Apparently all of Daddy’s money is tied up in the FDIC and Fannie Mae [[FNM]] /Freddie Mac [[FRE]] . If you are a low end brokerage house, like Lehman Brothers Holdings Inc. [[LEH]] , you’re just gonna have to take one for the team. Oh, that applies to the worms at Washington Mutual, Inc. [[WM]] too.
It’s too bad energy stocks are getting “death clubbed,” otherwise I’d be having a pretty good day. I think my judgment might have been impaired when I bought more [[DIG]] yesterday. It must have been the lingering effects of all the morphine they gave me.
So sorry.
I know many of you circus geeks expected another 400 points up today. However, without having to elaborate, you are morons.
This credit crisis has a brand new feel to it, no? I mean, we have a new VP candidate in Palin, who probably doesn’t know the difference between an mortgage or a moose. On the other side, we have Joe Biden, who is probably making a fortune lending money out to the desperate. As you know, Joe Biden is in the mafia.
What to do?
Well, for the most part, I’ve been sitting on the couch, chuckling at the dodo birds looking for answers as to why Lehman Brothers Holdings Inc. [[LEH]] is so down and so “direly” looking.
Maybe they need to understand the power of fortune cookie?
Anyway, I sold out of all of my Western Refining, Inc. [[WNR]] . Done. And, I have no choice but to buy more [[DIG]] , Freeport-McMoRan Copper & Gold Inc. [[FCX]] and [[IEO]] . It’s one of those situations that you wish you didn’t have to find yourself in; but you’re in it, nonetheless. The damn sector is going cliff diving.
Finally, [[SKF]] still looks very cheap. Which reminds me: who knew about the Treasury bailout and when? If you recall, the banks were rock solid, on big down days, a week prior to the bailout. I remember throwing soup at my trader/servant because of it. Now, all of a sudden, Daddy Warbux splashes them with a couple hundred bill.
Fishy.
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UPL?
AKS?
WTF?
You still hate VMC…maybe that pigs finally breaks here
Rumor is, your sons baseball team is undefeated since you’ve been laid up.
Odd no?
Hello I am one of the moron’s who was promoting for a rally. In fact I believe I said I would be long for at least a week.
However being the good student I am, i hedged my longs with some SKF and others, and thank the fly for his wizdom [sic].
Fly, everyone knew that was coming before the $200b debt roll. it was just a matter of when. you thought something was gonna happen also i thought..
Ok, I need to get back to the couch.
I knew something was coming. However, I didn’t think some sort of coordinated jerk fest would accompany it.
Donny:
Ease up on my oils. I need to catch at least one up day in 30.
Another egregious gain in DUG today courtesy of the uninformed and misinformed. Thanks!
DUG to 50!
But check out the (smaller banks) Regional Bank etf KRE. It’s up (at least for now). That is where the $$ are flowing.
I don’t ask questions. I just follow the $$.
im fucking around with LM puts while these god damned ag stocks are making fortunes for put holders
The last connection to Tammany hall is done.
So Fly,
Do we buy water melon futures or go long boxers and short thongs?
the banks are being propped up by all the retail idiots that think they’re going to ‘get rich’ in bank stocks, because that’s what CNBC wanted everyone to believe.
just go over to the yahoo message board for WM and you can see the absurdity for yourself.
‘JPM coming this weekend’
‘just bought 10,000 shares’
‘this is to be expected’
‘royal bank of canada after WM’
‘WFC will buy WM very soon. see link’
‘LEH being killed by shorts. where is the SEC’
‘cramer says WM could be handed over’
pure comedy.
Direly should not be used as an adverb. I’ll let it slide, due to the morphine.
Those sound like titles to a bad b movie, starring Gene Hackman.
The WaMu messgae board is priceless. Some “Egregious Goat Fucker” (to quote the fly) just posted a story from 2000 that WFC might buy WaMu.
I am loving my LM puts today. Oh and by the way LM added 2M LEH shares last Q to their Legg Mason Opportunity Trust. Once again great call.
my last name is an adverb. so what.
Grammatical errors are acceptable when used for effect. In this case, I was mocking the dodo birds on tv.
Wholly Fuck … look at Crude … Down another $2.50.
Oil now has a death sentence, along with all the other associated bullshit … materials, AG, etc, etc, etc. And this is happening as the stock market gets right back on track … DOWN! The Black Swan is alive.
There’s no escape fuckers, not even the PPT can stop this freight train from mowing over your ass … either start thinking outside to box, or buy CDs at Bank of America.
Damn it all. I was so busy watching the screen that I forgot to watch Leave It to Beaver.
bought a lot of FWLT oct 40 calls…why? because i like buying cheap shit. thats why.
dollar down should be good for my fcx no?
My AIG puts are rockin, thanks for keeping me bearish Master Fly.
If you look at the TRIN the BEAR is bigger then ever and shows yesterday was a sucker rally. Inverse ETFs are the best risk/reward trades for now. Now being an average of 3 days.
The $VIX is also up – about 6% to almost 24. Although, this could change faster than an Ole Miss-Wake Forest football game.
today feels lousy. nothing is really working. fortunately, i bought some SKF at the close yesterday to avenge my botched trade last week.
*internet leech anecdote alert*
i have a buddy that owns some LEH. refuses to sell it. i can’t reason with him.
Using my proprietary “Book Business Indicator”, this may very well be close to a bottom, because I capitulated last week and put most of my money into expanding my book business instead of the stock market. Since I am not a professional, tired of the choppy market, and often wrong … I guess you should probably fade my move. Please note Alpha did say the same this morning, fade the bearish sentiment.
However, I will at least double my money over the next year in the book business. (Don’t try this at home, I’ve been doing this a long time.)
Current allocation:
70 percent of liquid assets in book biz
15 percent is cash
15 percent in stock market
Staying in just enough to keep some long term favorites for diversification and to make the occasional trade.
dollar at low. doubled on fcx.
Fly, how is PZN +3.98% in this tape? I just shorted some of this. They have relatively concentrated positions in FNM, FRE, and Lehman!
Deep Thought:
Michelle CC is a fag hag. There’s no other logical reason for her affection towards Dennis Kneale.
How does that guy make it through the day without getting punched in the face.
Will The Fly Ever use A Bad Word Again?
CNBC just had eight count em, eight talking heads on the tube at one time. A new record.
Now nano-balls has press.
Good Grief.
The Fly will be fine for a while, I’m sure he got out every bad word in his vocabulary on his way to the hospital.
Wait until he sees the bill. Advice to Fly- Depending on the size of your deductable and co-pay you may want to have the Hospital audit the bill. They will match up the itemized bill with what was actually ordered. I have seen up to 20% errors. I used to represent Humana and HCA and a bunch of others.
I like The Fly, on morphine. All doped up, he’s my kinda guy.
It’s Steve Jobs double. The real Steve Jobs passed away two years ago and is alongside Ted Williams and Walt Disney in a frozen state ready to be thawed in 2080.
.
“This credit crisis has a brand new feel to it, no? I mean, we have a new VP candidate in Palin, who probably doesn’t know the difference between an mortgage or a moose. On the other side, we have Joe Biden, who is probably making a fortune lending money out to the desperate. As you know, Joe Biden is in the mafia.”
Funny stuff..hehehehe
Last time I was at a hospital they charged me $50 for “kitchen service” (a turkey sandwich) and $500 for nothing in particular (I think it was the aspirin). I can just imagine how they would “audit” that bill. They’d probably charge $1000 for “audit fees” and $5 for the pencil.
?
The medical field is so broken its not even funny. I have high deduct insurance. Sent my 2 sons in for some shots and basic shit. Got a bill for $1,000.
$35 For audiology exam…this is where he stands 10 feet away and whispers can you hear me now. How bout now.
$50 for eye exam.. swear to god I’m talking about the E O U M C K chart reading variety.
Medical industry makes financial industry look like Boy Scouts.
Ludicrous Forecast
Doug Kass
9/9/08 12:51 PM EDT
Gun to my head — a trade on the long side can be made in the oversold materials/energy sector now.
(Low conviction level, but call it a gut feeling having watched the tape for about a hundred years.)
Position: None
The itemized bill is called the UB-82 and they use a nurse auditor and there are usually tons of errors on a large bill. One time I saw a patient get charged for 16 boxes of Kleenex for a one day stay.
There used to be no charge for an audit and the insurance carrier requests them all of the time. A patient can request one also which is what I would do if I have a large deduct. and co-pay.
The Fly Is A Smart Lady!
I’m starting to sweat.
looks like i picked the wrong week to stop sniffing glue.
How bout a bailout for LEH? My $20 target is in jeopardy. Analysts are people too.
mrkcbill
I too went for an eye exam. I rememeber a similar bill.
3/22 comprehensive exam for the $60 bucks.
7/24 comprehensive exam me the hubby $65 bucks.
Four month difference and an 8% bump!!
The kicker, the doctor was so big she couldn’t get out of her own way.
what other job is there for a person so rotund