Just about every day for weeks now, I’ve been thinking, “CIB sure looks like a huge topping pattern; I should short it, but it’s already gone down so much.” But then it would just keep sinking. So I finally threw my hands up and decided that the enormity of the pattern would take care of everything in the end. Thus, yesterday, I shorted it. Here ya go:
So many ultrashort funds have turned the corner to the upside, it’s really quite surprising. One in particular is the triple-bearish-on-financials fund, shown below. It is exhibiting the same kind of pattern shared by so many other short funds: an emergence above a descending trendline that goes back for a long, long time. I’d certainly wait for prices to relax back down to the trendline, but before too long, these might be fantastic long positions.
Goldman Sachs, as is widely known, is the most venal and amoral organization in corporate America. They will stop at absolutely nothing to line their already very packed pockets, although doctors across the land were able to save some cash on vomit-inducing drugs by instead showing them the cheesy Goldman Sachs ads from 2010 touting how they were doing God’s Work for the nation.
Of course, in this politically-correct culture of ours, people are too nervous to dare criticize Goldman, lest they be accused of being you-know-what. NPR, to their credit, has put together a sensational hour of secret recordings (drawn from nearly 48 hours of raw audio) that were made illustrating, in no uncertain terms, how utterly captured the U.S. “regulators” at the Fed are who work at (or, more accurately, for) Goldman Sachs. It is well worth your time to listen to this piece. It will make you mad, and although the nation’s anger isn’t enough to remove this black-hearted cancer of a company from the planet, it’s at least worthwhile to be better-informed. Click here to listen to This American Life’s expose…………