From: G Simmons
Sent: October 16, 2005
Subject: market fraud
STOCKS/RELATED INDEXES - almost an exact repeat of the previous week i.e. got hit all week and managed a feeble rally on Friday...
The SPX is now off about 2% for the year and I think the Dow is quite a bit worse - - lots of pain for no return as rates continue higher making short term bonds even more attractive on a risk adjusted basis.
We are pretty oversold on most indices and probably due a bounce in the short term, plus the VIX has jumped back towards the 15s (traded into the 17s during the week) showing fear for the first time in a while, but it is that time of year if you believe that seasonality still exists.
Note: there are all kinds of kooky? Astrology + other weird stuff lining up that I have read about that are calling for a "meltdown" starting tomorrow so if it happens I can say I warned you in this email - - I am not much of a believer in all that stuff so we will probably start a rally tomorrow, but I still feel the second leg of the bear market that started in 2000 will come get the complacent at some point.
Sorry to ramble, but how can one own stocks when things are SO obviously set up rip off investors i.e. the bankruptcy of the Delphi after everyone on Wallstreet was "upgrading" until the day they filed and then the deal with Refco being a fraud - - when the underwriters (Bank of America and other BIG names) bring an IPO don't they even look at the books? Apparently NO! they just push the pig thru the fence to get their fees and BBQ the public like the upgrades did of Delphi buyers.
How does anyone own a stock when nothing has changed (except to get worse maybe) after the Enron, WorldCom, etc etc etc ??? There is no one protecting the public it appears and Wallstreet which resembles the wild wild west (kill people and then, well go kill some more there is no accountability at all!!! ) and Fannie Mae and Intel and about 100 other fake multi-billion dollar companies will someday crush 100s of billions of investor dollars and we will have learned nothing about bookkeeping it appears and people will just keep listening to TV and how all is well.
GOLD - someone out there finally took some profits...
I feel after the quick roughly $60 dollar gain (>14% in 3 months!) since mid-July she may be due alittle rest?