I’m hearing rumors that NYC could get blacked out again. It’s hot as hell out there, and I guess all the energy is going to NYC resident’s air conditioners.
It’s hotter that it was for the last NYC blackout, and word on the streets is that companies are being warned to prepare for an imminent blackout. It’s all speculation, but things could get pretty crazy around here if this goes down. I know I, personally, am ridiculously dependent on all of my electronics, and I think everyone’s gonna get a little wacky if we lose power.
The Blackout Bears
I have a friend who blacks out a lot. If he weren’t in college, he’d be an alcoholic. In fact, The Shredder has a reputation for blacking out during midterms and finals time. Of course I don’t condone this type of behavior, but it sure is funny to watch third person.
The market took its final, and then celebrated, thinking it had done awesome. You know how it is, you get out of your accounting final, and think “hell yeah, that was cake, lets party!” Unfortunately, with every big blackout comes a big hangover. The market woke up with a hangover, but managed to get some water and food in, and is seeing a little light at the end of the tunnel. But if you look at the head and shoulders formation that everyone seems to be talking about, we just broke the neckline. I think test grades are about to come back, and we didn’t get that A that we partied for. Ok, we passed, but it’s looking more like a D. The market hasn’t seen a bottom yet, and I don’t think it will until around 950. Be ready for a further market decline, but hey, that’s why you’re a bear, right?
Where’s the state’s bailout?
John has a knack for calling things before they happen. He’s been calling 950 forever, and now it looks almost obvious. He was on Fox Business with Stuart Varney back in 2009, and mentioned how it’s the states and municipalities who need the bailout. Well he’s back today with Martha Maccallum, and his point is only stronger. Further, small businesses need a tax incentive to stimulate things, with job numbers lower than ever and looking at more layoffs. It’s not like the states can print money, we need something to come from the Big O. Here’s the clip from way-back-when, we’ll update with today’s clip as it becomes available.
Speaking of the Big O, the market hasn’t seen an upside since Obama received his nomination at 14,200. Oh wait, John called this one too, and things are still looking the same.
I’ve probably done enough brownnosing for today, so ill leave you with that. If you didn’t catch today’s hot shorts, they were highlighted in this morning's Eye Opener. Be sure to check them out, yesterday’s returned 5+%, blowing away all the major indexes.
Sorry about the brevity of the blog recently, we’re in a transition phase, with hopes to deliver you more real data from real short sellers than ever in the near future. Be sure to keep up with us!
****UPDATE****
Here's the clip from America's Newsroom, Fox News:
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