Friends, let's pause and reflect a moment on a recent anonymous post, in response to my brilliant GOOG analysis. He writes:
Google is going to rock to all time high very soon. Time to close your put position and buy some call position now if I were you. The stock market is in a super bull mode right now with $rut, $mid, $nya, $tran, $util, $bkx, $xbd, $xoi, $osx all in or near ALL TIME HIGH. Dow, S&P and Nasdaq are near multi-year high. This is no time to be bearish.
Well, you 1999-on-the-brain bullish twit, now that GOOG has reported their earnings, how are they doing? Down about $70 in after-hours trading. That means your call options - of which I hope you owned a boatload - are going to get wiped out. Whereas my puts are going to go up hundreds of percent instantly at the opening bell.
I resolved earlier this year to be a bit less dogmatic with my bearish views. Screw that. Let me lay out The Truth for you.
Bulls brought us Enron. Bulls brought us Excite. And Worldcom. And CMGI. And HealthSouth. And all of the rest of them.
Bulls have a stench of fraud to them. In a market this wildly overvalued, the world is fed to the teeth with these charlatans trying to convince you that stocks are worth anything close to these prices.
Bears, on the other hand, are truth seekers. I offered the truth in my GOOG post. And the truth is out now.
It's going to take some time for the market to get wiped out. Probably years. But when NTRI is at $5 (or 50 cents......) and GOOG is about $20 and the Dow is at 6,000, it might be amusing to reflect back on this blog and see what I was saying back in the day.
And to all you GOOG bears out there - - well-earned congratulations. It's time we finally had our place in the sun after 24 years of bull lies and tyranny. Enjoy the ride down. There's going to be a few pops up now and then to get the bulls excited and provide them fodder to try to defraud the unsuspecting.
But, slowly but surely, this market is going to be utterly laid waste. Trust those noble bears who are seeking the truth. And remember who brought you the bubble of the late 90s.