Remember Fedex, keep your eye on it. We are going to get our chance.
I want to touch on the subject of naked short selling. As you all know Chris Cox over at the SEC is going
to save the day by preventing the short selling of many financial. I am no expert in matter such as this, but what I do know very well is that government intervention in capital markets NEVER, EVER works.
The factual evidence abounds in many developing countries. Many countries in an attempt to keep money in their economy will impose withdrawal restrictions on money leaving the country. As my friend Dennis Gartman is wont to say, "money goes where it is treated best". I agree wholeheartedly.
The SEC's attempt to prop up the financials by restricting short selling, and believe me, this is precisely the SEC's objective, will be an abysmal failure. This hogwash you hear on pompom TV is exactly that, hogwash. It will be interesting to see whom they blame and what further idiocy they come up with next when the financials resume their descent.
As an aside, I would have loved to have been a fly on the wall at the meeting where they decided the specific names to be on the short sale restricted list. The whining, the crying, the pleading, the begging, pure entertainment to see these executives get their just desserts.
And before you go off on me about the poor little ol' shareholder who has been hanging on all the way down and has been financially devastated, remember I have repeatedly counselled the use of stops and to only fall in love with spouses and sports teams. Some refuse to listen and such is the capitalistic system. Caveat emptor.
Housekeeping notes;
I am adjusting my stop on HSBC holdings ticker HBC to $78.42
Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".
