I’ve never embedded a video before but you just have to see this so I’m learning a new trick. Keiser puts out some gems like:
- Goldmans Sachs, JPM, CitigGroup are all engaged in accounting fraud
- The American peasants have got to be the stupidest people in the World today. They don’t mind becoming peasants, they don’t mind living like peasants and, if that’s the case, then we should do nothing to stop them from sliding into a peasant class.
- Banks are just stealing money outright from the World economy.
- There is no liquidity being provided by the banks, they are hoarding their cash and non-disclosing their losses.
- In part 2 of the video: "The reality is people are dying due to the actions of JPM, GS and the Wall Street Jihadists"
Max compares Wall Street bankers to suicide bombers and predicts it is only a matter of time before they are back before Congress with a gun to their heads threatening the destruction of America if they don’t get another bailout. I’m glad he said it an not me because I get enough hate mail from GS fans… Keiser makes the point that, while the American people may put up with this nonsense, the leaders of Europe and Russia and China look at what’s going on here and have no faith in our currency.
I think this is great as it saves me from ranting and raving this morning. I had my fill in yesterday’s post when I said the only way to play this market to the bull side is to suspend all logical disbelief. Fortunately, we had a huge, ridiculous run-up in the morning that gave us tremendous shorting opportunties. Even as the market was rising, in my 9:56 Alert to Members, we targeted the DIA $99 puts at $1.30 and those finished the day at $2 (up 54%) and in my 10:32 Alert to Members we sold the FAZ $19 puts for $1.80 and those finished the day at $1.20 (up 33%). We also took short plays as the market topped on MS, IYT, CS, ICE, V, GMCR, DD, EBAY and even our beloved AAPL as the market was just too ridiculous looking to be bullish.
As usual, we jumped on top of the Beige Book and right at 2:02 I commented that the headlines didn’t seem so hot and by 2:50 we…