Our government demands, mind you, that people make money long equities. Luckily for “The Fly,” he is a HUGE government hack, with martyr like patriotism. Hence, he (“The Fly”) is long Citigroup Inc. [[C]] , in egregious size.
I almost feel sorry for some of you corn can fuckers. Almost.
Let this be a lesson to all of you. A market thesis works until it changes. Just like that, with a snap of a finger, the gov’t cheese makers changed the playing field. Either conform to the market or get eaten whole by it.
Unfortunately, many of you asset managers out there are inadequately prepared to deal with this market, due to your low IQ. As you know, “The Fly” is here to help and your invoices will arrive shortly.
With my money, like a rat, I nibbled on [[SRS]] , due to the fact that reits can still be shorted. Fuck the reits and the motherless whores who run them.
I really like Citigroup Inc. [[C]] here. Even at $20, it is my belief the Treasury will goose step this bank up to $25, where I will book a 7 figure profit and spark an old cuban to celebrate my greatness.
Finally, the Fed will be printing money like a motherfucker now. On that news, get long energy and gold stocks. Right here, I like National-Oilwell Varco, Inc. [[NOV]] , Freeport-McMoRan Copper & Gold Inc. [[FCX]] , Hecla Mining Company [[HL]] , Royal Gold, Inc. [[RGLD]] and ConocoPhillips [[COP]] , amongst others. Or, you can just get lazy and buy [[DIG]] .
NOTE: Preferred holders, [[PGF]] and [[PGX]] , look good here too.
UPDATE: I bought 10,000 Synovus Financial Corp. [[SNV]] @ $12.75.
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Fly,
What’s your take on WB at these levels?
I can’t help but feel we just postponed the inevitable… the entire financial blogosphere who has pretty much called this is losing their shit right now.
one day at a time indeed. lets show our patriotism and bank some coin.
FLY-
May God bless you with perfect health so you will be able to help us internet leeches (third tier) bankcoin for years and years to come- for a monthly fee ( worth every penny).
Buckle up FLY and put a mouth guard in- we need you around.
I am not sure of the merits of this rally…
I too bought some SRS as a hedge against my longs.
Speaking of reits, SPG was initiated with a Buy today 🙂
Essentially, The Fly is proving you can make money in any market, even one as fundamentally rigged as this one has become.
Feel sorry for me on my SKF, fellow comrades.
But not to sorry.
I just looked at the RBS preferreds I bought in size the other day.
Not bad for “fixed income,” eh, comrades?
Off to the Ryder.
Bank of America, Citigroup getting big upgrades at S&P today
When Paulson dies he will be buried in Lenin’s Mausoleum in Red Square. A fine tribute.
Gotta go. Today it’s between Leave It To Beaver or The Ryder Cup. Don’t tell my wife. She thinks I am working hard.
The Bull always wins, even when it appears to be losing badly.
Heh
ProShares no longer accepting orders until further notice
Due to the emergency action announced by the Securities and Exchange Commission on September 18, 2008, temporarily prohibiting short sales of shares of certain financial companies, Short Financials ProShares (SEF) and UltraShort Financials ProShares (SKF) are not expected to accept orders from Authorized Participants to create shares until further notice. Unless notified otherwise, shares will be available for redemption by Authorized Participants as normal. The shares of these ProShares are expected to trade in the financial markets today, but may trade at prices that are not in line with their intraday indicative values. :theflyonthewall
I love the look on Hank’s face. He smelling an SBD that Bernanke just ripped.
Thankfully, I evacuated SKF yesterday. Anyone looking to short the financials (as a hedge or a kamikaze move) can still do so via the Rydex 2x Inverse Financials ETF – RFN. Apparently, they use options, not swaps, and that ETF is trading normally.
http://www.indexuniverse.com/sections/newsinfocus/10-news-in-focus/4539-short-financial-etfs-halted.html
Speaking of preferreds, you might want to buy the fat yielding (12%) Citis over their common, for both appreciation and yield, comrades.
Really off to the Ryder now.
___
“Short Selling” will soon be stricken from all records. Instead, SKF will be known as “doubleplus unlong” Financials.
Listening to Mike Norman on the radio. He blames “unlongs” for all of this credit crisis. He says the Govt. set up the system that the only way to win was to own houses and stocks. Somebody didn’t tell me to buy a McMansion with zero down, paid for by Hank Paulson, so I guess I missed out. Oh, and Bear and Lehman were totally solvent, too. I want to throw the radio out of the window.
Is SKF even trading?
Thanks Topper.
Jake- When you are at The Ryder Cup don’t forget to stand behind one of the tee boxes wearing a funny hat holding a sign saying “Hello Fly” so we know that it is you. And don’t forget to yell out “You da man or go in the hole.”
Doesn’t seem to be Juice.
SKF needs a bailout.
Buying SNV here.
Don’t worry about SKF, You can still short UYG! I just shorted some.
SKF trading again. $98.
buy buy buy.
With potential confidence coming back into the system, the potential MS / WB deal is probably dead.
I don’t think MER can back out of the BAC deal, though.
fly,
i love the preffered stocks..
you should buy the c-m.. its recently issued and 100% money good.. par is 25
PACW hit $40 today, ho-hum.
FLY, shouldn’t you sell some C off here, since we won’t have too many LONG holders in financials? Or are you betting on more events that transcribe into risk taking?
almost hit your target.
Fly:
PGF has a 7.96% Distribution Yield.
Is that a better buy than PGX with a 0% yield, on a dollar/dollar basis between the 2?
The SRS I bought this morning on the flush was just punted.
How soon before they shut that fucker down too?
The rules of the game are no longer published, but rather, made up as they go.
The Fly,
When I pay for my PPT subscription, can you make it so that the charge will appear on my credit card statement as “The Fly is GOD”?
Thank you, Sir.
The Fly is God
Gotta love how BUSH can see everything so clearly in terms of good guys and bad guys.
The bad guys who manipulated the market to the downside are EVILDOERS and will be PROSECUTED! The guys who manipulated the market to the upside are the heroes of the day who are saving us all from certain financial ruin.
If this market bailout works as well as the war in Iraq, I recommend you short with gusto.
pinfin: you should be bitching at Paulson, Cox, and Bernanke. I think Bush conceded to them anyways.
I’m the decider, dammit!
Here’s the latest entry on Doug Kass:
Very Short
9/19/2008 10:08 AM EDT
I am now very short.
My trading activity mandates limited posts today, so you know.
I am fading the regulators.
Hahahah wtf…yesterday, he was SUPER-BULLISH, now he is 100% short.
Darol Ryan
11:41:35 AM
Positions in FXI, CAF
Three Points to Consider
* As we warned earlier in the week on the Buzz – there are some major inherent risks in these levered ETF products- especially the short ones. As Todd noted the UltraShort Financials ProShares (SKF) is halted. There are $5b in assets in the SKF. How does that product work in a world where you can’t legally short financials? In ETF-land make sure you know what you own.
* China has finally bounced but I suspect next week there is a continued melt-up. This is the most interesting opportunity I see in the market. Remember China is still down 26% since Aug 1st. Long iShares FTSE/Xinhua China 25 Index (FXI) and Morgan Stanley China (CAF).
* Before the open the SPX futures traded at 1280 and are down 40 points from there. There is a lot of disbelief about this rally out there but here’s the question: If you are running a long/short fund how can you now position your book into this weekend? The game has changed.
update please.
Fly, check out short covering also again in NGD…was up huge yesterday and continuing today.
Gallery cheering Sergio’s shot into the water hazard. Gold stocks doing great.
FLY..
do you think WB stays in business? if so the wb-c very attractive?
I bot DGP because I’m a fucking ganster
I like the gold and energy play. Great hedge choice.