It’s amusing to know most of my readers are bears. Every time the market gaps higher, you fuckers vanish, like cockroaches in light, taking your ignorant comments with you.
I’ll have you know, “The Fly” is a veteran at this game. I don’t shake and I do not waiver.
I will also have you know, [[LEH]] is a short sellers ATM machine. Please do not tell the fuckers from Lehman the market has bottomed.
All day, “The Fly” was getting his face punched in by Mr. Monsanto, bloodying up my [[MON]] short and [[SMN]] long. For the day, I was down more than 2.5%—effectively deballing my bountiful month to date returns.
Right now, everyone is declaring inflation dead, due to “tight monetary policy.” Ha!
This is most amusing. It is even more amusing to see the market price in another 50 bps cut.
Hey asshole, quit being a pussy and get long gold, via [[DGP]], short the dollar, via [[UDN]] and short the banks, via [[SKF]].
Learn at your own pace.
UPDATE: Mish on Lehman.
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You’re too young to be a veteran. You’ve never even traded a real bear market.
It’ll make a man outta ya, sonny boy.
MON = U-North
Fuck you.
I traded 2000-2003 like a fucking idiot.
What ever happened to Charlie and Ambac…
The Clearwater deal fell through- which should be a huge positive for the cows. That means there’s more private equity money for all kinds of takeovers, because all kinds of money has been freed up through this enormous fuck up. Good news!
Ain’t skeered – get that lint out of my antennae, fly around or something – ahh shit, turn that fucking light off, blinding me.
Wrong.
Banks were unwilling to commit to CCU.
A monster negative.
T-pain, I saw that movie a few days ago. Good movie.
Cmon Fly. Step yo game up. After Mr. Monsanto sucker punched and robbed you, we met in the back alley and split your money.
I use the CRX index. It hit support last Wednesday and I went long MON, MOS and POT. Closed call positions this afternoon. Son,
I’m Nice
Great, i’m sure before the Asian markets open, we’ll find out that the Fed is going to bailout Clear Channel because of some sort of radio frequency liquidity crisis.
Fuck, I don’t need the Paulson & Bernanke Morning Zoo.
Jeebus Fly, Calvin was clearly joking.
When you start missing the sarcastic comments, I begin to worry.
I friggin know that is wrong.. that is called misdirection.. if the cows think that Muddychannel falling through is good, I will encourage them in that delusion.. unless they are handing out some extra packets of injectable clorox tomorrow on the floor, this should torpedo tomorrow’s cows.
Fly,
Sure, in a few months the market could get SUBSTANTIALLY lower…But wouldn’t be best to capitalize if the market does rally for the short term, then re-deploy the shorts at a more profitable point?
As in…BUY THE DIPS/SELL THE RIPS? 50%/50% parity with shorts/longs, then readjusting accordingly due to market sentiment; 70%/30%, 65%/35%…etc..
Thats the point I’m trying to make…
Mike:
For me, no.
With all the headline risk, I would not forgive myself being caught long on a large move lower.
Gap downs are not announced in advance. They come when you least expect it.
I’d rather be in cash.
Fly,
Since you are up for the year why not risk just the amount you gained for the year and put it all into LEH April and May puts. The risk is there but thats how you make real $$$$. If you lose it who cares. Even if you end up flat for the year it’ll be better than 90% of fund managers. When you are up for the year and far ahead of market averages that the time to really swing for the fences.
Cap:
Because that’s crazy.
CAP,
What if the May contracts expire, and then LEH takes a 40 point nose dive? You would not reap the benefits of the down move because your May puts have already expired.
Time is always against you when you own options.
Buy LEAPs then.
Then you can sell against them all year long, banking coin like an Urdu beard seller during “Stoning Week.”
I used that strategy with JPM long leaps, last year. Now going the other way.
Jake,
Are you and CaliforniaVino country related? You seem to have the same style, humor and interpreter needs at times.
Just asking…..
Alpha, anything you need clarified, you let me know, bud.
I don’t mind going into detail.
Not familiar with Vino… is that a website?
LEAPS??? YEAHHHH BWWOOOYYY!!
Someone else says:
Otherwize you just wait a month until expiration, and then sell your option that expires in May, and buy one that expires in August.
Leaps are more effecient, but if you have a strong inclination that it’s going to move before the end of April, May options are the way to go, and then you can reassess the situation towards the end of April
DOH!
http://www.bloomberg.com/apps/news?pid=20601087&sid=aIGeO4anyk.c&refer=worldwide
The monster fake is coming, stocks getting hard as they see their 200 day, almost there…
Bull trap culminating at Dow 12,800
Jumped all over SMN at 38.5 today. Not going to buy more SKF unless it drops below what I got it at yesterday (100.6)
You might want more Skiffles… cause if you thought that Shittybank “emergency funding” (thank you Ahabs) was expensive, getta load o’ what Thornburg is selling out of the back of the van:
March 25 (Bloomberg) — Thornburg Mortgage Inc., the “jumbo” mortgage lender trying to stave off bankruptcy, rose by more than half after disclosing plans to raise $1.35 billion.
The rescue plan gives new investors debt that pays 18 percent and the chance to own a 90 percent stake, according to terms of the private placement outlined by Santa Fe, New Mexico-based Thornburg in a statement today. Thornburg is asking the New York Stock Exchange for permission to issue new securities without a shareholder vote because delay “would seriously jeopardize the financial viability of the company.”
Thornburg needs to raise almost $1 billion this week to meet margin calls from its bankers. The lender had tumbled 95 percent in 12 months as managers struggled to raise funds amid the worst housing market in a quarter of a century. With the deadline looming, Thornburg had to accept an interest rate about four percentage points higher than the lowest-rated companies.
“Thornburg has a tight time window and you have to take measures you normally wouldn’t employ,” said Keith Gumbinger, vice president of HSH Associates, a mortgage industry research firm in Pompton Plains, New Jersey. “An 18 percent yield attracts instant attention.”
Hat tip to “Mish’s” comments section for the above.
Good comment section, he has.
Jake:
18%
Desperate times call for desperate measures.
18% and 90% convertibility!
Yikees!
The Mafia doesn’t even ask for that deal!
Darn it – I just shot the link to Tuco’s page and here you are all mister busy bee on me. Anyway did you notice they have their on “policy” regarding fly at that upscale publication.? It’s in the column right of lede, can’t miss.
http://www.portfolio.com/news-markets/top-5/2008/03/20/Lehmans-Debt-Shuffle/?TID=dealpartnerbadge
Jakey.. used to comment on Mish’s blog however he directed me to add some color here.. or colorful language anyhow.
Fuck Mish, as a person.
However, he is a good internet slave.
Mish seems like a good egg.. though he did bowdlerize some of my contributions.. he works some long hours with that blog, can’t take that away from him, nor that he is a good economist – actually remembers some of the micro crap most have forgotten. However, by all means, fuck LEH..
i don’t know bout yall but anytime the gov’t intervenes in the free market like this there is only one way to go DOWN!!! so do like fly says buy skf, dug, udn people the fed has 2 choices save the economy or let inflation run away they have made their choice they chose to let inflation run away so make your choice and most of all use this info to MAKE MONEY!!!
[youtube:http://www.youtube.com/watch?v=LenPKPqvdJA 450 300]
Artist : Spoon
Title : The Underdog
Picture yourself in the living room
your pipe and slippers set out for you
I know you think that it ain’t too far
But I hear the call of a lifetime ring
felt the need to get up for it
oh you cut out the middleman
get free from the middleman
You got no time for the messenger,
got no regard for the thing that you don’t understand,
you got no fear of the underdog,
that’s why you will not survive!
I want to forget how conviction fits
but can I get out from under it?
Can I gut it out of me?
It can’t all be wedding cake
It can’t all be boiled away
I try but I can’t let go of it
Can’t let go of it,
Cause you don’t talk to the water boy
and there’s so much you could learn but you don’t want to know,
You will not back up an inch ever,
that’s why you will not survive,
The thing that I tell you now
It may not go over well
And it may not be photo-op
in the way that I spell it out
But you won’t hear from the messenger,
don’t wanna know bout something that you don’t understand,
You got no fear of the underdog,
that’s why you will not survive! (Hey!)