Monday, August 8, 2011

The Market Can't Lie

Sorry for the dearth of fitness posts.  It's just not every day that your country gets downgraded by an entity that had toxic assets as AAA's until the last moment.  I swear you can't make this shit up.  UK is burning...Half of the banks in Europe is this close to 2008 part 2.  Bank of America swears they are as innocent as OJ.  And oh yeah equities are just about where we were at this time last year when Bernanke promised free money.  Maybe we can turn this into a yearly thing.  We rally from the FOMC meeting until February.  Shit falls apart then Bernanke promise to save us again like Santa Clause.  I always felt 1 Christmas per year was too few anyways.  But Zerohedge will probably ruin it with their whining about the moral hazard. 

My last post still stands.  I'm still in buy the dip mode believe it or not.  I just haven't found a buyable dip yet.  Everyone talks about oversold, but if you change the settings to look back a longer period of time, we really haven't dropped that much.  I doubt we needed a special "Markets in Turmoil" program on CNBC.  Right or wrong, I will update everyone here. 

By the way, anybody talking shit about S&P need to realize they really had no choice.  Months ago, they came out and said downgrade unless the gov gives up 4 trillion.  The compromise had 2 trillion.  So either S&P says ok you called our bluff and lose whatever credibility they had left or they do as they promised.  I really don't care whether it's right or wrong and really nobody important in the bond markets really give a shit one way or another.  You think if someone is trading millions of $ worth of bonds per day is going to hinge on what a random company says about a security?  I think this has more to do with the hit toward our collective psyche and our national pride than any concrete financial issue.