Sunday, June 3, 2012

Ain't No Way

It's harder to tell these days what's more fixed, the NBA playoffs or the market.  It's as if Tim Donaghy or Bruno Iksil are the real villains.  Sure, they're both criminals, but they served much more evil masters.  Donaghy admitted to fixing games but said you're crazy if you think I'm the only one.  As L. Jon Wertheim and Tobias Moskowitz mentioned in their book, Scorecasting, one NBA assistant coach told the broadcasters before a game, "ain't no way we're winning this motherfucker."

Its' not hard to see that in Miami the same intentional foul on Lebron James gets two shots and the ball and the next game in Boston it's not even called a foul.  The same goes for the likes of Jamie Dimon and "old Wall St." as Hedgeye is fond of calling them.  CDS trades are alive and well and earnings and growth forecasts remain unchanged while entire countries are literally collapsing.  We are again at zero for the year after Friday's collapse.

My advice? Either stay away entirely or embrace the horror because the casino is open for business.  If short, stay very short through etfs or weekly options because the day will come, and it will come after the market closes, where global money printing is announced.  This may not pre-date Greek elections, but that's only 2 weeks away.  If you were to avoid this market altogether, no one would fault you.

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