the Fly this morning I realized I am feel the same way about the whole karma shit. Actually the whole post rang true so instead of trying to sound intelligent I will just let the master blogger explain it. – The Fly on panic, karma and tea.
Let’s Recap
So what did we learn today?
Well the late day fuckery of SRS continues.
Obama has appointed a man who doesn’t pay his taxes to serve as Treasury Secretary, you know kinda like appointing John Gotti to head the FBI Mob Task Force.
Bernanke looks and sounds like he’s seen a ghost … The Ghost of America’s Future perhaps?
All in all a stupid day. Something has to happen soon. Individual sectors are starting to look a little disconnected and some movement within sectors is definately disconnected. WE should be heading down but never count out the government’s ability to interfere.
