Apparently, we were offline again. I had Vincezo fixing the servers with a hammer and screwdriver. He was saying some shit about a few loose screws. Nonetheless, for now, the site is operational. I know this must be of great inconvenience to you, not being able to “learn up” from “The Fly” on a minute by minute basis.
Tough fucking luck. Deal with it.
As for the markets:
I am making “extreme coin” on all of my bank shorts, especially [[CSE]] and [[BBT]]. Look at BBT’s balance sheet and come back here, with a straight face, and tell me they’re not fucked. I’ll punch your fucking eyebrows off for less.
Things do not feel right. The banks are dropping so fast, it’s alarming.
Look at [[JPM]], [[STI]], [[RF]], [[CMA]], [[FITB]], [[WFSL]], [[MS]], [[LM]], [[C]] and [[BAC]]. With all this carnage in the banks, I’ll be shocked to see the market hold up here. I’m selling with both hands.
Right now, aside from iBC server problems, I am selling short [[EWBC]], [[WTFC]], BBT and CSE with impunity—based on valuation. Also, as always, I like [[FTK]] and [[RIG]] here.
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I’m dealing with it, but it ain’t easy. Tell Vinnie to get a bigger hammer.
iBC server=antique chair
Gap:
SONC sucks balls. Almost as bad as my server.
Good to have you back online.
That RBS warning seems timely. Who in their right mind is buying here? Only central bankers?
you are not concerned by the sell off in oil and oil services ?
I’m covering my shorts here (outside of regionals)…we can’t seem to break below 1333 SP500 and with oil down $4, and quadruple witching expiration tomorrow, we could have a huge short squeeze tomorrow.
All bets are off however, if we finish below 1333; however I highly doubt it…sentiment has been too negative lately.
A. Oil goes higher, all the time.
B. We will crash shortly
I’m surprised you say we will crash, Fly. You usually don’t make such proclamations. Do you really believe somehing is looming?
I have read that markets crash from oversold conditions.
Please elaborate, Senior Tropicana.
FU Fly .. I will prevail !
Buy the banks … I am rarely wrong, always early. Painfully early.
I can take more pain than you.
I’d like to drop kick Louise Yamada down the subway stairs.
kc-
why, what did she say?
or is it just a general hatred of 4 foot tall elderly women?
Agree 100% with all that shit you just wrote. How am I playing it? I am selling the fuck out of those shit names and hedging with some XLF. Trouble is brewing.
Program short covering today. Use tight stops. Anything can happen at this point. There is some kind of panic in the world markets. When we find out why it will be panic selling. Please use stops!!!
Lil’ bit more down like 100-200 pts on Dow for capitulation and then we go up. Fly or Cajun hows about holding a contest, e.g., where the Dow, S&P and Naz will stop on the low side by Aug 31 or Sept., etc. before turning up? Or at what point the financials will be a buy using XLF or UYG as a measure, etc.
Fly I think BBT’s balance sheet looks pristine! What specifically jumps out at you?
Null-Still laughing at her famous CSCO call last year. I can’t believe they keep bringing her back on the air. Now its Dow 10,000.
What do think she goes about 75lbs.
Crash? Palease.
When will the Real Fly start posting again?
If the old Fly was here, he would have simply used http://www.flyonwallstreet.blogspot.com to give an update yesterday.
carry on.
airlines cutting routes, people driving less, when does demand destruction for OIL enter ther equation?
boomer-
too funny, i never even thought about that.
you are funny, you sure do like to stir the pot.
Larry is that you again with the “BPOE” ? Please stop it.
BBT puts have banked me some mad coin. thanks!
I unfortunately sold over half my position yesterday, but what do I care, I’m playing with the houses money and I took some of the houses money and ran with it too.
PACW makes me laugh. It’s balance sheet looks good, until you realize that their “assets” are really just bullshit houses and bullshit loans and 2nd mortgages. They continue to miss earnings expectations. Everything they get money from is deteriorating. OOPS, not only ddid they lend out too much money for someone with too little ability to pay it back for a house that was too expensive… but they also let johnny-creditcard-full-of-debt take out home equity loans on a higher appraised value. Now, not only are homes in foreclosure and in short sale, but the amount left on the mortgage is greater than the original loan amount. This as the houses continue to deteriorate, as foreclosures are everywhere, and as everyone overprices their house and no one is buying, and additional homes enter foreclosure. Watch as magically their overvalued assets turn to non performing assets, to depreciating assets, to possibly in some cases, liabilities.
Excellent find, I will enjoy watching PACW fall lower
RF
Im hearing from a little birdy that RF will be cuting the divi and raising cash in the next day or two. I know this stock has been in the media as of late, however, its there for a reason.
Maybe just short it everyday at the close. One morning in the next couple of days you will wake up to it being down 2pts or so.
Its yeilding 13.88% ???? C’mon, thats such a joke.
Not trying to spread rumors or make stuff up. I am short now and will continue to be with a tight stop. Sell at your own will.
after just hearing paulson, it sounds to me that these guys want to create the ultimate clearing house, backed by uncle sam. this would guarantee all transactions and completely eliminate counter party risk. if and when this were to occur, it would be party time again in the credit markets.
Paulson and Bernanke both make me sick.
Ouch.
You’re right. It doesn’t matter what you think.
The stock is down 10% on the day, with an 8% short position, more than 4times Citi’s short interest.
BBT has the short end of the stick, when it comes to geographic presence.
Congratulations, you have won the opportunity to get your screwed up loan paid for by the consumer through taxes and inflation. You also receive the right to remain silent as we enter an orwellian police state, and money will be lowered to the value of “monopoly money” where it costs 200 dollars just to by a miniture plastic house.
Join us next time when we compete with Zimbabway in a money printing contest!
And remember 18 tons of ink per day are used printing bills… We can do better, lets aim for 18 million!Uncle Sam says “I want YOU… to get fucked up the ass
Remember when Hank and Ben said they thought the sub prime was “contained”? Nice buzzword. Now the drum is being beat that the worst is probably behind us (?). Uh-huh.
Buzzwords are worth about as much as one Federal Reserve Note.
Any bank with a div yield over 4% will be cut. It’s the law.
Many divs will go to zero.
Mr Fly
Vincenzo deserves to find the severed head of his prize merry go round stallion in his bed tomorrow morning.
The Godfather
Godfather – you err egregiously. Vincenzo works hard, like the mighty buffalo.