A buzzer beater, if you will.
Odd, no?
UPDATE: Why is Dennis Kneale always on CNBC? HE FUCKING SUCKS.
UPDATE II: CNBC is “live blogging” the Bear Sterns call. Pretty cool.
UPDATE III: What ever happened to that midnight hour bidding war, by foreign bankers, for the junk assets of [[BSC]] that Cramer said would happen? Just curious.
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incredible, it looks like you may win.
more fm minyanville –
Staying Short Credit
While my firm has covered some Bear Stearns (BSC) preferreds into the barf today, we continue to be short Lehman (LEH), Goldman (GS), JP Morgan (JPM) and Merrill (MER) via preferreds.
Why? An example is that LEH paper is trading +600 yet the preferreds trade +400. So there is a long way for these to fall.
In other words, I do not believe it is too late to get short. In fact, the timing could be perfect as the dominoes begin to fall.
Having lived through the Drexel Burnham and Kidder Peabody messes (I worked at both) I am acutely aware of how fast these things can occur. Those were painful times for lots of folks, present company included.
Boo.
Boogity Boogity Boogity!
Melt-a-blog comes easier.
“Death from above.”
Bring out your dead! Bring out your dead!
Don’t count DECK out yet. It just bumped it’s head on its 50% fib line this morning, which can often be a precursor to a swift drop.
And there’s no question that the company is a hatful of ass.
I’m not dead, yet!
I like to creep up on you fuckers. And you won’t know it until it is too late.
Double boo. Vix ends at +40. Redemptions are accelerating at all banks and funds.
Hey Fly, what online broker you use? All the majors (Fido, TD Ameritrade, etc) don’t let you short BSC, no borrow. Can you recommend what your favorite broker is?
Jake,
I need to get me one of those!
Abc
The Fly probably clears through BSC. Ironic, no?
I predict the return of communes, but this time in suburban housing — three families to a residence sharing mortgage and taxes, and a huge spike in water use as lawns are turned into vegetable gardens and goat pastures. “Neighborhood Watch” will take on a new meaning as zoning laws fail when the police and national guard are unable to evict the millions of armed, multi-family/single-residence social units, organized into neighborhood resistance groups. Immigration will reverse, flowing south.
Fly,
Say, for example, you fucktardedly held onto XFML and you’re down 60%. We’re imagining now, since I know you would never do that. That being said, would you hold onto it under the assumption that it’s hard to see it going any lower? Or would you cut bait and redeploy the rubble? It seems that XFML and MVIS had a similar exodus from institutions. Fuckheads.
I don’t use online brokers, fuckface.
All you backtesting motherfuckers can kiss my full service assets.
I clear through Pershing.
CNBC live blog is pretty cool.
Isn’t Heli Ben speaking in like 2 minutes?
Band:
If I had a stock down 60% and pondered what to do, it depends.
For example: is there a better place to put capital. And, how big is the position relative to my holdings. If it’s very small, I may just hold it for fun. However, if I have something better, I will redeploy.
The question you have to ask is this:
If given fresh dollars to invest, would you buy that stock now?
This market is hanging on by its fingernails and it’s a long way down. See ya.
Cramer is senile and I think his Botox is getting to him giving him delusions. He just goes to work and yells and runs around like a monkey.
That, is a very good way to look at it. Thx.
I still like their story, and I don’t see how the Chinese govt. would let their CNBC fail – however, It was an 08 olympics run up play, and I don’t see that happening with everything else going on and their looming unemployment crisis. I guess if you build it they don’t always come.
I vote Alex get’s his own blog tab under “Mr. Obvious.”
You could give him a “Basil Rathbone as Sherlock Holmes” avatar, and an auto “No shit!” button instead of comment section.
Don’t worry your pretty little heads. Volume is coming. All will come to know me soon. I will lull you with a siren song and then drive the dagger deep.
Anybody noticed we are consolidating around 170-240 range?
By today’s end we are either going down to 400 or finish even for the day…Mark my words…
Ohhhh…would I get pissed if we get even, but the VIX is at 32 already, and I can see money managers “THIS IS IT!!! THIS IS THE BOTTOM!!”
If everyone thinks its the bottom…well then of course it is. Any idiot can see that. So why don’t you all just go ahead an load up.
We need Fly to make a no chance of a rally post.
Every index has been battling their respective support points for the last 3 hours. If they break there will be blood in the streets.
Come closer…I need a hug.
Breaking…be careful!!!
No effective bounce on the obvious support point. If you are long you would be wise to get out now. We will slide very low into the close.
come closer…closer…
The aroma of the trading air is sweetness to my nose. Subtle hints of pain with undertones of devastation. mmmmm.
Ahh…feels so good. I am looking forward to a fine orgasm at 4PM.
Take a look at MA.
Relative strength today is astounding.
You are awfully quiet Fly. Did you stick your dick in the meat grinder and go long? There will be no bounce today to save anyone.
I love when everyone fights me. It makes the pleasure all the greater.
People who knew BSC were toast wanted higher prices to short them into oblivion, hence feeding talking heads nonsense about takeover bids.
There is a conspiracy theory under every bit of news.
I think we’re within, maybe a few days of yet, another sub90 IQ tradable bottom, but here are a couple shorts that should work till then
ADVS FDS
I can’t stand the way some people express their mind – it sound terrible. Is a lot of cussing necessary, guys?