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Monday Morning Surprise For Short Sellers
Hold Onto Your Wallet
"See your broker. Get into ETFs (Exchange Traded Funds)," Kong Sez. "Especially the Swiss Franc." But, if you are in Reverse Exchange Traded Funds and are counting on the market going down, you will lose!
Kong thinks the public be damned by the U.S. Congress. Congress is going to do the "bailout" thing. The market will go up Monday or Tuesday, probably Monday. People shorting the market in various funds stand to lose and probably big. The "marketeers" are only concerned about today. Tomorrow will be another day. But it will come for them and then the inflation will eat up what they made. It is still coming. Congress' main plan is to save the big banks because if they don't, the bear market rips into a depression sooner or later...probably sooner this time.
This is what you want to consider for September 29, 2008:
From Dr. Gary North, Ph.D
www.garynorth.com ($14.95 per month)
September 27, 2008
Economic historian and newsletter writer Gary North has just issued an urgent alert to his members dated Saturday, September 27, 2008: "Why You Had Better Be Ready on Monday Morning, Before the Stock Market Opens, For A Monday Morning Surprise."
His message: Watch Out For A Monday Morning Surprise and Prepare to Sell Your Inverse ETFs that very morning.
Dr. North feels we are about to see true Keynesianism in action in an unprecedented and huge move if Congress decides to bail out the big banks.
Here's what Dr. North says to watch for this weekend:
Dr. North says that if this bailout is passed, and the market shoots up, the financial sector will be restored. The big banks will be free of all the toxic mortgages, and they will be liquid again, thanks to Fed inflation. He feels that investing in shares of J.P. Morgan-Chase, which has picked off the cream of failed big banks, may be a profitable move.
And just in case you don't believe this can happen, North points out a telling fact: "Be wary of ignoring the bailout. The country is run by and for the big banks. It does not matter what the constituents say."
If it comes to pass that Congress has some guts and refuses to bail out the big banks, and there is no clear-cut agreement this weekend, then "sit tight. Let bloody Tuesday do its work."
But if the bailout happens, look for banks to get liquid and start lending again, but only to people with good credit and good jobs. For a while, the stock market will go up. In the end, the recession may take over, with earnings falling and jobs evaporating, which would turn the stock market back down again. However, if you haven't taken the above-recommended actions to preserve your capital, your short ETFs and funds may not have anything left in them by the time the market starts down and they are ready to start making money again.
- Keep your ear tuned to news reports to find out if the bailout package gets passed by Congress. Congress, to its credit, is digging in its heels and refusing to bail out the profligates, but fear of a collapsing financial system may well overcome their resistance. If so, look for the measure to pass on Sunday afternoon before the Asian stock markets open.
- If the bailout passes, early on Monday morning check the European stock markets. If they have risen 3% or more, get prepared.
- Then, watch for the opening of the New York Stock Exchange. If the Dow moves up 200 points or more in the first half hour of trading, pick up the phone and call your broker immediately. Tell him to sell your short ETF funds at once. If you're in a short fund, like the Prudent Bear fund, you can wait until the end of the day because you are locked in until the closing price. The reason: The bear market is now officially over. The market will be going up for a while to come and you could lose a lot of money.
- If there is no revolt in the House of Representatives by Republicans by noon on Monday, then the bear market is definitely over for the foreseeable future. Dr. North believes that if you refuse to recognize that this is a major market reversal, then you could lose a lot of money in short funds, waiting for the market to go back down.
"From now on, Folks, it's gonna get pretty rough! In fact, downright cussed.
Times in America will change rather abruptly.
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