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The pope will ring the opening bell tomorrow, sprinkling the podium with ‘no evil oil’ to ward off the poverty devil.
RTK got a buyout offer for $2.70, get in early tomorrow guys…
http://www.reuters.com/article/marketsNews/idUKN1950973720071119?rpc=44
disclosure- i bought 5k at 2.06
Steve Smith of Real Moolah had closing comments worth sharing
Red Flags and White Towels
By Steven Smith
Senior Columnist
11/19/2007 5:53 PM EST
URL: http://www.thestreet.com/p/rmoney/stevensmithblog/10390949.html
Another triple-digit loss for the Dow, and the S&P 500 and Nasdaq declined nearly 1.75% and 1.66%, respectively, leaving the major indices facing the very prospect of heading into this holiday season down for the year to date.
But you don’t get the sense of panic having set in; the tone is more of resignation or waving the white flag as this decline is being viewed as the culmination of multiple issues, from housing, to high energy to the credit crunch, that have been hanging over the market for an extended period as finally coming home to roost.
The fact that the VIX barely budged, it rose 2% to 26.45 today, is a sign that investors may slowly be giving up on the market rather than panicking or overreacting to a single event.
In one sense, this apathy is worse than a panic, in that a slow draining of interest can take a long time to empty out and then an even longer time to find fresh money to refill, let alone create the bubbles that make playing in the tub so much fun.
Instead of people taking a quick, bracing bath, emerging a little shocked but still engaged, they are getting cleaned out by a series of showers that show no sign of letting up. They just want to get out and regroup. Hopefully, their house isn’t in foreclosure or their ARM is about to reset 6% higher than their current mortgage rate.
This could make for a difficult market to trade. A slow, low descent would only be accompanied by a decline in volatility. The snapback rallies would become not only fewer and farther between, but much less extreme in magnitude.
And identifying buying opportunities will not only be more difficult without a clear oversold spike or washout that usually flags, but they will become more expensive as the patience of a disciplined strategy of scaling into positions requires deeper pockets.
there go the futes down the terlit
lets all give thanks …. for this thanksgiving fm hell
very unamerican
kudlow, do something … rant a little about how everyone is too negative & there is so much to be optimistic about ….. oh, you already did? … nevermind
back to selling stocks
This sucks. I bought some DRYS into the close thinking that we HAD to bounce at the open a little.
Who sells into the holidays anyway?
At least the Isles spanked the Rangers tonight.
-DT
Fly, what do you think of the rumour going around that Google may buy Sprint?
Fly, what do you think of the rumour [sik][sic] that Apple may buy BZH ? or I heard MSFT was trying to buy the Panama canal .. whaddya [sick][sic] think of that, Fry?
The Zombie Suicide Alert Level: Imminent
I would really love to see the “sleeveless dinner jackets” before I do myself in.
Don’t do it Zombie… your life could be so much worse. Think of JJ for example.
-DT
DT, to get my money back, I’m thinking of emptying my Schwab account and going to Vegas to bet on the Pats to win the bowl. I figure that’s an easy 30% on my cash. Maybe the odds are better in Reno. If I did that, I’m sure someone would knock Brady’s head off.
Too much carnage.
Hey, think about it this way:
Most of you fuckers are working with welfare money anyway. I mean, it’s not like you have much to lose.
Just go out and cash in a few metal cans, then reopen another E-Trade account, after the crash.
Oh, I forgot, E-Trade will be bankrupt.
Try Smith Barney or Bear.
Oh, they will be bankrupt too.
How about Lehman?
bankrupt, you may have to open a Wells Fargo brokerage account.
bilderberg is always playing with his puts.
Fly, you’re too bearish. RIMM went up today. So did FSLR. Futures are up right now. Asian markets are simply following New York. And they often reverse after lunch.
We bounce tomorrow.
I went 200% short at the close. Its a guaranteed winner tomorrow. And I mean why not, its not like I won’t wake up to a gap down 200 in the morning. Hell we could be down another 4% tomorrow. The consumer has been de-carded by Visa calling in all of their warrants on these cards ala MVIS. Everyone has lost their job, I mean fuck look at Cabrini Green here in Chicago, no one is fucking working there, they just stand on the corner all day. Just today I walked by a man trying to sell free news papers on the corner at the train station, no doubt he will have an impact on TIF’s earnings. Ofcourse this man would have bought thousands of routers from CSCO too had he not lost his job. All blogs will be shutdown tomorrow as bloggers leave their posts thus debanking GOOG’s position in Blogger. Every BWLD in the country will shutdown as people are forced into soup lines in order to get into shape since they will not be able to afford the gas for their cars. American’s will be in tip top shape soon. NO TURKEY’S WILL BE CONSUMED, no stores shopped, no beers drank, big screens bought and no celebrating the holidays with excess spending on food and gifts this year. All homes will be foreclosed on and loans will be defaulted thus closing down every bank in the company. Gold and corn will soon be the only legal tender. No more shoes will be dropped as people will not be able to shop at NKE or JWN to buy shoes. The fucking results of JWN by the way were false, they were counted by Broker’s trade bot who often lies and puts plus signs instead of minus signs.
Sounds a lot like the shit I am hearing everyday from CNBC and other faggots out there. Fuck you people. The next thing I will soon hear is that no one is watching pR0n anymore right? Fuck faces. Go choke on a mule dong.
“Fly, what do you think of the rumour [sik][sic] that Apple may buy BZH ? or I heard MSFT was trying to buy the Panama canal .. whaddya [sick][sic] think of that, Fry?”
lol.
“Don’t do it Zombie… your life could be so much worse. Think of JJ for example.”
Laughing harder
You guys are smrt.
Gapping:
Try writing in paragraphs. It makes you look less crazy.
Win:
I’m not too bearish, but too bullish.
All this time I’ve held the faith, only to get steamrolled.
Bear witness to the unwinding of The Fly.
Hey, you could become a squashed fly if the markets drop much more.
At least you are still up nicely on the year, no?
Fly: I am crazy though. I am fucked up enough to listen to the bullshit on CNBC, fucked up enough to go long into an impending shitstorm of sellers who are lined up out the door to get onto the floor of the Merc tomorrow to sell S&P futures. I am so fucked up at this point that I may be almost normal. Fuckit, off to drink some night train express, if my credit card isn’t declined.
Gapp-
I should be taking the other side of your trades because it seems like every one of them goes the opposite direction of your call. I may just go long tomorrow while you are forced to cover.
Fly what is your return ytd?
That’s a Jimmy Bodega rant if I ever heard one.
Behold! With the borning of the new, Bear Age, there shalt be a new blogger and his name shall be “James, aka ‘Jimmy’ Bodega,” and he shalt put forth put and sell ideas with a conspiratorial Ray Liotta Laugh and a twinkle in his eye!
No gap down tomorrow for the U.S. markets.
The Zombie may survive the open. After 10 am, we’ll see…
nikkei has just gone back to green. barely.
That means we go up 3%, and HANS starts giving away cases of Monster in exchange for damaged paperweights.
On the other hand…
Libor soars as credit crunch returns
By Edmund Conway, Economics Editor
Last Updated: 12:53am GMT 20/11/2007
The credit crunch is returning in a virulent form to money markets, experts warned, after City banks raised their wholesale lending rates to the highest level in two months.
Morgan Stanley said that the recent jump in the benchmark London Interbank Offered Rate, which yesterday rose to just under 6.45pc, was not merely a seasonal blip but a major warning sign of pain ahead.
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It came amid further jitters in the banking sector, where many smaller, more indebted banks are struggling to find lenders to keep them afloat.
Libor rates, which indicate how willing banks are to lend to each other, have risen sharply during the past week, after spending almost two months close to the 6.3pc level – a worrying sign since it was Libor’s increase in August that signalled the initial impact of the credit crunch.
Borrowing rates have also risen in the US and the eurozone, though sterling’s levels have jumped in particular because the Northern Rock experience has left traders feeling wary about UK banks. This was reflected in sterling, which yesterday strengthened against most currencies, rising three quarters of a cent to $2.0519.
Richard Berner, of Morgan Stanley, said the spreads on Libor rates “are likely to stay wide or widen for several months”, spelling more trouble for banks that raise their cash in the money markets.
He added that the problem was likely to last well into 2008. The assessment will disappoint those who had assumed the recent increase in Libor would be short-lived.
Where are our market psychology experts? How long before investors get bad news fatigue and stop reacting?
Neweq: I wish I could call your mother a goat fucker and your sister a mule dick sucker but honestly atleast one of us would win should you go long and I go short tomorrow. Right now I don’t think either one of us are winning here. Likely scenario is you will go long then sell into the early panic and I will go short only to be forced to cover in a snapback rally. Only trade winner here is long GS and short everything else.
New Zealand, home of Ducati, finally deciding to do something about its fat chick problem.
Ottnot wrote “Where are our market psychology experts? How long before investors get bad news fatigue and stop reacting?”
Ottnot, let me offer a different perspective.
What if there is no bad news fatigue, yet, because the bad news has not yet reached all level of investors?
When all level of investors and the public at large are finally penetrated (by either the news or their peers) with the realization of the credit crunch/recession/stagnant housing situation, maybe then there will be bad news fatigue.
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