Must-reads for today

Here’s what I was reading and thinking about when I wasn’t recovering from a weekend watching my 2.5 year old niece and dressing up as the Godfather (I dressed up in Armani and even had a baby Jesus doll with me, get it?) for a Halloween party Saturday night.

Rekindled Optimism In Europe – I’ve got Europe crisis fatigue.  This stupid “bail out the banks in the name of saving the EU” game will last til the money runs out.  Their system is bankrupt without some major overhauling within the next two years.  Or we can have endless so-called “crisis” over there til the collapse truly comes.  Stop the games now while you still can, EU!  The only answer is to write down the debt obligations on every single country’s balance sheet, forcing all the banks who stupidly invested in that crap to lose everything and wipe out their shareholders and force big losses and ownership on every lender they had and to allow capitalism to rebuild the system.  I’m not bullish like I was anymore now that the world is optimistic about Europe again.  I’ll be more bullish the next time they panic because another panic will come until the stop the madness.  Just today, I’m trimmed some Sandisk, Riverbed and Nuance calls.

My Gut Feeling for Today, Oct 24, 2011 – I love reading Scotty’s morning take on the markets. Sometimes he’s contrarian, sometimes he’s not. Flexibility in trading is good.

Indicator Update 10/23/11 — All Eyes on Europe – Jeff’s been mad hot on trading the market trends of late. Here’s a great quote he found to put in his latest: “And anyway, the world has been worrying about this for the past 18 months, so it can’t possibly be the sort of “black swan” event that comes out of nowhere and catches markets completely off guard.”

The Eurobanks’ Latest Scheme to Escape the Pain of Recapitalization: Pull More Financial Firms into the TBTF Complex – Yves Smith with some plain spoken explanations about what the the banksters running the politicians running the bureaucrats running the EU are trying to do now.

Is B. of A. a ‘terminal short’? – I’m long BAC for a trade as readers of my Revolution Investing newsletter know.  I’ll be long gone and maybe even short this stock again. When there are fewer headlines proclaiming BAC to be a “terminal short” and rather saying it’s time to buy BAC again.  For now, as a long, I’d much rather see these kinds of bearish headlines.

And finally, here’s a documentary I watched this weekend that was seriously enlightening. Love or hate him, every investor should study Warren Buffett:

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary – 1 of 6