As I predicted months ago in this space Goldman got off with a slap on the wrist. The best lawyers always win and Goldman had the money to buy the best legal representation that money can buy. Disgusting.
It really is amazing that after all the years of failure to deliver EEE is allowed to continue to trade and has not been the target of investigations pertaining to years of bogus PR's and promises. After re-reading Stoners comments at the annual meeting I am stunned how delusional and disingenuous they were. At this point the only reason that the company remains in business is to pay the outrageous salaries of its officers while having complete disregard for shareholders. Call me bitter if you wish because I have lost so much money in this stock but any objective analyst would look at this situation and conclude this has been a major fraud and lots have people have contributed to it. They should be held accountable.
Mariner's Choice International (MCII-Pink Sheets) issued another positive news release yesterday which shows significant progress in advancing MCII's advanced environmentally friendly technology in the clean up of the Gulf Coast. Most investors have still not discovered MCII which in my view is a micro-cap stock with lots of potential. Before too long this company will get noticed and the current share price will look cheap.
One of the major reasons for my long term bearish posture toward the stock market is my opinion that the political risk in the US is probably at the highest level since the Civil War. The events of the past few days in which a descent black women was vilified by the likes of Breitbart and Fox News in an attempt to sour race relations in the US should sound alarm bells all over the place. I have written before that the Tea Party opposition to Obama is rooted in racism, and I think that has proven true. The likes of FOX News with all their army of hysterical opinionators, are laughing all the way to the bank while the seeds of armed revolution are being sowed. It will truly come if this crap continues. And where is Obama? Where is that great leader we elected? Obama is increasingly becoming an irrelevant joke but the sad thing is the lack of any reasonable alternative. Who should the country turn too? Sarah Palin!!! I predict that unless Barack Obama gets smart real quick and stops letting FOX News set the agenda, this country is heading for tumultuous times which will send the stock averages plummeting and could usher in a period when holding any financial asset will be questionable.
I have long complained of Fox News and their overt mission of festering opposition to Obama in the most inflammatory of ways. They are not a news organization, they are a propaganda machine for right wing lunnies who are planning to over through the government. The attached column is a must read.
I'm a former smoker and nowadays really don't like being around smokers. Quite frankly it stinks and I find the odor repulsive. However, not as repulsive as the taxation being heaped upon smokes in New York State. The most incompetent governor in the history of the state has taken to raising the tax on cigarettes again in order to close the budget gap, which of course has been brought on by out of control government spending. Now, a pack of smokes in NYC will cost $13!!! When I first started smoking in 1965 a pack of cigarettes cost $0.25. Really, this is ridiculous. Why not just make cigarettes illegal? But the creeps who run things won't allow that. They just keep taxing.
For as long as I worked on the Street there have been those that have adhered to the summer rally theory. Supposedly stocks can do really well during the summer. Maybe it's wishful thinking but many believe that thin volume, while many traders are on vacation, can lead to higher prices. For my part, I really never bought this theory, but with summer officially beginning on June 21 I do believe that this year may feature a pop in stock prices during the hot days to come. Basically, this position is based on valuation analysis suggesting that many big name stocks are very moderately priced and should be commanding higher multiples. Will it happen? Who knows? Unexpected things happen that can influence the market negatively. However, on "fundamentals" I believe that on a short term basis stock prices with trend higher.
I am becoming even more comfortable with my position in Mariner's Choice (Pinks-MCII). During the week the company has issued two very encouraging PR's. The first involved financial matters in which MCII reported a big increase in fiscal 2010 sales, and the second perhaps more significant development was the association with Wyndam Media Group, which in my opinion will assist the company substantially in its marketing efforts. Still pending is any news on the participation of MCII products in the Gulf oil spill clean up which could really send the shares soaring. This company has the right products at the right time and could be a real winner!
In perusing the Yahoo message board for EEE there are actually some touting morons (and you have to wonder if the company is behind these posts) that are saying EEE can be bought out!! Really, this is a hoot. Just who would buy this bogus company that has no workable products? Needed a laugh and I got one. Desperation reigns.
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