Everything is trading strange. Oil is threw the roof, yet oil stocks are blah. Banks are crashing through the floor boards, yet [[SKF]] is hardly up.
What’s up with that? Did the government put some sort of asshat top on SKF?
My Freeport-McMoRan Copper & Gold Inc. [[FCX]] is trading erratic. Fucking insane.
Quite honestly, if I was just taking a view at today’s tape, with knowing the underlying bullshit, I’d say we are about to fuck the retail investor in epic fashion.
When nothing makes sense, go eat a sandwich. That’s what Grandpa Fly used to say, just prior to lathering himself with oil oil—readying up for a good old school Italian tan.
Just today, I had my face ripped off on some new purchases, which do not need to be repeated, mind you. And, all of my new bank longs, Citigroup Inc. [[C]] , Synovus Financial Corp. [[SNV]] , Interactive Brokers Group, Inc. [[IBKR]] , [[UYG]] , pelted me with large stones.
Hey, at least my nibbling of [[SRS]] is paying dividends. And, just in case, I bought some [[FXP]] —mainly because I hate chinese stocks.
All in all, the current theme should be to get long commodities in egregious fashion. However, at the moment, everything is in flux. You might be better off playing video games or going to strip clubs, than fucking around in this rigged game.
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I hate it when oil throws roofs.
Fly, what do you think of AA? Do you consider it a “commodity” to get long on? I’ve purchased some calls, earnings are on the 7th, and it’s at historic lows, but I’ve seen it do this over and over again and then come back…it’s fairly regular.
I sure am glad I shorted UYG instead of going long SKF.
WTF?
Fly,
SKF is broken, instead short UYG.
I will be bearish again should the financials not rally tomorrow.
Note: Thank god for SRS hedge…offsetting UYG huge loss…
DXD and DGP have been money.
I’m wondering how I can by my mortgage loan from the Gubment for 10 cents on the dollar. There’s got to be a way to game this bullshit that’s going on.
Great advice, I sold almost everything Friday and it feels great. I’m going to sit back, watch the My Cubs and wait for perfect entries.
I can never sell everything and sit.
I am in perpetual state of action, even while in surgery.
what happened to KOL down 6% ?
Play video games? Now that’s one thing I can actually do.
The Fly is God
Good thing shorting has been criminalized. Wouldn’t want to let anybody make money when the market goes down.
You can still make money off shorting. AAPL looks good.
Bennet Sedacca
03:20:00 PM
No positions in stocks mentioned.
Balance sheet issues remain…
I tried to sell a whopping $7,000,000 of a ‘what should be’ highly liquid mortgage backed security for ‘cash’ or today’s settlement.
Of the 7 firms I asked to bid, 5 said ‘pass, we have no balance sheet’.
The law of unintended consequences.
Bernankonomics and Co. completely rig the markets and the markets tell them to go fuck themselves.
I honestly hope oil goes to $2000. That will teach them to fuck with the markets, assholes.
I will now go enjoy a grilled cheese sandwich, lightly peppered with a delicious root beer.
Fly: It’s the October contract expiring today that is tearing faces off as traders are being forced into covering their shorts. Check the Nov contract that starts trading tmr, it only up a few bucks.
weird
Not weird, but different.
I had an order ready to buy a slug of SRS at $74 and forgot to submit it. Fuck me with a box of radishes and two sweet potatos.
definitely different!
Big Mike,
Shorting UYG is somewhat broken — the DJ US Financials Index (its base index) is/was down about 8.6% today, which should translate to ~17% down in UYG, but it’s only down about 10.5% – the 2x and 2x inverse relationships for both UYG and SKF were broken last week.
KTB
Damn…who knew? DEVILDOG! Back to the whiskey! BTW, my SPG SHORT did great also! I win asshats.
Commodities well sell off soon, careful
Must read for understanding SKF:
http://news.morningstar.com/articlenet/article.aspx?id=253823&pgid=rss
Mother of all squeezes…maybe for the futures market only (ie oil contracts)
Hmm oil spiked and diked? 108 now?
LOL @ fuck
SKF trades crazily. I sell calls against my SKF and let the premium (which is quite generous) make up for less-than-ideal timing. With SKF near $100, the October $140 calls are selling for over $5. Crazy.
What this market is going to do is encourage the CubsRock “sell everything and feel great” strategy. It isn’t an unreasonable move while waiting for the details on some piddly little $1 trillion Big Giveaway plan.
Now its a 700billion credit card, so can continue to buy bad debt while flushing it to risky traders (who will probably pay 5c on the dollar in the beginning) This way the fed itself will become a floor to take huge losses in the beginning. Their overall purpose is to restart the risk appetite again like in the good old days. We’ll be trading bearish sideways until real details on this new credit card fed is creating is feed into the markets.
the volatility in SKF has been HUGE. That accounts for the crazy option premium.
Something is amiss with this rigged market…….today’s tape looks highly suspect………..
“You got that right.”
Solar will begin to get bid now til the election. Get long FSLR and ESLR.
From the looks of FSLR, solar is in a death spiral.
I had explained why FSLR was bearish with my target of below 200 back over a month ago. I believe i wrote the explanations here : http://www.ibankcoin.com/rcblog/index.php/2008/08/15/the-uso-weekend-trade/
Cramer just said: buy gold, its going to 1000 within a week from now – be careful going long.
Today 05:55pm
Reporteldy the NYSE has added 40 companies to list of protected companies; Ford, Met Life, City National and Prologis have been put on the short-sale list
FUCK!! Cramer just kissed gold to death??
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I’m sorry, but for how much longer can this horseschit go on?
Do they think they are making the markets calmer by adding to the short list bans like this?
If I’m Joey Bag-o-Fright-wigs, and I’m holding the above securities, do I feel like continuing to hold when this bullshittery pops up?
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BTW — banked EGREGIOUS coin today on GG, RGLD, SLW, SLV and SRS holdings.
Lost a little with my UYG hedge, but some of my SKF sells were busted out on Friday, so I ended up plus for that deal as well.
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On July 1, the IYR was 61 . Today it closed at 61.
On July 1, the SRS was 105. Today it closed at 79.60
What a horrid vehicle.
Moh-gan Stanrey no go to Chinese movah fukkas!
Moh-gan Stanrey go Twenny Pah Cent to Niponese Movah Fukkas!
Banzai!
Bansai!
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Buns Eye!
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You may not, but Joey would, because he likes those pat on the back for good effort.
To tell you the truth, politically, Gold must not touch or even come close to 1000, as it is a huge psychological price. So, i suppose our lords will have one night stands with paper gold if the whole “global slowdown” scenario comes into play again.
Again, S/D will not price oil,gold,USD currently, its political actions that will price our world. I wonder if the whole G7 is ready to copy paulson’s plan if the congress buys it here. “buy the bad loans” to cleanse the system. Yeah ok, we’ll see.
Burns Eye!
Bans eye!
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Bans I!
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Benz Eye!
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Ben’s Eye!!
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Bins, Aye!!
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Baaaannnnnzzzzaaaaaaaaaiiiiiiiiiiiiiiiiiiiii!!!!
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Cramer is bearish as all get out. I wonder if we are set to rally for a couple days?
We hereby initiate a temporary ban on Mr. LIMM, until October 2nd.
Tricky Dicky’s got nothing on me
Ha! It had nothing to do with my windsurfing in the middle of the campaign.
I knew it all along!
I won!
@DEVILDOG: You win asshats!? Lucky guy.
@InternationalGroupie: They have these things called futures contracts, and see, here’s the thing–they like expire and stuff, and a new one takes over. True story.
@JakeGint RE: “Joey-bag-o-Fright-wigs”: LMFAO Nice one!
Everybody report “UNLONG” traders to the SEC for transfer to the Ministry of Love, where they will become good God-fearing econo-socialists like Big Brother Hank, Peace Be Upon Him (and GS, too)
YO, git outta da wey beiatch!
Can anyone spare a dime?
Naivete.. Everyone is a day behind in thought.
Mr. Limm – I take a too item combo to go. haf n haf. kungpao & orange. chop chop son.
Why-a-yoo fuggin Canucks mus tlead veeellllly calefurry on dis brog! See berow!
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Deadspin is running reader stories of their fondest Yankee Stadium memory. This one is great:
——————–
Oh, Canada!.
I’m at the stadium, sitting along the third base line for a Blue Jays/Yankees game. This is the early Nineties, when Toronto ruled the AL East and the Yankees roster was stocked with guys like Hensley Meulens and Kevin Maas. Anyway, it’s a big crowd and four Wall Street looking guys sit down in front of us, all of them in suits and one of them wearing a Blue Jays cap.
Turns out they were all from Toronto, and one of them yells something innocuous at Joe Carter trots into the dugout right before the game. Immediately, this big guy in a Mattingly gamer and a shaved head stands up, points at them and says,
“I don’t want a hear another fucking peep out of you for the rest of the night.”
The Canadians all laugh and dismiss the guy as just another New York lunatic. Two minutes later, Bob Sheppard asks us to rise for the singing of the Canadian national anthem. The Canadian guy in the Blue Jays hat starts singing along, and right at the phrase “our home and native land” gets hit in the face with a full beer and then “knocked the fuck out” by Mattingly Gamer, who punctuates the assault by shouting, “Fucking Eskimos! You were warned!”
— Tom Sullivan
___________
Har! Har! Har! Har! HaaaaR!!! Fuggin Eskelmohs!!
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Yes, there is a politician who actually gets it.
More common sense
This would be one who doesn’t get it:
U.S. Sen. Norm Coleman said the massive government bailout of failing financial institutions is not only necessary but could make money for the federal government.
“The government could make 10 or 20 times what it pays on this, possibly,” Coleman said during a campaign stop at Christy’s Cafe in North Mankato Saturday morning.
Coleman said the government takeover of Freddie Mac, Fannie Mae, AIG and others was necessary but said “I worry a little bit,” about the government spending perhaps a trillion dollars or more to shore up failing financial institutions.
One of the dozens of people who showed up for the event asked where the money would come from if Coleman stayed true to his pledge not to raise taxes.
“It’s not an infusion of cash,” Coleman said. Instead, he said the government is incurring “shorter-term debt” through borrowing.
http://www.mankatofreepress.com/local/local_story_264233751.html
Ron Paul is on the ballot in Montana. I will be voting for him. Lets keep our fingers crossed he wins. I think he might.
Vote Ron Paul 2008
POOF! There go the goo ol’ days!
Today funky, very funky, like fuzzy minnows in bucket. If bailout passes, minnows come back to life.
http://mypetjawa.mu.nu/archives/194057.php>More (sophisticated) dirty tricks from Soros and the Obama campaign.
Very sneaky, sis!
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More (sophisticated) dirty tricks from Soros and the Obama campaign.
That Carmen chick on CNBC is giving out advice to 62 year old callers with $40k in their retirement account. Fucking egregious program. “Is your money safe?” I can’t stop laughing. What a joke CNBC is.
We’re definitely nearing armaggedon:
Indonesia plans to ban bikini in Bali
http://www.news.com.au/heraldsun/story/0,21985,24368284-661,00.html
The Mets are a curse that you pass on to your loved ones.
-DT
Government FAILout TURN ON!!
CNBC = Cock ‘N Balls Channel
Jake,
You do realize the site you credit for uncovering the “(sophisticated) dirty tricks from Soros and Obama” sports a Star Wars theme, right?
Does their plot involve kidnapping babies wearing jammies with “pictures of Yodas on them and shit?”
Just read the piece, and then speak, dufus.
Warning: It’s not for those suffering w./ ADD.
I shouldn’t give you a hard time, tho. You’ve been warning that the “Commies are coming” for months. Never expected them to have Manchurian Candidated their way into the Republican Treasury Department.
But could you turn your attention back to capitalist endeavors like finding the next Skiffles under Republicommie rule?
I need the eggs.
Skiffles is the next Skiffles. Even if they never let banks be shorted again, all it means is that when the big crash comes, they’ll be no safety net bid underneath it.
SRS is nice here, too.
Then, gold, silver, oil, coal, natty. If you’ve got any money left over after that spree, come back to me.
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Dufus? Really? Mon Dieu!
Brilliant riposte, Sir!
Jake elaborates on his argument:
http://www.youtube.com/watch?v=53DQgbj2mIc
…
PalinMania vs the ObaMessiah
Showdown Nov 4, 2008.
Be there.
Who cares, they’re both loosers. Let their goon squads beat each other to a bloody pulp. Its the American Way.
But I will give Obama’s economic team of Buffett, Volcker & Co, higher marks than McCains eco team of Phil the architect of the current disaster Graham Cracker & Don the Kudlowite Luskin.
It does make one wonder about McCain ability to judge talent & intelligence.
(just had to toss that in there 🙂
Dufus? Really? Mon Dieu!
Brilliant riposte, Sir!
Jake, I should have listened to the rest of your argument:
http://www.youtube.com/watch?v=53DQgbj2mIc
Dufus?
Really?
Brilliant riposte, Sir.
Jake elaborates on his argument:
http://www.youtube.com/watch?v=53DQgbj2mIc
Thanks, Jake.
I own SRS “in size.”
Juice kind of makes my point.
Fuck them both. But I’d like to kick the stool out from under the Graham/Tauzin/Lott (please add any former Dem politicians who now lobby on behalf of industries they once were charged with overseeing in Congress) who routinely sell-out the people they were elected to serve.
And I’m not inclined to vote for anybody who makes redistributing wealth a cornerstone of his campaign, so I have no fondness for Obama.
But just FYI, we Dems couldn’t put together a sophisticated dirty trick if it involved David Blaine, Paris Hilton and “the amazing disappearing pickle.”
Jake, I should of bought more SLV @ $11 but I got in @ $14 and it went down like a turd. Why did Skiffles trade so fucked up today?
What names do you like for coal and oil?
Can the Giants beat the Boy’s? I’m saying I don’t think so. what a division that’s shaping up to be.
Ditto on the SLV. My cost basis is $12.25.
http://www.buymyshitpile.com/
From– Big Picture
Coal– NRP…. not for a trade, for your retirement. Your real retirement. The rest you can trade.
Oil — OXY on the producer side, COP, and NOV and RIG on the fuzzy pumper barber shoppe side.
CHK — Like “Cats” — “Always and forever.”
Don’t forget the RGLD. GG is insane, too.
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Right now, I’d say “No, the Giants cannot beat the Crackboys.”
But I might be lying. We are sacking a lot of people these days and those dancing elephants at Dallas get tired.
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Jake,
Bite your slanderous tongue. The Giants are like….gold. They will annihilate the Dallas Crackboys, and shine doing it. Have faith, man!