I've said it before this sounds like despair....
I'm not seeing Panic yet.... This kind of did smell like panic at the close.
But... If we don't trade up tomorrow, that is it, we will retest the lows.
The boys who couldn't shoot straight are saying "Buy the spx when oil trades back up"...
Apparently, "oil is going to save us".
so, Ironic that I'm saying that rig is going to make a higher low, and yet I think Oil will not save us. If oil saves us, that means that my brother who picked up a motorcycle, at the top of oil... will be right. That all the people who sold their SUV's at a loss, and purchased cars that got 25 MPG at a premium... Well That thesis says, those people will be right.
I say something is wrong.
The gang(fast money) say sell the market to 800spx... Where oil trades higher....
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Monday, January 12, 2009
the boys who couldn't shoot straight
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