What an explosive few days. First GS and then INTC ripping to shreds street estimates and even the most bullish street whispers. I thought we had a shot of being up well more than we were today as many of my associates were shorting the tape heavily over the past several weeks. It seems that the sluggish basing we have been doing for weeks caused some angst if you were net long.
Goldman's print was more than impressive. However the reality is Goldman should not exist any longer. I have written this many times, but again I have to remind all of you how our past and present Presidents have totally screwed up capitalism as we have known it. AIG and Goldman had financial ties and vested interests in each other's businesses. We all know that they needed each other equally. The past Administrations both decided that firms were too big to fail and it was easy to write AIG a check, which in turn bailed out Goldman. Un-Acceptable. Completely. Even Fox Business went off on this.....
We talk about moral hazard. No shit. How about moral outrage!!!
INTC was more than impressive. Revenue, margins and the bottom line all beat the best of expectations and guidance was good enough. It ignited today's rally (no shit).
We shall see if some of the assumptions INTC's customers are making about a continued improvement through the remainder of the year hold water. It is clear that the consumer has begun to spend again, the question remains will this slow or improve and to what magnitudes.
Today felt good, so I will not shit on the continued bullish sentiment. I will only remind you all that during the Great Depression there were 3 50% rallies before the market finally found a bottom. Hope springs eternal, but we are quickly approaching fall and then winter.
So in a nutshell, F Goldman, Bush and Obama! F them all.
Yes, I am very angry tonight.
--The Angry Trader
Wednesday, July 15, 2009
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