First this week: The chairman of the New York Fed resigned because he got caught buying GS shares and selling them for a 3 million dollar profit while head of the board.
Oh, I forgot; he's a retired ex-chairman of Goldman Sachs. Some people (those that breath and can think) might call this a conflict of interest.
Then the Stress Test results came out and all the banks were good. Go figure.
Then of course the bank stocks all went up. Way up. Some over 100%.
Then the banks today sold shares to preferred customers and brokers at discounts to the market to raise capital that they say they really didn't need.
While this was going on, a carefully orchestrated leak program beginning last week and continuing up to Thursday at 5:00 PM when the official Stress Test results were released, came to it's Uber managed fruition and the whole financial group celebrated.
In the meantime, Goldman Sachs, Morgan Stanley, the trading arms of WFC, BAC, and Etc are using the TARP money to pump and dump their own stocks and fill their coffers.
Of course the Banksters are still in deep POO POO with trillions of highly leveraged Derivatives hanging on out there and we may be many years recovering from their first incompetent practices. Now to add insult to injury, the current stock price scam will end up coming out of retail investors' pockets or the taxpayers' pockets.
So.... Why am I more pissed off and more fantastically Feckless than usual.
Well, it seems that I bought into a financial ETF that shorts banks. BAD MOVE, very bad, very bad move. See, it will come to pass that the current irrational exuberance wanes. The king will be found to have no clothes. Some carefully orchestrated play or not, will be used to bring the market back to equilibrium.
By that time my shares in this stupid thing will be worth between a third and half of what I bought them for. And because of the leveraged ratio to the RIFIN index, it will be a long climb back to anywhere near my investment.
To make it all more ironic and worse; this was going to be just a quick swing trade. Then I was going back in to longer term investments when the market started a stable and reliable move up.
I will spend this weekend working on a new strategy to accomplish this goal with my ever diminishing trading account.
The good thing is that soon the Sun will set and a cooling breeze will roll across my back patio. When that happens I will drink a few (perhaps quite a few) adult beverages, light up a decent Cigar and contemplate my latest financial folly.
All these years and still so much to learn.
Hope you have a great weekend.