Boy did I miss it.
During the two weeks that inflation was dead or “morte,” I didn’t know what to do with myself. All of these years, I have convinced myself into believing stark craven criminals were controlling the price of crude and other commodities. With this in mind, I knew oil would manage to gap higher and deball century old industries with great vigor, on a regular basis.
Seeing crude up $4 this morning comforts me.
See, I can deal with the evil that I know is there. It’s the people who go out and buy Bank of America Corporation [[BAC]] or Lehman Brothers Holdings Inc. [[LEH]] on the pending liquidation of Fannie Mae [[FNM]] that scares me.
salesforce.com, inc. [[CRM]] is getting its head split in half. I never understood why those losers got to enjoy such a high multiple.
With regards to oil: just buy one, you retarded ape licker.
I like National-Oilwell Varco, Inc. [[NOV]] , Transocean Inc. [[RIG]] and Arena Resources, Inc. [[ARD]] .
Also, with the dollar breaking lower, go get some Yamana Gold Inc. (USA) [[AUY]] , Potash Corp./Saskatchewan (USA) [[POT]] and [[DGP]] .
All of my bank shorts are working. If I had to bank on one bank short, I’d say go with Pzena Investment Management, Inc. [[PZN]] . But, if you can’t do that, without a doubt, bet against Bill Miller via selling short Legg Mason, Inc. [[LM]] .
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Ok, if you had THREE banks, would the third be Lehman? I am in puts on Lehman for the past 3 days enjoying the profit falling on my head all day. Seems an easier bet than LM. Are you just basing the LM vote on FRE and FNM?
I am short LEH from 19.
I cannot recommend it down here, even though I think it’s going lower—fortune cookie style.
Top three bank shorts:
PZN
LM
FHN
“retarded ape licker” is being added to my repertoire of insults as we speak.
“retarded ape licker”
Fly this is kind of a gray area phrase…after appeal to the judges they have they added 100 Dow Pts to your suspension.
Don’t Even Think About It
Robert Marcin
8/21/08 9:32 AM EDT
I am hearing the buzz already. Buy financials for the Fed bailout of Fannie (FNM) and Freddie (FRE). The bottom is in. Give me a break! This must be a joke, no?
All the way down, the talking heads have used every single blowup, from Bear to Ambac (ABK) to Countrywide to AIG (AIG) to Merrill (MER) as a sign that the bottom was in and a reason to rally the banks/brokers. How completely wrong all those calls were. Be wary of the same call with Fannie and Freddie.
This delevering, the Great Unwind, is much worse than the 1990-1993 commercial real estate/S&L bust. Then banks traded down to 80% of tangible book. Today, they are around 140% and book is sinking fast, with more writeoffs ahead. I am avoiding the sector until valuations get down to 1990 levels or until the housing market bottoms, which will probably not occur before 2010.
As for finding a bottom in every blowup, that’s for turkeys. Bad news is bad news.
Position: none
Small Cap Tech getting the hammer, well all Tech is but seeing the small caps going down is good for TWM. Small caps leading the way out of this financial mess, come on, what a joke.
I don’t know what was holding FINL up but it finally looks ready to fall.
Going to pull the long daytrade trigger on KRE (regional bank etf) on the first hint of any market uptick.
This slow motion roll over is tiring… I expect the mkt to behave like a sitcom … everything needs to be resolved in 22 minutes … Marsha, Marsha, Marsha
Fly: Imagine you are a degenerate internet leech (unlike myself 🙂 ) and you want to have say 15% of your portfolio working and in the market and leave it there for the next 2-3 weeks while you were away on holidays.
Where would you go, so that you could still sleep at nights ? and not have to check the market every hour or even day ?
Anyone who uses “Dazzling” in a headline is a homo, no?
http://seekingalpha.com/article/91918-mbias-dazzling-2q-results-what-i-meant-by-adjusted-book-value
Packing more fudge than a Keebler Elf! Go figure, the article was written by Tom BROWN.
Not only is Bill Miller of LM owner of 12% of FRE, he is also a large owner of YHOO. Yeah, the same YHOO that didn’t take the $32 bid from Microsoft and now trades at a $19 because 19 is a better value than 32 for asset managers like Bill.
Have an eye on SMH for daytrade long (one eye only as INTC is sucky so far). TXN,NVLS,KLAC looking good.
Mr. Feltersnatch,
I wonder if we will see Rex Nutting all over Tom Brown, if Tom’s bottom (call) ends up being full of crap?
The DJIA should be down 200-300 with crude up $6. Fuck trading. I’m going back to the import/export business.
Long live Costanza.
Art, the market is going: “Fool me once, shame on you. Fool me twice… uh… well, you’never fool me again”
The market may have gone full retard.
I just got off the phone with a woman who had me doing some SP500/DJIA research for her. The un-godly folks at KEY have torched her investments by 34% in the past year and she’s pissed about her fees.
I told her she’s lucky it was only that much, and to get her money out of there now, as September is (per history) not going to be kind.
Short Bus:
What do I look like, your money management servant?
long crude/gold /short banks.
Fly: I had a feeling you would say that 🙂
I already have my “holiday” holding picks, just wanted to see if you would do anything similar to me. Appears not.
Fly What are you thinking of MS here:
Still have it from 30 and change. Raised the stop to 34.5 from 29.
I am short MS. It think it goes lower.
That fortune cookie must be pretty nasty. “LEH 0.01 -41”???? Talk about old.
Originally, I started shorting LEH at $61. However, I really felt the cold breeze on my neck when it hit $40.
Hence, the creation of the Fortune Cookie, an internet icon.
Inflation is back, just in time for a box office smash!
If it was released 6 months earlier, Ron Paul may have been the front runner for POTUS
Anyone following the JCG move today?