Why are they still debating? If Congress fails to pass the bailout for Wall Street fat cats, the Dow will be down 2,000 points today.
Hey, the GOP doesn’t want to do this communism shit anymore. The way they figure, should the market swan dive to 4,000 Dow, senior citizens will do great in their retirement accounts, since they all own [[SKF]] and [[SRS]] , effectively lightening the burden on the government to support the social security slush fund.
Enough venting.
I am all out of my bank longs. I bulked up on [[SRS]] ; but still hold egregious amount of long positions, like [[ROM]] . It’s stupid and I know it.
However, maybe, just maybe, today will be a washout capitulation day, or not.
In short, I need a breather and will take time to evaluate my next monstrously grotesque move.
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Fuck you, John McCain. We will debate this bitch until Obama is polling for 400 Electoral Votes.
They have to debate. It prepares them for when they get out and are hired for big consulting jobs.
It’s all Bush’s fault. Give me a penis and make me King.
Damn it Master Fly.
“Breathers” are for pussies. Stop crying about 1 bad trade. Clear your head and get back out there. VIX is at 40 you’re not suppose to feel good here.
fly..
why sell C?.. they got a great deal
The guy on CNBC actualy has a point. Some 350 GM deealerships (from what I understand) have closed down including the largest, Bill Heard.
No credit for floor financing and the economy smells and GM still sells crap.
EEV is on its way to $150.
Write it down, stupid.
Fly,
I mentioned last week trading positions only until Washington finishes screwing things up even worse.
In the CNBC poll in the middle of last week, only 14% thought there wouldn’t be a deal by this time. Red flag for anyone with a contrarian bone.
Barney Frank looks like George Costanza when he was tabbed “Cocoa Cocoa” the monkey.
I think I’ll be okay, if SKF goes to $200. Today.
Free market capitalism is the best path to destitution.
this bill will fail in the house 191-238.
mark my words.
Fly, have you considered the fact that this bail out plan does absolutely nothing to stem this crisis?
Joey Six Pack – This bailout plan makes sure that you do not have to move into a trailer park by sunrise tomorrow.
House Republicans (sic) sez:
Fuck you, John McCain. We will debate this bitch until Obama is polling for 400 Electoral Votes.
I know you are hurtin’ like Jane Curtain, but America — both right and left — is polling 90% against this bailout.
If the Congressweasels actually end up voting for it, it’ll be their first courageous move since the Civil War.
_______
I wish JPM would drop more, I’m still paying more than I did on Friday. Man, I’m getting great deals all over the place!
Man, Fly, go home. You aren’t making any good decisions today. Don’t feel foolish about one bad trade. You don’t have a crystal ball, it’s not your fault.
Is BK really going to take a dirt nap?
Anton, you sir are a silver tongued devil, I love reading all of your posts, no matter what you say.
Boca, you are the First Lady of IBC.
Pelosi Wishes, I like your thinking about the Bitch.
Bull, your comment on Friday about me kissing Grandma with my mouth, I’ll let you in on a secrect, I do more than kiss her with it. I was using words like fuck, cunt and cocksucker long before some of the assholes here were walking upright. So, don’t be surprised by anything I say you pussy.
Now Im getting a bit scared about these assholes passing this bill.
FLY- nice call on FED. Are you going to fortune cookie it?
Larry Kudlow/House Republicans (double sic) sez:
Free market capitalism is the best path to destitution.
Cry me a river, liberal. What’s “free market” about fat Barney and WeaselDodd allowing Freddie and Fannie to lever up 100 to 1 on the backs of fallacious gummint guarantees?
(Hint: the question is “rhetorical.” Look it up.)
__
Is BK really going to take a dirt nap?
You know what “BK” stands for, dontcha?
_____
The play of the year is to short the market right now. It’s a safe bet the markets tank regardless of what Ponzi scheme Washington passes.
The problem is…you’ll never see your profits as the markets freeze up.
Out of the game.
Wait…I know!
BK = Burger King!
KRE and RKH are getting what they deserve.
Those fucking regional banks have held up too well in the face of everything going down.
Its about fucking time to see stocks like RF, FITB, FHN, FED, and MI.
I think you can bet against these right now and ride them down for a while. They should get hit hard for some time.
bank korupt
Did Pasani just say “back door entry’?
BK = Burger King!
Hardee’s har har.
___
I agree with Jake. Let all the banks fail. Liquidation is the right strategy. The last Depression only lasted 15 years.
Congress MUST be courageous and vote this stupid fucking bailout down.
TARP = Turds Are Returned to the People
Millions of Americans will be living under tarps before long.
Aren’t the illuminati punny?
The best time for those gambling on a bottom to go “all in” is near. You need to be ready to double your bets maybe 3 times or a little more. Today, put 1/5th of your cash into QQQQ, tommorrow, put the same amount into QLD. You would have 3/5ths remaining. So then if the Vix rises one more time, beyond reasonable amount, go “all in” to QQQQ. Then if it goes one more time, sell all QQQQ and buy QLD with that amount. Then if it still is lower, and Vix is higher, then borrow money from your house, since you’re going to lose it anyways if you don’t “go all in” due to your gambling habits….
that is all
This reminds me of the early ’90s when Desert Storm was activated. Everybody knew it was coming, just not when. The market would go up and down with every rumor and scud missile into Israel.
Once the invasion into Kuwait (night time USA) began stocks soared, gold and oil got trashed.
If anybody as a more timely info on what’s happening in DC, please post it. The teevee news seems to be consistently behind this site.
http://www.politico.com/blogs/thecrypt/0908/Issa_Not_enough_votes_to_kill.html
http://www.politico.com/blogs/thecrypt/0908/Hansarling_votes_no_on_bailout.html
http://www.politico.com/blogs/thecrypt/0908/Bachus_leaning_yes.html
http://www.politico.com/arena/
Andrew Mellon (sic) sez:
I agree with Jake. Let all the banks fail. Liquidation is the right strategy.
Wow, public school education-level history competence AND a straw man argument?
Have you ever considered guest blogging for Dino Trader?
_________________
The last Depression only lasted 15 years.
It should have been a recession that lasted 18 months, tops. Then the politicians got involved.
Thanks Democrats (and to be fair, the Republican moron Hoover)!
Some good stuff out of MV
http://www.minyanville.com/articles/lehman-LEH-fre-fnm-aig-ms/index/a/19213
http://www.minyanville.com/articles/CHINA-Fed-taxes-bailout-debt-recession/index/a/19219
Here comes the WHOOSH ! How bad will it get !?
Thanks for the vote of confidence Pikers! See you in the soup line
Fuck fuckity fuck fuck fuck
Holey [sic] shit!
ARMAGEDDON !!!!!!!!!
http://www.politico.com/blogs/thecrypt/0908/Boehner_Outcome_in_serious_doubt.html
Courage wins. Well done.
thar she blows
“I’m gonna get myself a cheap lawyer!”
holy fuckin sheepshit
sellSELLsell,
Final Score Yea 205 Nah 228
plays on…
Told you we crash
I knew it. You can’t trust STUPID people.
I left to grab a sandwich and I get this shit. Back into the bunker.
Hey,
I have a quote for Citi 19.24 – 18.59 and yes the bid is higher than the ask. Likely downgrade:
“NEW YORK, Sept. 29 /PRNewswire-FirstCall/ — Standard & Poor’s Ratings Services said today that it placed its ratings on Citigroup Inc., including the ‘AA-/A-1+’ counterparty credit rating, and the ‘AA/A-1+’ counterparty credit ratings on its bank affiliates, on CreditWatch with negative implications.
“The action reflects continued pressures on Citigroup’s own performance from write-downs on market-disrupted assets and the loan portfolios,” said Standard & Poor’s credit analyst Tanya Azarchs.
The merger agreement with Wachovia Corp., announced today, does not in itself materially add to the risk for Citigroup, because it is structured essentially as an acquisition of a “clean” bank. On a stand-alone basis, Citigroup’s own market-disrupted assets and mortgage loan exposures pose significant risk.
To resolve the CreditWatch, we will examine Citigroup’s integration plans, the potential for further write-downs and credit deterioration, and liquidity management within an extremely hostile market. We do not expect the ratings to fall by more than two notches, to ‘A+/A-1’ for Citibank and ‘A/A-1’ for Citigroup Inc.”
At least there will be a short covering rally.
Oh, wait. Never mind.
I bought and sold GOOG for an 8 point gain and my hands were shaking.
Anton —
good one.
lol.
__
Good for you, TC. At least I can say I know somebody who made money today.
That was a good one, hehehehe.
If it wasn’t for that pesky margin call I’d be feeling pretty good right now.
It was a very SMALL position. Suicidal I ain’t although there should be a nice short covering rally whether it passes or not.
Jake,
Hope you still have your Skiffles.
Sold the rest of mine on Friday.
In the Bizzarro World, I’m batting 1,000 and was just elected king.
I can’t even imagine how much the Fly has lost today. Oh my! Sick…
SKF to $200, cha-cha-cha… C goose stepping to $10
Got some XLF @18.52- gambeling time. VIX near 50.
We still have further to drop. Recall Yamada’s targets:
Dow 10,000
Nasdaq 2,000
S&P 1,175
Russell 2K 600
These targets represent a 30% drop from the Oct. 07 highs (except S&P 500 which is 25%).
Remember the “average” bear market equates to a 32% drop from the peaks.
I am still very tempted to go long here considering I am 100% cash across all my accounts.
DUG +18%
SKF +19%
Out XLF @18.96. It’s Miller Time with my blood pressure pills.
Markets are all screwy. No liquidity in many centers. Thank you, short selling ban.
I’ve been eating shit in a VMI short since the end of March, bailed today with a 10% gain. Looking for some good of this mess,cause the rest of my account is taking up the pooper.
Who is Zen Profit (above)? That was me. Flys site is going nuts.
it got 16 more votes than i thought it… so what happens now? Senate take it up tonight. passes their own measure… then House comes back on Thursday and votes on whatever version the Senate passed?
that’s what i think happens.
Pelosi causes crash. Great headline for tomorrow.