Look at everyone trying to describe this 150mph head on collision as some sort of final capitulation, a buying opportunity. Watch them talk garbagio about how insignificant Lehman Brothers Holdings Inc. [[LEH]] was and how if we just close our eyes, we will not see American International Group, Inc. [[AIG]] melt away.
Bank of America Corporation [[BAC]] just threw an oversized anvil on their shareholders, via buying Merrill Lynch & Co., Inc. [[MER]] —at way too high of a price. We all know they could have bought them for like 10 billion. Instead, I guess they thought it made “sense” to take the life savings of coal miners and school teachers in order to buy them for 44 billion.
Right, that makes sense.
Enough of the news; let’s talk turkey.
On this little tiny dip, I will buy more [[SKF]] . There is no way in hell those bastards from Wells Fargo & Company [[WFC]] ] should be green, yet they are. Look for Citigroup Inc. [[C]] and Bank of America Corporation [[BAC]] to continue to drive SKF higher, especially with all the arbs on BAC now.
Also, Legg Mason, Inc. [[LM]] is wrong, as usual. I will try to short more.
And, I will begin to short AXA (ADR) [[AXA]] . These European noodles have investment risk everywhere. They are as stupid as Pzena Investment Management, Inc. [[PZN]] , only 1,000 times bigger. Just know, AXA is long 132 million shares of American International Group, Inc. [[AIG]] .
Wonderful.
Finally, my head is being “Talibanned” off via egregiously weak oil stocks. From [[DIG]] to Western Refining, Inc. [[WNR]] , pain is abundant. At the moment, I am closing my eyes to the weakness, sort of like how Cramer only likes to accentuate his green stocks, while his “charitable portfolio” is down 25%, year to date.
Luckily for me, my “uncharitable portfolio” is up more than 40%.
Top pick: SKF
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fly, what are u thinking about oil right now?
I am holding. And, I will focus my efforts on nailing some bad banks into this ridiculous strength.
I know it is early, but UYG and SKF do not seem to reflect what could or should be happening…where is the indiscriminate sellers?
http://www.youtube.com/watch?v=UyJInrbFkHE
Gas is at 96 after Ike. Yet I’m paying 5 dollars at the pump, nice.
Fly, you title copier
I’m back.
I can’t believe why BofA just didn’t wait a few days. What was the fucking rush. That CEO is as useless as a spare dick at a wedding. He rushed, no sprinted to buy the mortgage company which is now worth about 33 cents.
That shit was funny.
Kinda like Robin Hood. He takes from the rich, and keeps it.
I can’t believe this stupidityy: kre only -2% ????
Since my post went up at 10:00am and yours at 10:03am, you sir are the “title copier.”
Nothing to see hear folks. It’s only the insolvency of the financial industry.
Go back to buying KRE, “on the dip.”
haha.
I told you last night, I’m buying VG furiously.
Hahaha, WTF is this? I am showing LM short interest as 103% of float.
In other news, BBY bought NAPS out for monster premium.
BBY is retarded.
China cut rates . The market is holding together on the hope of a euro/usa/global cut tomorrow. If that happens, we get a stupid fierce bear rally that will be short lived.
Some real shit will hit the fan after that.
What a bunch of fucking aholes. Napster sucks.
SLG getting clown rapped on LEH not being able to pay their rent. SRS is a layup here. Comm re has barely been touched. But it will get roughed up sooner or later.
Fly, it appears you are mistaken, the time stamp says 9:59
This market blows, and it makes no sense.
Collapse of a broker and we’re tracking just above Friday’s lame levels on the NYSE.
Yeah, that makes sense.
-DT
I agree. SRS is 30 points cheap.
DT, just wait for the PPT to shine the light of the lantern on your P/L
napster is a joke. what the fuck is BBY thinking?
additionally, why is SKF at 120?
There are definitely buying going on… VIX opened at 31, now at 28…
Is it just me or AIG is 10x worse if it goes belly up? Not to mentioned WAMU is still out there lurking.
I am neither shorting nor buying, but rather reducing exposures accordingly. Market could get retarded again and rally.
anyone like a Foot Locker (FL) short right here…or Finish Line (FINL)…valuations are egregious
did cramer, or some other clown, put out a ‘you must buy JPM right now’ email or whatever?
i don’t get the rush to buy a stock for the same price it traded at last week.
The NAPS deal was pretty small. $122M I think. It could make sense for BBY. It would cost more to build a service from the ground up to compete with iTunes.
Imagine Sony doing a BBY exclusive mp3 player bundled with unlimited downloads. Could work.
Small potatoes compared to what is up on wall street today.
EXTREME put/call ratio … stupid rally ALERT !
All gaps have been filling in this market, unreal. If this one closes we finish the day on the highs again.
Gap down, squeeze up, end lower has been my plan. I still think that will happen.
Thain says economy won’t pick up till 2010….yet the market refusues to go below 300….
juice what are you looking at re: the put/call ratio? an index or a specific name(s)?
This has to be the lamest “market meltdown” in Wall Street history.
-DT
I agree DT, it is pretty disappointing. I was ready to corner the soup kitchen market here is SD too. Lame.
China cut rates. New Zealand cut rates. There’s increasing pressure on not only the FED, but also the ECB, BOE, BOJ and RBA to cut.
Right or wrong, stocktards are programmed to buy stocks on rate cuts.
Hey guys, remember the clown… this BS has been built into sentiment. You have to trick us now to get a significant reaction. With the LEH/MER news all over the wires this weekend, the surprise was avoided & the market was able to pre-digest some of today. When people’s banks start going under en masse, many a shower shall be $hit’eth.
$hit’eth. That’s funny. I hate to say it but the market isn’t really squeezing sharply as much as it is squeezing gaily.
who thinks that gov. world-wide is gonna let things melt-down into a depression world-wide? esp. in an election year. Oils and agri’s are going down more, as will interest rates, its almost like a double tax cut. great call on WNR, TLO, VLO, etc. – balsy to say the least – seems that betting on a hurricane is a gamble as much as holding through earnings. Oh well, I know you call em like you see em, some will work and others won’t. Glad to see you are still way ahead.
Stop the presses. Sarah Palin to shortly comment on mkt turmoil. The woman kills moose with her bare hands. That makes her overly qualified to comment on the mkts.
Total BS..two top financial names go away and market merely tests last weeks low. Rigged as a motherf%^@er.
I’m sure all the Elliot Wavers have a perfectly logical explanation for today’s market action (as always).
If we somehow make it to the 50 day on the NAZ this week, I’m selling all my baseball cards, my coin collection and my sister’s doll collection so I can buy a few shares of QID.
Adding to TSO and WNR here.
Going on 24 hours with no lights (at home). Fucking Ike must be a Republican with his right hand turns, ovah heah.
___
Sometime this year, post elections if not sooner, this market will capitulate. When it does, look out (be short & commoditized to the gills)
Already priced in StockRake…
Reminds me of the TechTrader article in Barrons last week. He was saying how the Tech Bear Market has a long ways to go. Hello, they started pricing this shit in over a year ago.
Here is some Rally music for you
http://eszter21.uw.hu/dodi/Hands.Up!.M!X.Session.Vol.17.mp3
What happened to comment Karma?
aris – p/c on stock charts
$cpc
$cpce
Robert Marcin
Global Easing
9/15/2008 11:19 AM EDT
Not receiving much attention today, for good reasons, is the fact that China cut interest rates for the first time in 6 years. They get it. Now the ECB needs to do the same.
US officials are trying to defend the bond market for Bill Gross when they should be defending the global growth story. Right now, this country needs the rest of the world to pick up the economic slack from the US.
I do not know how much influence the US has over the ECB, but they need to get Europe defending their economies and not fighting inflation.
Position: none
karma was hacked by some ahole and turned off. DOS.
Is GE the next AIG?
Comment Karma gone for now, due to one of you tools hitting our servers with a dos attack.
One of you idiots used the karma plugin to do this.
cool. thanks, juice.