Are you in a good mood? Let me fix that…

As you may or may not know, I am a daytrader.  I have made a considerable amount of money this last year shorting the market.   (That means essentially betting that the value of a stock or index will go down.)   Several weeks ago, I noted that I was expecting a sizeable bear market rally, in which most stocks (all of which are severely oversold) would go up.    This would be a wonderful time to get out at a SMALLER loss.  Well, this rally has not materialized yet.   I am hoping for a rally for the sake of many of my friends who DID NOT LISTEN TO ME when I told them to get out and stay out of the stock market two years ago. 

http://market-ticker.denninger.net/archives/852-Whats-Dead-Short-Answer-All-Of-It.html

Read this article.   BELIEVE this article.  Why do you think the shelves in gun stores are empty?  You think it can’t happen here?   If you live in the snow belt, think about this:   what happens whenever the weather channel says a blizzard is coming?   Right…the supermarket shelves are emptied.    Hurricane Katrina:   rioting, looting, panic, despair.  Think ahead and don’t be part of the problem. 

I told my compatriot Rogue Jew that I was out of the country.   I was scoping out a location for a second home, offshore.  THAT’S how worried I am.

Back to the stock market.  I used to manage other people’s investments until I got tired of phone calls every five minutes.  I am still in touch with a few of them.   I have told one fellow in Boston that when gold stocks correct, I will buy more NEM, AUY and PAAS. (Note:  these may not be the best gold and silver stocks, they are just the ones I trade day in/dayout.)   I don’t expect a big correction in mining stocks.   I have a couple of acquaintances who are coin dealers.  They cannot get their hands on any gold, and not much silver.   Maybe we will have a 1000 point rally in the Dow.   If we do, it will be temporary.   We have not seen the end of the beginning of this disaster…next will be the commercial real estate disintegration.

If you aren’t suicidal yet, listen to this.  I have a friend Nelson who was a wildly successful real estate broker.  He made $300,000 a year and spent all of it.  Today he is driving a limousine for $6.00 an hour plus tips.   If I were selling life insurance and Nelson walked into my office, I would think twice before selling him a large term policy.

Best wishes…Pascobear

PS.  Remember, every Jew needs a valid passport, ready cash and a gun.

This Is Not Good: Iran Converts Foreign Currency To Gold

 

I'm With Stupid

Something is telling me that Iranian President Ahamdinejad maybe planning to exploit our “peaceful” transition of power and most likely the weakness of Dear Leader Elect Obama.

From The Astute Blogger:

Iranian newspapers are quoting a top adviser to President Mahmoud Ahmadinejad as saying the country has converted some of its foreign currency reserves into gold.

The papers published Saturday did not say how much of Iran’s estimated $120 billion in reserves were converted into gold. Iranian officials could not immediately be reached for comment.

The daily Jahan-e-Eghtesad, or Economy World, quoted presidential adviser Mojtaba Hashemi Samareh as saying Ahmadinejad ordered the change.

The decision comes after a dramatic fall in oil prices recently triggered by a global financial crisis. About 80 percent of Iran’s foreign currency revenue comes from oil exports.

This could be seen as sign of a imminent attack against the West.  Either way, I trust Ahmadinejad and Obama about as far as I can throw Oprah in her fat years.   Granted this is just speculation, it may not be an act of aggresion by Iran, it may simply be the bottom falling out on the dollar, but we must not let anything get by us where Iran is concerned.