iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
22,284 Blog Posts

Bulls Take Their Bone Back

No need to dance on graves. This was a faux rally, led by big oil and a handful of momentum names.

Today, AAPL and CN were big winners for me.

However, the headline of a late intra-day reversal here may lead to a follow through day tomorrow.

I bought a little FMCN down here, down almost a 10 spot.

Ridiculous.

Without a doubt, the elimination of the uptick rule has increased volatility.

In short, today was a minor victory for the bulls. There is still much work to be done.

NOTE: “The Woodshedder Bottom, part II?”

Fuck off.

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17 comments

  1. Woodshedder

    Hey fucker, I covered my shorts and puts for a profit before the market went haywire to the upside. All I have now is MVIS.

    Check the timestamp on your Ben Must Cut post.

    So you might want to revise the Woodshedder bottom…

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  2. Juice

    FMCN is the buy o’d day … that CEO is a young workaholic & as cheap as Warren Buffett … wants to be biggest media co in the world … I say, tag along for the next 40 years

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  3. Howie

    Well. I shorted oil,at the close…..and I GOT CREAMED, my system froze at 3:25PM , and it took ten minutes to get back up( all the while when I have 3 others just siting behind me that I could have kicked on, but no ) So all this jsut as I was gonna sell my FRE CALLS that I brought in the AM…..then I get on and their at the highs of the afternoon. well before I can fill my cup with fresh tea ( 45 seconds) they die, go to 1.95 from 2.60 in like a minute while the bitch sells off, and STOPS its intr day bounce , short covering and all….well I still have some for tommorow! DAMMM THE DOWNGRADES!

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  4. howard lindzon

    I suspect you are spot on here.

    Howie…chill man.

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  5. Howie

    OK OK the deal, oil can pop over 100 but thats it, fundies are a bit out of wack, and the bubble that those french in the UK have created by bidding with their shiny eruo will die..

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  6. Howie

    them french, wanna make up their BNP and UBS losses, hence oils

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  7. The Zombie

    A little late for these “lessons,” Cramer?
    I love how he “dedicates” shit shows to these “market lessons” AFTER the shit market collapses. Fucker, too late! Yesterday he advised against “buy and hold.” Tell that to folks who bought RIMM at 18 and AAPL at 7.
    I’m sick of that ugly, bald bitch.

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  8. ottnott

    Blame the person holding a gun to your head and forcing you to watch.

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  9. gappingandyapping

    Well I fucking bought a shitload of gs 240’s out to Jan at the lows today. Go ahead debank me with them, personally I am done fucking with pieces of paper with symbols on them until after turkey day. Time for vicodin and vodka. And some fucking food to stuff my face. By the way at 115 today I went to the Merc and cussed out some low wage floor clerk. Fuck them, assholes gapping down futes.

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  10. The Zombie

    Fuck you, ottnott. Who the fuck are you?
    I’m watching the little numbers scrolling at the bottom of my flat screen, bizzotch.
    The ugly, bald biotch is a bit distracting is all.

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  11. mrkcbill

    Gapping you think you can stop for that long.

    Financials probably have a trillion shoes left. Like owning telecom in 2000. Thank God for Tech.

    I have the feeling our economy and infrastructure is in a lot better shape than people think. Rudy Rudy Rudy

    http://www.youtube.com/watch?v=kM_xDjhkOU4

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  12. ottnott

    Right you are, kc.

    Financials have been building up a bigger closet than Imelda Marcos ever had.

    The more shoes that drop, the clearer the picture becomes. This is not a case of some companies having a bad quarter or two because business has slowed or because they made a big trade that didn’t go their way.

    We are learning that a big chunk of the business was based on a ridiculous fiction.

    NASDAQ at 5000 in March 2000 was based on the ridiculous fiction that there could be an ever-growing supply of investors willing and able to pay ever-higher prices for any company that put up a web site (or planned to), even if the price was economically absurd. The telecoms were several layers removed from that fiction, but that fiction was at the base of their boom and bust.

    Likewise, the financials were until recently based on the ridiculous fiction that there could be an ever-growing supply of people willing and able to pay ever-higher prices for a home, even if the price was economically absurd.

    Sure, there were models and tranches and swaps and insurance and ratings and so on to make it all look respectable, combined with leverage to create returns that could only be the work of Awesome Genius. But what all that financial wizardry really did was expand the number of intermediaries withdrawing fees and massive bonuses from the stream of mortgage payments that came through – payments that reflected what people could actually afford rather than some ridiculous fiction.

    So, I’m steamed at the people and the industry and the regulators and the media and the crooks that enabled the whole mess to get to the point where there is real damage to lives and the economy and where we have to choose between deliberate inflation and something worse.

    If yanking Cramer off the tube would undo the ugly mess, I’m all for it. But it seems to me that the story behind the little numbers scrolling across the screen should be the big distraction, not the crazy man above the numbers.

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  13. DEVILDOG

    Today’s rally was a joke. Internals were terrible. Market will be down over the next 3 days. Predict Dow BEAR MARKET sell signal will hit. No turkey for you bulls.

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  14. jeff

    what the fucks up? If anyone thinks the dollar is going up fuck it.

    we Fly with MVIS

    shit’s scary now, don’t answer your door for Blackwater and don’t get tased

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  15. mrkcbill

    Fly you better rethink your ground rules….get busy fuckers..

    http://publications.mediapost.com/?fuseaction=Articles.showArticleHomePage&art_aid=70788

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  16. Woodshedder

    Am I the only one that thinks its odd that Fly is writing about bulls taking a bone?

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  17. The Fly

    Fuck you.

    Why don’t you post some pictures of gay guess models on your blog?

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