The manipulation going on in these markets is truly unbelievable. These measures by the government just prove the point that most of the finanical stocks are worthless and need special protection. If the balance sheets of these companies were healthy, shorting would not be profitable! It is only profitable because almost any financial entity with exposure to CDO’s is overvalued and should be shorted.
Look at the chart above. Despite the government’s efforts to save the financial system, investors are still not convinced this will change anything. We gapped much higher in the XLF but are already selling off hard from the highs. We ran right into the 200-day SMA, a mark we have not been above since the sub prime mess started. Bottom callers have been wrong 100 times already this year, so never believe them when they tell you this time it’s different. Just look at the charts. There will be more pain ahead.
It seems SKF is frozen right now, I hope nobody who is reading this was holding overnight positions. As I said on Monday, I sold out of skf and just daytraded some of the big swings.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
September 19, 2008 at 12:33 pm
What a load of crap spewing from Dubya, Paulson Berene….what ever his name is, and all the rest.
This is one big Ponzi scheme orchastrated by those who got in early and paid for by those (taxpayers) who joined late. Taxpayers didnt even get a “Get rich quick” pitch to decide from, oh no, we are forced by law (guns to our heads) to pay up so the early adopters dont lose their money.
Pretty soon it’l be $1000.00 for each Yen, Won, Euro and Peso.
Might be time to strap on the old 6 shooter and head out to Washington.
Dubya has got to be the dumbest president we’ve ever almost voted for. He stole the last election and he’s going to steal all our money before he leaves. GEEEEZUZZZ
September 19, 2008 at 5:00 pm
Well Vibe, I can tell you are angry but the best we can do is protect our wealth, trade wisely and be conscious of hidden agendas.
Either way try not to dwell on it because it doesn’t pay you money. Just trade what you see and own gold for the long haul.