Current Financial News

[President Bush with, from left, SEC Chairman Cox, Treasury Secretary Paulson and Fed Chairman Bernanke]The Treasury Department sent Congress legislative language last night asking for broad authority to buy assets from U.S. financial institutions. The request is just two-and-a-half pages and they are asking Congress for $700 billion to buy up distressed assets as part of its plan to help halt the worst financial crisis since the 1930s.

Today's Rally: Sellout Faster than MC Hammer

What a day for my holdings, back on Sept 9th I wrote, Friday Mailbag: "What to Buy?" (GE, AUY, BA, ZOLT, POT).  Needless to say, I sold everthing today faster than MC Hammer selling out in the 90's (remember this horrible toy).

The HighlanderYes, the XLF is a great play today, but don't forget the Ultra Financials ProShares  (AMEX:UYG) already up 24%.  Turns out, there can be Two.

The Market is on fire today and it's all thanks to the Financials and U.S. Bailout Plan.

The SKF is dead, now its the XLF MacLeod

The Highlander - There Can be Only OneThere is now only one security to play, thanks to the SEC temporarily banning 799 financial firms.  The SKF is dead, and like the Highlander, there can be only one, and its the Financial Select Sector SPDR (ETF) (AMEX:XLF).

The DOW back to 11,400? Forgetaboutit

Sopranos - ForgetaboutitWe all should have spent this week at a pool in Vegas and let our government pull a Sopranos on Wall Street.  The U.S. Plan to rescue our financial system is in place, and if you sold your stocks this week in panic, these guys can also break your legs (at no cost).

Que the AP:

America No. 1!A story that's not getting the press it deserves is that Russia's two main stock exchanges are still halted. The rest of the world has yet to process how this will impact us, but hey, We're America, Who Cares! 

 

The SEC bans Naked Short-Selling, Huh.

No More Naked ShortsThe latest action by the SEC really feels like a big "whatever".  A new "close-out" requirement will force short sellers and their broker-dealers to deliver borrowed securities within three days of the transaction date. So will it work?

Yamana and Metalico are Back (AUY, MEA)

Mr. T Loves GoldYou bet it is, the Market is unstable and out of control, do what we told you to do on Monday (9/16): Panic means Buy Gold, Oil, and Mining.  Those stocks are up big time, and one of our favorites, Yamana Gold (NYSE:AUY) is up 14% since yesterday and then there's Metalico, Inc. (AMEX:MEA).

Revenge of the SithTo prove it, re-read my article from last week on Sept 8th, What to Short in the next week: High Interest Shorts (PCLN, TRLG, MSO) seen below. Since then,  Priceline has droppend from $93.64 to $79 for a 15% gain. TRLG and MSO have been flat, but it's just a matter of time.. Get your Sith on.

Bye, Bye 401k, the DOW hits 10,600

You didn't like your precious savings locked away in your 401K or IRA did you? The DOW continues its fall today, down 300 points and your savings?  Kicked right down the well of Wall Street:
THIS IS YOUR 401K