It is highly likely [or a certainty on my planet] that J.P. Morgan was INSOLVENT and was “BAILED OUT” last Monday, September 15, to the tune of 138 billion dollars. This would explain why the Fed and Treasury dictated that Lehman fail – to disguise or otherwise obfuscate the recapitalization of or illicit transfer of 138 billion to A MUCH SICKER, TEETERING ENTITY, J.P. Morgan Chase.
Germany bailing out home lender
The government and the Bundesbank have said that Hypo Real Estate, the nation’s second-biggest property lender, is too big to fail.
Citi continues its efforts to rape WB shareholders
“Any such agreement between Wachovia and Wells Fargo is illegal,” Vikram Pandit, 51, Citigroup’s chief executive officer, said in an e-mail Friday.
Without incentives, we don’t have a market, period,” said Paula Mints, a principal analyst at Navigant Consulting (Palo Alto, Calif.), speaking at a solar event sponsored by the IEEE here.
“We may see zero to five percent growth this quarter which would be very unseasonable.”
A decline of 20 percent in worldwide fab equipment spending was expected for 2008, but the sector was originally projected to rebound and grow over 20 percent in 2009, according to a report from SEMI (San Jose) in August.
In my view, the primary factor that got us into this mess is the egregious mismanagement and short-sightedness of boards and CEOs of these institutions, who took inordinate and leveraged risks with stockholders money, not simply external factors like the housing market slump.
Nvidia is having a hard time selling its cards at the moment, due to them being fairly average in the performance department, overpriced, and rotten.
So what’s killing the Russians? All the usual suspects — HIV/AIDS, tuberculosis, alcoholism, cancer, cardiovascular and circulatory diseases, suicides, smoking, traffic accidents — but they occur in alarmingly large numbers, and Moscow has neither the resources nor the will to stem the tide.
Can oil producing nations survive downturn?
“The question is whether we are going to have a rolling back of globalization and therefore emerging markets will not be able to continue growing in the same way,” he said. “I think the globalization process will continue but a lot slower.”
European car makers look for 55 billion EU handout
“We’ve seen that the U.S. industry is now getting $25 billion worth of support in terms of financing,” Marchionne said yesterday in an interview at the Paris Motor Show. “It would be absolutely necessary that the European Commission do exactly the same thing. It was $25 billion for the U.S., in our case it’s 40 billion euros because we have twice the capacity.”
Steve Jobs has a secret factory
The factory, as Jobs described it, had everything: robots, lasers, tolerances within one 10,000th of an inch, defect rates of less that 17 parts per million — one tenth the rest of the industry’s — and the speed to turn out 60 machines a day.
D-Day approaches for derivitives
“There is a lot at stake,” said an executive at one big dealer. “This is a crisis time, and if these auctions do not go well, or if the amounts investors and dealers have to pay is seen as not being fair, it could have further negative repercussions on the CDS market.”
Regarding this weeks CDS auctions: “The Fly” will be watching, while eating absurd amounts of popcorn, like this guy:
[youtube:http://www.youtube.com/watch?v=6eIcBaH5DQs 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter
if people don’t start thinking positive pretty soon (ala the Fly last week), things will turn negative in short order!
Oh NO I made a boo boo , I miscalculated what I had in my checking account and accidentally over drew by $17 dollars (My bad )…. Bank o America was nice enough to take the money from my savings account for just a small fee $ 10 bucks. thanks guys So the final tally for the bail out is now 700 billion and 10 dollars Thanks again
bravo fly-that about sums it up-time to drink by the pool.
Thanks Mr. Fly, but we already have all this priced in.
jog on
Thanks Fly.
Thanks Fly, you are indeed a light-speed-reading alien magician.
So it’s true, behind the scenes all the laws have been suspended. What should this one be called? The War on Short Sellers? Nah, Joe Bag-o-S won’t understand. We need a label dumber and eviler.
These dmf’s thought they were bigger than Mother Market – and she has a bad temper.
I’m missing football to read this stuff (at sub-sonic speed of course)
As CR puts it, Sunday is the new Monday,
Also BNP Paribas takes over Fortis.
And Deutschland guaranteed all savings deposit accounts without limits, which they just finished beating up Ireland for doing the previous week.
Wind sprints will continue until morale improves!
Without incentives, we don’t have a market, period,” said Paula Mints, a principal analyst at Navigant Consulting (Palo Alto, Calif.), speaking at a solar event sponsored by the IEEE here.
Yep. Been saying that here.
Senor Tropicana!
I would not want to be short on the markets tomorrow – they are going to blow UP for the rest of the week!
Reason? Too much bullish news on financials and too many beaten down stocks.
DOW? Blow through 11,300 by Friday.
You read it here first … as usual.
Who told you about my pancreas factory?
You’re right Mike.
The market is brimming with good news.
FLY-
Man, you have been the biggest downer since the day you got youre teeth kicked in.
Maybe you should look into getting on some happy pills.
Mr Fly, how soon you forgot the market went up 300 points on bad jobs data last Friday. Everyone is calling crash this weekend….
Futures getting hammered.
Yes Wood.
I’m watching it live in the good ‘ol UK. (11.28pm actually – cold and wet!)
All this went really bad after sept 15. The day when AIG’s credit rating was down graded. Since that day banks have borrowed $380 billion from fed window. AIG sold alot of CDS (type of insurance) with out any capital to back it up. Why do you think Hanky Poo was in such a hurry to get $700 so fast. By they was GS also owns alot of mortgage assets insured by AIG via CDS. With a down grade all those assets became worthless.
Hang on it is going to be a shitty week.
Please…do not misconstrue this impostor “Mike Hunt” with the real Mike…
We will hit S&P500 at 700…SRS to $200.
In all seriousness, I do agree, we are highly oversold and a bounce is imminent. Although if we are having a bounce and a year end rally, historically, it has to be in October.
O
M
G
Karl Marx’ beard is one tangled mess. I look like a glazed donut after that week in DC.
WHOOOO!!
Wait-
Did someone say…swaps?
See you on the flipside of 53 trillion.
Looks like Doug Kass was right. Rate cut coming in the morning. sweeeet: (source FT)
Fed under pressure to do more on credit crunch
By James Politi and Krishna Guha in Washington
Published: October 5 2008 20:28 | Last updated: October 5 2008 23:55
The Federal Reserve and US Treasury were on Sunday night under increasing pressure to follow passage of the $700bn financial rescue plan with further measures to shock the ailing credit markets back to life.
Among the options available to policymakers are additional liquidity operations and an emergency rate cut – possibly in co-ordination with other central banks. A combination of the two is also possible.
Tel Aviv Stock Exchange plunging. (First major market to open since Bush signed the bailout)
http://www.jpost.com/servlet/Satellite?pagename=JPost%2FJPArticle%2FShowFull&cid=1222017460012
Note the very bearish commentary from “The Fly” aka Senor Tropicana aka Plutonium Petey resulting in egregious fucking gains, assholes.
Be grateful for my bearish calls helping your mindless bull thesis, instead of saying “hey everything is bad, so it’s good.”
You idiots.
FLY
You sound like Sarah Palin
Reddit, it’s early morning in Tel Aviv right now…I’m confused
Palin is an idiot.
How dare you.
Do you mean the same “Fly” that put 1 million $ into a bank that won’t be around in a month?
I’m a fucking celebrity since that Milf mentioned me on live TV. I hear she’s a master debater, and cunninglinguist
What is this, Get Fly day?
I sold WB for a loss on Friday, $6.75.
Maybe you should read the blog everyday. It’s generally a good idea when you want to insult the author.
Now you just look like an idiot.
Nice piece on the credit crisis, particularly commercial paper, on NPR’s This American Life. The website is not updated yet, but should be tomorrow if you care to listen.
http://www.thislife.org/Radio_Archive.aspx
Hustler is making a film called, “Nailin’ Palin”….it’s due out before Election Day.
http://www.huffingtonpost.com/2008/10/03/nailin-paylin-hustlers-pa_n_131581.html?show_comment_id=16404434
Fly,
WTF? This “reading list,” or “linkfest” reeks of quid pro quo “third-tier-ish” behavior.
It’s not like you to read other blogs. You have your time machine and that’s normally enough. Explain.
-DT
The fat lady will sing this week folks…
“The Fly” is a kind of Polar bear – Brrrrrr! Mr Market said jog on? Hmmmmm, jog on? Sounds familiar.
…uhhh…I want to say one thing to the American people.
I want you to listen to me.
I’m going to say this again … I did not have sexual relations with that woman, Ms. Palen !
I never told anybody to lie, not a single time; never !
These allegations are false, and I need to go back to work for the American people.
Thank you.
so then i should buy bric equities?
Does anyone know what a Clevland Steamer is?
who doesn’t?
At the risk of starting another “comments war” between the McCain and Obama people I believe a fairly important story is developing that could be an October surprise and would make Nixon’s Watergate a walk in the park. Read the Federal Court complaint, especially the Factual Allegations. The Judge just recently denied the Defendants Motion To Dismiss (Obamas and the DNC) and ordered documentation to be produced to the Plaintiff. This looks like US Supreme Court stuff on an expeditated basis after working through the US Ciruit Ct of Appeals. I did a few US Circuit Ct. of Appeals stuff in my day and they don’t mess around.
Happy reading.
http://www.obamacrimes.com/attachments/001_ObamaComplaint.pdf
By the way the Plaintiff is a Hillary supporter and has no connection with the RNC.
Here is a copy of the Court Order.
http://docs.justia.com/cases/federal/district-courts/pennsylvania/paedce/2:2008cv04083/281573/13/
I see the Ct. Order is not signed yet so I guess it’s not official. This may only be a proposed Order submitted by the Plaintiff.
It is still interesting and may (or may not) have consequences for the market sometime.
TC: it is a totally bogus complaint.
The fatal flaw of the complaint is that it assumes that another country’s lows overrule US laws regarding citizenship.
Fly
The piece about JPM killing LEh because JPM was insolvent is simply bogus bullshit. These are the truthers coming out in the financial markets.
I am looking for a bottom setting in tomorrow morning. The stock market clearly is in a over-sold condition. I will be setting buy orders at 3% under current prices.
Gimme fifty cc’s of epenephrin, a rate cut and the fucking paddles!
I’m gonna shock this market right back into life!
(and then go on to a $20mm/picture career)
__
If you fuckers read one article about this meltdown, it should be this one. If your ADD is acting up, take an extra dose of Ritalin:
Pressured to Take More Risk, Fannie Reached the Tipping Point.
“Everybody understood that we were now buying loans that we would have previously rejected, and that the models were telling us that we were charging way too little,” said a former senior Fannie executive. “But our mandate was to stay relevant and to serve low-income borrowers. So that’s what we did.”
Between 2005 and 2007, the company’s acquisitions of mortgages with down payments of less than 10 percent almost tripled. As the market for risky loans soared to $1 trillion, Fannie expanded in white-hot real estate areas like California and Florida.
For two years, Mr. Mudd operated without a permanent chief risk officer to guard against unhealthy hazards. When Enrico Dallavecchia was hired for that position in 2006, he told Mr. Mudd that the company should be charging more to handle risky loans.
In the following months to come, Mr. Dallavecchia warned that some markets were becoming overheated and argued that a housing bubble had formed, according to a person with knowledge of the conversations. But many of the warnings were rebuffed.
Mr. Mudd told Mr. Dallavecchia that the market, shareholders and Congress all thought the companies should be taking more risks, not fewer, according to a person who observed the conversation. “Who am I supposed to fight with first?” Mr. Mudd asked.
###############
Had Fannie been a private entity, its comeuppance might have happened a year ago. But the White House, Wall Street and Capitol Hill were more concerned about the trillions of dollars in other loans that were poisoning financial institutions and banks.
Lawmakers, particularly Democrats, leaned on Fannie and Freddie to buy and hold those troubled debts, hoping that removing them from the system would help the economy recover. The companies, eager to regain market share and buy what they thought were undervalued loans, rushed to comply.
The White House also pitched in. James B. Lockhart, the chief regulator of Fannie and Freddie, adjusted the companies’ lending standards so they could purchase as much as $40 billion in new subprime loans. Some in Congress praised the move.
“I’m not worried about Fannie and Freddie’s health, I’m worried that they won’t do enough to help out the economy,” the chairman of the House Financial Services Committee, Barney Frank, Democrat of Massachusetts, said at the time. “That’s why I’ve supported them all these years — so that they can help at a time like this.”
**********
Fly, you are not going to believe it, but your buddy “King Steel” is featured in this article as well:
But earlier this year, Treasury Secretary Henry M. Paulson Jr. grew concerned about Fannie’s and Freddie’s stability. He sent a deputy, Robert K. Steel, a former colleague from his time at Goldman Sachs, to speak with Mr. Mudd and his counterpart at Freddie.
Mr. Steel’s orders, according to several people, were to get commitments from the companies to raise more money as a cushion against all the new loans. But when he met with the firms, Mr. Steel made few demands and seemed unfamiliar with Fannie’s and Freddie’s operations, according to someone who attended the discussions.
Rather than getting firm commitments, Mr. Steel struck handshake deals without deadlines.
That misstep would become obvious over the coming months. Although Fannie raised $7.4 billion, Freddie never raised any additional money.
Mr. Steel, who left the Treasury Department over the summer to head Wachovia bank, disputed that he had failed in his handling of the companies, and said he was proud of his work .
Fcuck!
_
Fly, cover your shorts, because the Dow will print 15,031 this Friday at 10:04AM. You heard it here first.
Folks,
I dont want to be a fear-mongerer, but tomorrow will be a huge day for the CDS market. Auctions will be held and a number of Wall Street firms will need to shell out serious cash to Lehman CDS purchasers. I would not be surprised to see a major institution (say, a Prudential) go insolvent out of the blue — triggering a wave of domino-effect insolvencies. Look for a black-swan event in the next few days.
The potential for this sort of an event combined with frozen credit markets, continued wholesale hedgefund liquidations/redemptions, and a fiscal-policy event (bailout package) now behind us, means there are now no reasons for anyone to want to be long stocks — other than for the fact that markets are short-term oversold.
The seasonality is also remarkably unfavorable. Four of the last 5 market crashes since 1928 took place in October. If you widen the sample to the 120 worst 1-day drops in the DOW’s history you get about 10 days evenly distributed per month. There are only two exceptions (or, outliers): September and October.
The DOW’s 500 point reversal (from up 300 to down almost 200) following the bailout package’s passage on Friday was ominous. My gut tells me we crash tomorrow.
I hope I’m wrong, but I certainly won’t be surprised if we do. I’m 100% short right now.
My top pick? Americredit Financial (ACF). Largest subprime auto lender in the US. They expected to do $10B in business in 2008. They recently slashed that to $3B a week or so ago. Amazingly, the stock is trading at the same levels that it was at mid-2007. But I don’t think that will last very long.
Technically, the stock has built a huge 12-month descending triangle. With the recent relative weakness in auto, housing and other consumer-related stocks, watch the stock get absolutely raped. Money flow has begin to go negative in recent days, suggesting this stock is on the verge of a cataclysmic sell-off.
Short term target: $5 (for partial profits).
Long-term target: $0.
-Phil
Phil, your shit is too good for the comments section. Do a PG post more often.
Great comments and short pick!
Thnx Wood.
Correction: ACF is not at mid-2007 levels, but rather at November 2007 levels. This is still astonishing given just how much their business has deteriorated.
Keep an eye on the stock. I got in at $10. Ihere’s still good entry around here.
-Phil
mr fly,
much thanks.
king of fools,
mf
Jake – Nice summary of the NYT FNM/FRE article.
Phil – I agree with Woodshedder. You should put something up in the PG. BTW How did ACF avoid the short sale prohibition list? It’s not there as far as I can see.
The way the Fed and Treasury handle things, the words “economic solution” has become an oxymoron.
The bailout bill was NOT a good thing for the economy.
It’s a destroyer of the dollar. Long term, the dollar’s going to go to zero, and the fed and treasury are accelerating the process. How much worse will it be when the dollar is no longer a reserve currency and it is used only for wiping their ass with.
They could have let the credit unwind in 2000, but they just HAD to push it off. They could have not passed that fair lending act and there wouldn’t be egregious borrowers.
Every time these egregious assholes intervene, every day americans get poorer.
Jake,
Good story. Probably chapter one of the book to come. Never figured you for a reader of my Commie NYT. Here’s a link to a short piece relative to SKF & the failure of the SEC. The led:
“In nine short months, investors rushed $3.3 billion into UltraShort Financials ProShares (AMEX: SKF). Any reader of the best-selling non-fiction book The Tipping Point would have come to a natural conclusion. Investors saw trouble.
But not the SEC.”
http://www.etfguide.com/commentary/421/Ignoring-SKF-Tipping-Point-SEC-Slams-Free-Market/
Always great stuff, Phil. Double down on what Wood said.
I thought that whole NY Times article stuff was important enough to put in the PeeG myself.
Besides, it gave me an excuse to show my George Clooney in Mom Jeans pic again.
______
Good article, thanks Javier Bardem.
___
Jake,
You left out the best part. Apparently Fannie Mae’s Mr. Mudd was Barney Frank’s gay partner.
So when Mudd says “Who am I supposed to fight with first?” in regard to the increased risk they were taking on subprime mortgages, he is actually talking about his lover, Congressman Frank, the most vocal congressional fan boy of Freddie and Fannie.
Conflict of interest, anyone?
I will be posting reading material every Sunday, due to my belief that most of you are idiots.
If I can help one of you prevent becoming an egregious JP Morgan foreclosure victim, my work is done.
Phil:
I am short ACF and other auto players.
They all blow.
Dogwood — are you shitting me??
++++++++
Last time I saw the senario of the U.S. markets making a new low followed by new lows in Japan, Australia, Asia and probably Europe later tonight the FED did an emergency rate cut before our open. Stay nimble.
all youre kin short finanshuls agin. they won’t screw ya agin, go fer it!
Devildog – What happens if the Fed does an emergency rate cut and we get a feeble rally then a sell off? It seems to me that would be far riskier than letting the markets release some more air while saving emergency cuts for more dire circumstances.
Vix to the 50s?
http://tinyurl.com/3tfjbc
I like to cut rates during opex, remember? It’s the second-to-last bullet. (Last bullet reserved for my bald cranium). On the other hand, things are looking pretty bad for next week. Needless to say, I’ve been shitting my pants all weekend. Maybe I’ll cut twice, once tomorrow, once in a couple weeks. Anybody got a URL for “adult diapers”?
Yogi, they may let it drop a few more S&P points at the open and suck in a bunch of shorts and then announce an emergency cut. They can not risk a BIG drop here right after the government sponsored bailout prior to the election. Every incumbent, jerk-off politician in congress would lose their job and McLame would be toast. Not to mention a final big nail in bush’s coffin as the worst president ever.
Fly, we appreciate it… we were going to explain why, and type out a long thank you letter, but… we’re too lazy… anyways, thanks for the collection of articles.
So Cramer thinks the DOW will go to 5000 now? Is this guy serious? Has negativity really gotten that bad. If we only have negative thoughts then are we getting close to a bottom? What the fuck, 5000? Really? Thats fucking it? Maybe SHLD will go to $1 too.
Jake,
It is well known they were partners in the late 90s and early 2000s. Not sure if they are still together.
Fly,
How does one watch the CDS auction from home? Is there a real time site for us communist parasites?
I love posts like these. I hate reading long articles that take 1000 words to say what could be said in less than 100. Keep it up.
I will be posting reading material every Sunday, due to my belief that most of you are idiots.
Fky uses the wall street method of providing customer satisfaction. He insults them. LOL.
Fly:
If you’re going to put up reading material can i suggest you stay away from the truther shit. The LEH JPM story was pure hogwash.
http://www.youtube.com/watch?v=cdPSqL9_mfM
Because of Obama, what are you inspired to be????
Sure.
I just like to believe JPM was INSOLVENT, even though it’s a flat out fabrication.
It would be cool, though. You must admit.
Fuck TO.
btw.
Yea;
You’re right it would be really cool. Wipe the friggen smile of Jamie’s face. And think of the mindset of the poor Bear guys. They’d be going through two bankruptcies in a year. LOL.
Anyone notice the startling similarities between The Roman Empire, The German Empire, and The United States Empire?
No eagle, there are no fucking similarities. You just came out of some chomsky slumber and then posited that shit on the readers here. Bugger off.
“I will be posting reading material every Sunday, due to my belief that most of you are idiots.
If I can help one of you prevent becoming an egregious JP Morgan foreclosure victim, my work is done”
The above is quite funny and brilliant. I come here because the info is inteligent yet humorous. Humor is necessary for survival IMHO. Humor without reason kills though.
I agree with your premise here and have witnessed quite a bit of it myself. The reason the country is in such crisis is complicitus. Complicit upon 4 main things:
1)The clowns who lived ridiculously beyond their means (mostly bankrupt today)
2) The agents who peddled in the ridiculousity making staggering amounts of income (mostly bankrupt today)
3) The institutions/banks who loaned the money to Jose Bag Of Lawnmowers (who is okay by me but $35K yearly does not support $500K mtg loans)
4) The govt entities that should have had more oversight and protected all of us clowns
Hence, we’re all fucked. I am just glad I’ve been able to profit from this debacle and can financially withstand another 25% or more decline in my home value.
Now let’s get something straight here. For all you fucking ethereal shitclowns who have never owned anything more than a fucking unicycle, when and if property values sink another 25-45%, if you fucking think you’ll have the cash, credit , AND income to buy a “discounted” house at that time you are smoking some rancid romanian crack that even Barney Frank would barf up.
Shit man I gotta go, the baby is crying! 🙁
I wrote the above^^^
Yogi,
Funny you should mention the short-ban. I was thinking the exact same thing just an hour ago on my way back home. Carmax (KMX) came to mind — those guys made the ban along with errr, IBM. You gotta love the Feds for arbitrarily picking stocks they care about for the list.
Here’s my point: in this market, you want to short stocks that meet 2 criteria (assuming you have already done all your homework to be sufficiently convinced that the company is fucked):
1) Does-the-government-give-a-shit Rule
– Let me elaborate: if you try to short a stock Papa Paulson cares about, odds are Buffett will be buying it out of the blue and Paulson will brand the stock a commercial bank over the weekend.
Bottomline: never fuck with the Feds. If somebody in the high-ups cares about your stock, you might get squeezed by the balls and not see your bearish bets play out accordinly.
2) Could-this-shit-get-bought-out-while-I’m-short Rule
– The last thing you want to deal with when you’re shorting a stock for a move into the abyss is some asshat peer making a strategic acquisition. For that reason, I could never stay short a stock like Morgan Stanley. The trade is a total crap shoot. Take what happened a couple of weeks ago. Traders walked in on Monday to see Merrill trading with a 20% premium — instead of bankrupt.
These are crazy times. You don’t need added aggravations when trying to make money. Keep it simple. There are plenty of shitty stocks out there for the picking. Focus on stuff that nobody gives a shit about.
-Phil
Oh no, another “Financial Pearl Harbor” We better give up our rights and capitalistic society to “deal with the problem”. Heck, we might as well just cut off our balls and hand them to the government.
Really “j”? You mean how they’re all the largest empires of their time? You mean the symbol the Eagle being used isn’t a similarity, if only a small one? You mean the rights they had under a republic aren’t similar to a democracy? You mean the methods they used to get their “objectives” done? The way before their collapse hey all moved towards more socialism and government regulation?
You mean the way that the country colapsed after spreading themselves too thin spending too much on “spreading their empire” policing the world?
those aren’t similarities?
Germany was mentioned, and I just noticed a few, recently, and wanted to see if others did too. But I would no be surprised if there were a lot more.
“fake terror’s” link seems to give a few more, but I’m not sure the accuracy of the sources, and I don’t like how the info is stated as a fact without being cited.
i’ve been turning all my charts upside down and looking at them that way.
the market looks great!
Oh, yeah, and then there’s the whole “religious distain” thing.
Romans and Nazis fought the Jews and Christians, and we fight the “Muslim extremists” saying the religion extremism is the reason for them to suicide bomb. Sri Lanka is the highest suicide bombing rate, they ain’t primarily Muslim there…
lol, Aris, that’s funny I should stand on my head and look at charts… That way, just in case it doesn’t make things look better, and I am unable to distort reality, the blood rushes to my head and I can pass out.
Eagle, I think you have some similarities, but that doesn’t really mean anything, I don’t think you want to continue this path, you might drive yourself crazy… just take the blue pill and go home and forget about the rabbit hole and how far down it may go.
No anon.
can I tell you why I think the US is fucked. I live a long way away and think I can see the wood for the trees better than I if were there now.
The US has a serious issue with the guilt that went with slavery. The racial issue is basically bringing the place down. White guilt over the issue of slavery has caused all these sorts of attempts to molly coddle the permanent victims ever to the point of allowing new minorities to get their piece of flesh.
the housing debacle was all to do with assuaging guilt by relaxing lending standards to raise housing ownership for minorities.
the racial issue was the intractable thing that made the US political scene seem so hopeless to me.
ummmmm even to the point…..
.
the housing debacle was all to do with assuaging guilt by relaxing lending standards to raise housing ownership for minorities.
Warning to any who believe the above: you are not only drinking the koolaid, you have been ingesting prion-rich beef.
Sure it was. Both parties were involved in the sham. you simply don’t want to admit it.
the GOP was trying to get minorities into homes so they could join the American dream from the capitalist point of view. While the Dems were trying to rape and pillage for their constituency as they always do.
——
I noticed that the hostility from the main streeters on this site was mostly against wall street getting the loot. It’s ironic how not one single mullet wearing mains streeter had a bad word to say about loot going to Detroit. How quaint.
Yea, America is fucked alright and it will only get better when people stop treating minorities like cuddly little creatures who have been done a bad turn by the whites.
Buh, buh, buh, bennie and the jets!!
THE BOTTOM IS IN, for a trade, ONLY !!!!!
========================
We’re in a Worldwide Crash
6:48 AM EDT
I’m not buying here, because prices are going even lower
By Jim Cramer
RealMoney.com Columnist
10/6/2008 6:48 AM EDT
==============================
Need I say more ?!?!
Mark my words; 15% rally from these levels.
Fucking Cramer.
As a followup: Cramer had one buy out of 11 or 13 picks in his lightening round Friday.
At the top, that fucker had 10 out of 12 buys.
What a clown. Not saying this is THE bottom, but I’ll be betting its a good low for trader types.
More weekend reading from that has-been. How can you not bet against him?
===============
A Time to Sell
By Jim Cramer
RealMoney.com Columnist
10/5/2008 8:55 PM EDT
Last one … this is 3, as in 3 strikes. What more of a signal does one need to take a long side trade?
=========
How to Prevent a Second Great Depression
By Jim Cramer
RealMoney.com Columnist
10/5/2008 10:04 AM EDT
I gotta tell ya the market in Asia was absolutely sppoked by the shitty US close on Friday. It was like end of times stuff. The evening news was carrying bad stories about the US. The EURO/Yen cross was smashed the jap housewife getting out of high yield currencies.
I wish cramer gets smoked here. Here’s such a dick.
heres a good one in support of a bounce from around here.
http://www.minyanville.com/articles/djia-spx-crash-cooper-1987-1929/index/a/19313
Juice,
That Cramer is an assclown goes without saying. Still, there is absolutely no reason for anybody to be long stocks right here other than the fact we’re massively oversold. Dont get me wrong, I wanna be positive, but I cant be.
The problem is that with the CDS auctions kicking off today and with the bailout behind us, the stage is set for a potential crash. As you indicated, many folks have been calling this market oversold for about a month now. Yet, the market keeps offering folks shallow, jerk-off rallies, only to turn around and grind lower.
At some point, market participants will throw in the towel. But I dont think weve seen capitulation yet. We need a clean-out purge via a crash for the weak hands to puke out their remaining shares.
In January, we got a surprise rate cut by the Fed and 1-month bounce (logic: phewww, the Fed is involved and now banks will make money on spreads)
In March we had Bear Sterns and a 2-month bounce (logic: wow, Bear went under, but that event marked the end of the credit crunch)
In mid-July we got a shallow 1-month bounce (logic: wow, now that oil has topped out, we’re all going to be fine)
With the market now having grinded lower since the bailout package was announced, traders have gotten cynical about government intervention and lower oil prices. You see, the average Joe is starting to catch up to the fact that we’re fucked.
Again, a cleanout crash is needed. 200-300 point jerkoff days wont cut it anymore. Maybe I’m wrong, but thats just my take.
The Fed is trying to take over the world… Of Course, it always has money to bribe people with, and even if it runs out, it simply prints more.
Just remember the mantra- Black Monday, Turnaround Tuesday, Wacky Wednesday, etc. and you will be okay. No T/A or fundamental analysis needed.
I agree Phil … this time will be no different but I think there will be a very fast, very furious rally off these lows within 24-48 hours.
Ultimately, SPX is headed below 2002 lows off 800ish. But not in a straight line. We’re traders & Cramer is wrong at twists & turns. I think this is such a point.
Bennet Sedacca
09:05:03 AM
No positions in stocks mentioned.
Credit spread update…
Credit spreads are unmercifully wider.
The credit market is still not functioning normally, if not even feeling a bit panicky.
There are actually some markets I am getting interested in, like converts for example.
In many cases, rather than paying for an option on the stock, you are actually getting compensated.
I have lived by ‘if you aren’t being compensated to take credit risk, do not take credit risk’.
I will say this. While not bullish, I am most definitely less bearish.
My firm is scouting out some areas to put some capital to work. Finally.
One last thing. I remember a long time ago a friend telling me, ‘Bennet, a bond can’t have 4 A’s.’ So expect a downgrade or credit watch on GECC
Todd Harrison
08:54:48 AM
No positions in stocks mentioned.
Monday Morning Mess Around
* On Friday, we noted that the path of maximum frustration was that we just spent hundreds of billions of dollars of taxpayer money against the wishes of the constituencies and the markets continue lower.
* That has indeed played out and the trillion dollar question becomes “Is this the necessary shake-out, fake-out needed to usher in near-term capitulation before a sustainable trading rally unfolds?”
* With S&P 1080 (and most likely VXO 70) upon us–we’ve been eying if for some time and now know that it’s a Fibonacci retracement level–I’m watching that level as a potential pivot point (for a trade). Odds are, for what it’s worth and so it’s said, that lift–IF it is to occur–will be the second rally attempt off the lows.
* My vehicles–if I choose to deploy some of my short-term trading powder–would likely include some of the beaten down drillers and, perhaps, eviscerated big beta. And yes, any and all risk will be defined as the mechanics of the swing always trump the results of the at-bat.
* That’s not a call for a bottom (we’ve got a ways to go) but given the growing sense of Armageddon–coupled with my sense that we’ll soon see a coordinated global rate cut and the regulation of credit derivatives–the seeds of a Snapper may be sowing with Turnaround Tuesday right around the corner.
* Or they’ll just pull a Russia and shut down the capital markets. But they wouldn’t do that, right?
* One step at a time, Minyans, as we fit together the ever-changing pieces and operate with the mindset of risk management over reward chasin
http://www.youtube.com/watch?v=t_LWQQrpSc4
Now here’s where I’m investing my money (NOT!):
1. Pay just $649 for TheStreet.com Investment Conference (10/25/08, NYC). You save $150 off the regular price of $799 for a full day of money-making ideas and advice from the best investing pros in the business.
And Cramer himself will be there!!!!
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oh yea bloodbath this morning
SMH,INTC,TXN are daytrade long scalps.
Now that earnings season is upon us, the shorts will start to cover. Upside surprises and not as bad as expected could be met with sharp moves upwards as sellers evaporate.
Kidstock being bullish has to cancel out cramer’s bearishness. Looks like we’ll be rangebound.
Americans are always so myopic… I mean this with the utmost respect. The Fed etc is being as proactive as one could expect during these times. Take a look at friggen Europe where the central bank is only likely to cut rates in December (fucking idiots). They also have extremely big structural weaknesses as the ECB doesn’t have responsibility for the banking systems as they are still domestically managed and regulated. The euros also have ceilings in terms of how much they are allowed to run as budget deficits which means there are limited hitting at the ceiling of 3.5 %. In short Eurotrash land is fucked and its in a much bigger mess than the US.
The Euro is going to 1.20 and possibly lower. We could also see talk of the Euro unraveling before too long. Watch those homos fuck things up good and proper over there. Eurotrash gays.
It couldn’t happen to a nicer bunch of shitheads.
This is the reason I stopped posting. Words suck at this point!!!!
Todd Harrison
09:39:41 AM
position in wft, rig, gld
Gate Sniffage
* Potential vehicles–if and when the time is right–include Weatherford (WFT), Transocean (RIG) and Apple (AAPL). This is NOT advice, Minyans–where you stand is a function of where you sit.
* Remember, stocks are thermometers but credit is the backbone. You can jog with a fever but you can’t run without vertebrae.
* Again, “straight up” may well be too easy. The tone, tenor and “panic” of the second probe lower is prolly where we’ll see the whites of their eyes (if, in fact, we’re to see them at all).
* When in doubt, wait it out. Opportunities are made up easier than losses.
* Under $925, gold–for all it’s swings and things–will put in a third lower high, which is bearish. I’ve tried my hand on some GLD puts to start (again, NOT advice and defined risk)
* Breathe, Minyans, and let’s do this.
Anybody have a DOW 5000 hat I can borrow?
Word on the street in Boston is that Boston University is not going to be able to make payroll this coming Thursday.
Fly, thanks for the SRS, SKF, FXP call on Friday.
What happened to the global rate cut?
No problem higher Ed just raise tuition and add some more useful courses like The Feminist Role in the 1800’s.
Just closed out the last of my SKF, EEV, FXP, and QID. Sold 1/3 of my SRS. Keeping individual shorts for now.
_______
ha .. great minds think alike Jake? It may be the one area we agree 🙂 I’ve done similar & gone long a few things here
============================
Todd Harrison
10:07:56 AM
position in qld, wft, rig, gld
You can have a big dipper. Going up and down, all around the bends…
Alrighty then, with Peter Gabriel watching carefully, we edge our way into the Monday fray. Given there’s SO much going on, we’re gonna immediately defer to the bullet format for Minyan media consumption:
* While I said–and feel–that the second dip will define this trip, I’ve entered a toe into the Matador City pond. Partial positions (and I can’t say this enough–not advice) but my circle smirks include the QLD (QQQQ ultra-shares), Weatherford (WFT), Transocean (RIG) and a smattering of GLD puts.
* Now? I wait. Time and price are the ultimate solution for what ails us but it also applies to my near-term stylistic approach.
* The risk? You know the risk–we’ve been mapping it for years in Minyanville and it exists regardless of my particular positioning. Credit markets freeze, capital markets seize and the process of price discovery persists.
* In the midst of my Sunday work-a-thon, I broke to watch some football and Wonder Boys, at the suggestion of a friend. Twas a nice respite from reality.
* While I’ve been notably cautious since last year–and all but screaming from rooftops entering September–I’m clearly more constructive for a trade as evidenced by my morning nibbles. That doesn’t mean I’m right but it most certainly means I’m honest.
* One leg in the bull costume, or 25% conviction on the long side for all y’all old schoolers in our midst.
* As always, I hope this finds you well.
Today will make -777 look good.
here comes 1050 … a whoosh & recovery… or a all out crash??
developing …..
The Fucking property & casualty co’s look real good here. Nice relative strength in a fucked up market. In particular Donny likes TRV, ALL & HIG.
Wow, I was thinking only -200 to -300 points. History will look back on this bailout as the most fucktarded financial move of the early 21st century.
Does anyone doubt there will be a coordinated global rate cut by tonight at the very latest?
No rate cut Juice.
The ECB is hamstrung.
Our Fed better save the rate cut for AFTER the 15-20% drop have embarked upon.
Why?
Congress voted to hand out $700 billion dollars to hedge fund speculators,
brokerage houses drowning in $60 trillion of shaky financial derivatives,
and banks that made risky loans to low, middle and high income borrowers
(often under fraudulent pretexts), then rushed to get them off their books.
How about better uses for such a huge sum of taxpayers’ money?
1. $200 billion for a domestic infrastructure program, rebuilding our bridges,
roads, transportation, power delivery and water – sewer systems. Such a program
would instantly create 2 million new jobs paying decent wages, reducing the
unemployment rate from 6% to 4% while making America more competitive.
2. $300 billion for population-based block grants to states and localities.
Ohio for example would receive $10 billion for local and state projects.
3. $100 billion for a high-tech national “energy independence” program.
4. $30 billion for “Cops on the Street”. A city the size of Toledo would get
$30 million, which would more than pay for 100 additional policemen for three
years.
5. $25 billion to maintain and staff national and state parks, and rec centers.
6. $45 billion to pay off one year’s principal and interest on the 3 million
home loans now in foreclosure or in arrears. (not just “low income” borrowers!)
This would unfreeze the credit markets IF sub-prime mortgages were the problem.
Since they are NOT – it is derivatives, excessive leverage, hedging and
speculation
by brokers and big banks that caused this mess – at least the LIE would be
exposed!
Paulson, Bush, and the inept Nancy Pelosi whined that calamity would
instantly
prevail if we didn’t rush to bail out Wall Street. Now that the money has been
voted, they “are not so sure it will help immediately, and more may be needed”.
I say let those sorry bankers and brokers fail. And let America succeed.
Sensible job-creating use of Government money, as FDR did with the WPA and CCC,
would have far more benefit than unlimited handouts to those who caused this
mess!
That why was for Juice. I agree Woodshedder.
Desparation? Maybe they don’t do a thing & the markets find a natural bottom.
All their meddling has actually made things worse. Well we see. I am down on every buy today … oops! Standing pat for now.
Fuck bailouts, Fuck off.No one gives a shit where you think the money ought to go to.
You know who’s doing okay here? HRB!
Fuckers!
__
RC..lets change the stock contest to who loses the most?
TC… I think we can all agree that today could be described as pornographic!
Yogi and Woodshedder: WHY let that drop bappen?
Cut rates by 1.5% to 0.5% by this noon!
VIX at almost 56. About to get a MOAB (Mother of all bounces) or the end of the world is upon us.
I’m nibbling long INTC,MET right now.
It’s only 10:47 and getting ugly. Who is waiting for a mid morning bounce?
Go suck a pigs dick, J. And stop your fuckin’ LYING about the cause of this calamity!
Crooked bankers and brokers, not a few poor niggers duped into buying houses they can’t afford, are the CAUSE!
The entire mortgage problem is solveable for
$45 billion. Not fuckin’ $700 billion!
FB, I think they are saving additional cuts for when it gets really bad. There is still a lot of deleveraging that needs to occur.
FuckBailots Says:
Yogi and Woodshedder: WHY let that drop bappen?
Cut rates by 1.5% to 0.5% by this noon!
FB,
The grizzly bear is cahrging you; you have one bullet left in your .22 pistol; will you fire when he is 50 ft away or at point blank?
He’s 50′ away now.
PS stop whining the bailout passed – it’s history
Oh now my nuts have shriveled into the size of peas. Oh god oh god. What the fuck happens now.
Boy oh boy! Big government sure knows what is best.
JakeGint, what do you think of an EEV short?
anyone see blood in it yet, or no?
Don’t eat pork, Fuckyou bailouts. Sorry dude I ain’t sucking on no pigs.
Crooked bankers and brokers, not a few poor niggers duped into buying houses they can’t afford, are the CAUSE!
I wouldn’t put it in such stark terms or is such a racist language, but I would have disagree with with you there, Fuckbailouts. If people take out a debt they ought to pay it back.
The entire mortgage problem is solveable for
$45 billion. Not fuckin’ $700 billion!
So share with us your more effective package, Einstein?
SPX vs NDX divergence.
Pay all the interest and principal for ONE YEAR on the three million loans currently in foreclosure or more than two months behind.
$45 bil cleans up our mortgage mess for a year.
But of course bad mortgages ARE NOT THE PROBLEM!
Todd Harrison
10:41:06 AM
position in qld, rig, wft, gld
Miso Horny?
As I sift through emails asking HOW and WHY I could be warming up to the tape for a trade, I thought it might be helpful to offer some muse in the blues (in no particular order, of course).
*
I understand the risks–we’ve mapped ’em for many years–and I’m not trying to pick a bottom, I’m simply attempting to pick my spots.
*
I’m typically early, which is precisely why I’m edging into risk rather than swallowing the whole bag of nuts in one gulp. Whether or not that means “Turnaround Tuesday” remains to be seen.
*
Not to mention “whether or not it works.” Remember, we spoke of two scenarios–the cancer and the car crash–and they’re not necessarily mutually exclusive. As John Maynard Keynes said, “markets can remain irrational longer than people can stay solvent.”
*
Still, I share my fare for those who care. For the first time in a long time, I’m scaling into long side exposure (QLD, Weatherford (WFT), Transocean (RIG) and a smattering of GLD puts).
*
Note the VXO, which is trading at 61. While we could crash (which, by definition, renders technical guides obsolete), the upside ducks are seemingly aligning in my crowded keppe.
*
Second leg in the bull costume–this makes 50% conviction on the long side. At risk is my capital and credibility, not necessarily in that order.
*
If and when we get the coordinated emergency global cut, you won’t be able to snatch risk. Hope isn’t a viable investment vehicle, we know, but seeing the scenarios is an important part of the risk assimilation process.
*
Gobble Gobble! I just got a cold call and the woman on the phone reminded me of the clerk at the airport at Planes, Trains and Automobiles. Seriously, I didn’t know whether to laugh or cry.
*
Lots to digest, Minyans, so keep your thoughts lucid and your energy positive. The greatest opportunities are bred from the most profound obstacles.
“Pot to 300” died… lmao, look at the 20 year chart it makes me laugh.
LOL I just watched that Cramer clip. He’s almost choking up telling people to take their money out of the market if they can’t leave it in for 5+ years. I wonder what the net loss of all the people who have followed his financial advice the past 3 months is.
As of 11:05, most widely traded stocks are 5 to 10% off their lows, despite the DJI down 460.
I think WE HAVE SEEN THE LOWS and today WE CLOSE UP!
The mortgage problem is not the real problem…
The real problem is the 1 quadrillion dollar derrivitive problem…
The mortgage bailout is just a distraction, and not even a “warm up”.
People that couldn’t pay their mortgage, didn’t have the funds to have a home. People treated homes like a perma asset that never goes down in value. Meanwhile everyone thought they could live in excess and “keep up with the Jones’s”
That’s your idea, is it Fuckbailouts? That’s about the dopiest idea I have ever heard. In fact it’s so fucking stoopid I’m on he floor laughing so hard.
Do us a favor don’t come back here until you come back with a better plan.
Oh and fuck main street. They ought to count themselves lucky. They lived in good houses for a period of time and now they can go back to the trailer parks.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=1RZVw3no2A4
http://www.youtube.com/watch?v=GqIFoBXGizc
http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=1RZVw3no2A4
http://www.youtube.com/watch?v=GqIFoBXGizc
What’s wrong with the plan, Pig Dick Sucker J ?
Be SPECIFIC, you moronic asshole dipshitz.
Anyone know the lag for depression to appear on main st usa after market crashes? I’m thinking it show up in the latter 1/2 of 2009. Probably some signs in spring, particularly in troubled states like Cali & Florida, where the epicenter of the real estate bubble was. Nothing shows up yet in tristate area NY/CT/NJ
Todd Harrison
10:41:06 AM
position in qld, rig, wft, gld
Miso Horny?
As I sift through emails asking HOW and WHY I could be warming up to the tape for a trade, I thought it might be helpful to offer some muse in the blues (in no particular order, of course).
*
I understand the risks–we’ve mapped ’em for many years–and I’m not trying to pick a bottom, I’m simply attempting to pick my spots.
*
I’m typically early, which is precisely why I’m edging into risk rather than swallowing the whole bag of nuts in one gulp. Whether or not that means “Turnaround Tuesday” remains to be seen.
*
Not to mention “whether or not it works.” Remember, we spoke of two scenarios–the cancer and the car crash–and they’re not necessarily mutually exclusive. As John Maynard Keynes said, “markets can remain irrational longer than people can stay solvent.”
*
Still, I share my fare for those who care. For the first time in a long time, I’m scaling into long side exposure (QLD, Weatherford (WFT), Transocean (RIG) and a smattering of GLD puts).
*
Note the VXO, which is trading at 61. While we could crash (which, by definition, renders technical guides obsolete), the upside ducks are seemingly aligning in my crowded keppe.
*
Second leg in the bull costume–this makes 50% conviction on the long side. At risk is my capital and credibility, not necessarily in that order.
*
If and when we get the coordinated emergency global cut, you won’t be able to snatch risk. Hope isn’t a viable investment vehicle, we know, but seeing the scenarios is an important part of the risk assimilation process.
*
Gobble Gobble! I just got a cold call and the woman on the phone reminded me of the clerk at the airport at Planes, Trains and Automobiles. Seriously, I didn’t know whether to laugh or cry.
*
Lots to digest, Minyans, so keep your thoughts lucid and your energy positive. The greatest opportunities are bred from the most profound obstacles.
lol, you are RIGHT ON. But it’s more like a
$60 trillion problem, not a quadrillion.
So let the fuckin bankers, banks, brokerages and brokers GO FUCKIN BROKE while still owing that money to each other. Poof! DEBT GONE!
THAT solves the problem!
Todd Harrison
11:08:27 AM
No positions in stocks mentioned.
Webster Fall!
ca-pit-u-la-tion (noun):
1. The act of capitulating, or to surrender unconditionally or on stipulated terms.
2. To give up resistence.
So you say you wanna be a trader, eh? As we edge through this process of price discovery–the same one we’ve been warning about for months–the here is now in terms of capitulatory process. Remember Minyans, capitulation is when nobody wants to talk about it anymore. It’s when you poo in your pants (a.k.a the “diaper effect”). It’s when you don’t care where you sell stock–you just want to GET THE HECK OUT!
I’m not smart enough to know how long this particular process persists but I’m seasoned enough to smell fear. It’s here, baby, and it’s everywhere. Indeed, we’ve been eyeing VXO 70 for the last month and it seemed like a pipe dream. As I scribe this latest vibe, the VXO has registered a high tick of 66.30.
To be sure, there’s nothing magical about that potion. And the potential for continued forced selling exists, particularly if the counter-party credibility of credit default swaps evaporates. Still, crashes are–by definition–tail (outlier) events and while I’m on record saying that the probability of a global meltdown was much higher than most anyone else expected, the trader in me has flipped lids into these skids.
That doesn’t make it right, mind you, but all I have is my name and my word.
We got the second dip, consistent with what we were looking for this morning. I continue to operate with two legs in my metaphorical bull costume, or 50% conviction on the long side.
As always, I hope this finds you well.
R.P.
Jeff Macke
10:58:46 AM
No positions in stocks mentioned.
The Pain… The Pain
Greetings from New York where the market is sailing into the Heart of Darkness but I’m going to Pilates. Honestly, I may miss an opportunity but I least I won’t be tempted to call a bottom. We’re splitting today’s work into pre- and post-workout. Here’s what I’m watching in the former condition:
* Toyota (TM) is down 6% and 5 bucks. It makes sense but, wow, it’s somehow frightening when folks catch up to the stuff you’ve been scoffed at for thinking in the past. Another reason to work out: feeling my trades getting crowded makes me want to cover too early.
* Apple (AAPL) is almost 10-bucks below where it traded during the rumors of Steve Jobs’ demise. I’m not lending any credence to the rumor whatsoever (at gunpoint, the reverse would be true). I’m simply saying this; if you think “The Shorts” are out there making a killing by spreading false rumors I don’t think you understand how the world really works, trading wise.
* The Ag/Coal/USO names are shocking lower, considering how weak they’ve been going into today. Capitulation? Maybe, but again, I just can’t see any reason to be a hero.
* “Turnaround Tuesday”? Sure, this morning’s action is a perfect set-up. Heck, today’s action is a perfect set-up for Monday afternoon turnaround. That said, the trend is pure misery and cash simply couldn’t be a happier place to be hanging.
* I’m going to Las Vegas in a couple of weeks (tasteless though that seems now) for Mrs. Jeffmacke’s birthday. It’s a long-planned trip becoming tackier by the second. On the upside, near as I can tell and judging by the love being offered to my ‘not given to gambling much’ self by a resort I wont share (but is either Wynn (WYNN), Las Vegas Sands (LVS) or Boyd (BYD), my group is going to have the whole Mojave dessert to ourselves.
With that I’m off to do the much harder than it seems Pilates. Hey, do me a favor and try to fix the market while I’m gone, Ok? (I’m looking at you, Woo Woo.)
Jeffrey Cooper
10:51:50 AM
No positions in stocks mentioned.
Market Shock
With 1070 shockingly and convincingly broken within an hour, the next level to watch is 1005 S&P.
What’s wrong with the plan? It’s so gay, it’s wearing a dress and lipstick. That’s what’s so wrong with it.
If You Ever Wanted to See Capitulation, This Is It
By Rev Shark
RealMoney.com Contributor
10/6/2008 10:58 AM EDT
Click here for more stories by Rev Shark
Try Jim Cramer’s Action Alerts PLUS
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What we are seeing today is a very rare thing. This is what capitulation looks like. This is what happens when folks give up on the market and are so afraid that they want out at any price. You don’t see action like this other than at truly historic times, and that what this is.
That doesn’t mean you rush in and buy into the teeth of this decline, but the good news is that if you have cash, you are going to have some fantastic bargains to pick from. The bad news is that there is no way to know how long this will continue before we find a low.
I’m making a few moves in the ETF Shark newsletter, which is up over 5% this year and holding a lot of cash. When I hear the serial bottom callers given up today, I know that it’s time to start looking for plays.
If You Ever Wanted to See Capitulation, This Is It
By Rev Shark
RealMoney.com Contributor
10/6/2008 10:58 AM EDT
What we are seeing today is a very rare thing. This is what capitulation looks like. This is what happens when folks give up on the market and are so afraid that they want out at any price. You don’t see action like this other than at truly historic times, and that what this is.
That doesn’t mean you rush in and buy into the teeth of this decline, but the good news is that if you have cash, you are going to have some fantastic bargains to pick from. The bad news is that there is no way to know how long this will continue before we find a low.
I’m making a few moves in the ETF Shark newsletter, which is up over 5% this year and holding a lot of cash. When I hear the serial bottom callers given up today, I know that it’s time to start looking for plays.
You call that SPECIFIC J? You wife (or your homo lover) must, deep down, hate your unmanly, wishy-washy non-specific guts.
I brought this up a few weeks ago and you guys thought I was fucking nuts. But for a trade, the CME will fly on these rumors.
http://finance.yahoo.com/q?s=CME
But I can’t be gay, I’m a pig fucker remember?
Look dickhead I don’t wanna talk about it any more . it’s over shit for brains the bailout is done.
But I have to tell you again, it’s a very gay plan.
My first idea for social improvement is exercise bikes. One in every house, with an alternator attached. Everyone has to spend at least a half hour per day pedalling. The electricity generated goes onto the grid, and is metered. You get a tax incentive for every kwh produced in your home. We cut into our dependency on fossil fuels. Health care costs decrease as fat fuckers lose weight and quit smoking. Kids are in better shape and everyone has more energy to be productive. More time on the bike means less time driving drunk, hanging on street corners, smoking crack and robbing the neighbors. You sleep better and feel better.
That’s just one of my ideas. You can read the rest in my manifesto, when I decide to write it.
that was the wrong link:
http://www.cnbc.com//id/27044623?__source=yahoo|headline|quote|text|&par=yahoo
JakeGint, what do you think of an EEV short?
__
Charlie, at this point a small short might be prudent.
Just be careful.
_
http://today.msnbc.msn.com/id/26184891/vp/27045406#27045406
Cramer puking stocks on national tee vee.
If this isn’t at least an ST bottom, there never will be.
Not sure where the fuck my last post went, but check out the link above. I have been waiting for this news. The CME is the only player with the technology and infrastructure to handle this. CME is going up, regardless of the market conditions.
EEV puts are pricey, but you might want to look at some November “at the moneys” right now.
I am.
__________