All of you are staunch communists and you don’t even know it. You’re over there, in your bullshit office, sitting in your bullshit chair, wishing and praying for the Fed to buy commercial paper. What the fuck is wrong with you (“The Fly” is talking to you, directly)?
So now the Fed is going to take tax payers money and buy Caterpillar Inc. [[CAT]] bonds? Great.
After this uber recession is over and done with, our government will own the entire banking industry and everything else, via commercial notes. Don’t you see the writing on the wall?
Answer: of course you don’t, because you’re an idiot.
By the way, the strong dollar is God smacking the U.S. economy, amongst others. Ever since we’ve been “enjoying” a strong dollar, commodities have been getting gorilla raped, and our exporters have been merely ape raped. Also, keep in mind, much of the ‘global growth story’, that you morons were espousing, relies on commodity driven economies, such as Russia, Brazil and many pac rim players. In short, the strong dollar may not have caused the slowdown, but it definitely accelerated it.
Or, one can make the argument that we never really recovered from the 2000 collapse. The temporary rip in the markets (2004-2007) was a direct result of a commodity bubble, caused by an insanely weak dollar.
You decide. I could careless.
A great man once said: “My feelings, as usual, we will slaughter them all.” Everyday, I wake up to these words of wisdom. Senor Tropicana will continue to slaughter them all, each and everyday, until his fucking brain explodes and/or his arms and legs get ripped off from his torso.
Unfortunately, I have a business meeting to attend this morning and will not be able to clown around with you pikers, until noon-ish. In the meantime, just know, I have every intent on selling short this jerk off market until the goats come home.
Yeah yeah, whatever, has anyone looked at FTK lately. Holy Shiite muslims.
Better Red than Dead.
This piker is in his bullshit bed. The dollar though won’t go down as long as $ flows from the Euro to the USD.
Strong dollar cannot continue.
Only few cashing in to continue the downward path.
Uh oh….
http://www.foxnews.com/story/0,2933,433762,00.html
SRS on any gap closure btw 95-100 … I’ll be taking some near here 101.
you beleive that contractor?
I buy UYG @ 14.22
THERE’S BLOOD IN ME!
http://www.msnbc.msn.com/id/27053712/
Fly:
This is quite an unusual rant even for you. The dollar went up a little, so what? At least in a sense it’s the only free market allowed to do its thing these days…. and now you’re bagging FX strengthening the dollar. Get a grip.
The Dollars strength get be put down to the following:
1. A market that was terribly short of the Dollar for years
2. A market blindsided by the weaknesses exposed in the other economies. (Recall that was only a few years ago when Europe was considered a shit heap. Guess what, it still is.
3. A massive TARP bond raising scheme that is going to suck out every last dollar of savings from the world.
4. Very high short term interest rates in US dollars.
Lets understand something here, for the US to go down, it must mean the other currencies are going to go up. Europe is a shit heap of losers. So what really is the competition?
Get a grip flymeister.
Fly, I can’t believe you broke out with a Muhammed Saeed al-Sahaf quote. For the love of God I shot coffee out of my nose…..I haven’t thought about that guy in ages. Link to more greatness below.
http://www.welovetheiraqiinformationminister.com
We’re just seeing profit taking from yesterdays’s lows, IMO.
I’m also adding UYG here.
AAPL? that was a quick roll over
GOOG -4%?! Any news?
Welcome to Hell.
Elevator Down.
Ding ding ding…Your ride is here.
Woodshedder bottom is in, thanks.
Pull the trigger NOW !
Market will close up today. The open and current activity are nothing like yesterday.
sold SKF @ 127, added more UYG@ 13.60
Stopped out yet?
market will finish in the green today
Donny, thinking about UYG asap
This is gonna be the most awesome Facility, ever. Just you wait and see.
Bellview has a nice facility.
… and so did the old Cleveland Municipal Stadium ( old Browns and Indians Stadium) and had a very nice trough to do business in.
“the insane little dwarf Bush” another quote from Iraq
Bennet Sedacca
09:31:01 AM
No positions in stocks mentioned.
Welcome to Another Fed Interruption Day
I am not sure how many more of these I can take. Please don’t take this as whining, as I am not short Spooz and not getting hurt by this.
Some may say it is ‘proactive’ and needed and a savior by back-stopping the CP market. I see it as another desperate measure during desperate times.
Simply put, the Fed cannot back-stop everything. They don’t have the money-plain and simple. They are impaired, saddled with hundreds of billions of dollars of nuclear waste they inherited from banks and brokers. The loan to AIG (AIG)? That was a joke as well. They had to get an ’emergency injection’ from the Treasury, who too, by the way, is impaired.
Will stocks pop? Maybe, maybe not.
My suspicion is that the ‘pain trade’, the one that hurts the most is lower, not higher.
Credit spreads are not tightening, they are widening.
LIBOR is still not behaving.
Risks remain high. Very high.
Todd Harrison
09:21:39 AM
position in qld, rig, wft, yhoo
The Jedi Mind Trick!
Alright, so let’s see…
I spent most of yesterday–and the better part of this morning, starting at 4:00 AM–fielding phone calls and emails from concerned friends and family as the point of recognition arrived like a clap of thunder. Evidently, some high profile pundits were screaming from the rooftops that the end was near and everyone–regardless of risk profile or time horizon–should immediately sell everything.
Minyans know that we’ve been monitoring the cumulative imbalances for years–they know we take pride in our name and our word –they know that, above all else, we care.
As discussed yesterday in real-time on the Buzz–and summarized in this morning’s missive–I’m hanging with Hoofy for a trade. I’ve done this twice during our steadfastly bearish stance since last October–into the Bear Stearns abyss on March 17th and again on July 16th into the heat of the summer meat–and I will again draw the distinction between picking a bottom and picking spots.
I continue to believe that we’re in for a long hard road, a prolonged period of socioeconomic malaise. As a trader, however, I’m less concerned with the ultimate destination than I am the path that we take to get there. My sense–and this is one man’s humble opinion–is that the palpable fear will trigger a lift at the expense of the dollar as the other side of our wishbone world gains mindshare.
As I sit here and scribble my dribble, the pre-market futures are selling off in response to the lack of action by the Federal Reserve (everyone, including yours truly, is anticipating a coordinated global rate cut. Australia sliced a full percentage point overnight and I’ve heard chatter that the rest of the world would do the same).
Instead, and keep in mind that this is real-time stuff, the Fed will purchase commercial paper through a new special unit (don’t you love that they can change the rules in the middle of the game?) and the U.S. Treasury will make a deposit with the Fed to fund the unit.
I’ll be honest, I was looking forward to a weak opening to add back some exposure (I know, be careful for what you wish). Having put two legs in my bull costume yesterday (50% conviction on the long side), I removed one leg (25%) into the 55 handle rally off the lows (20 handles above my cost basis). Discipline over conviction, as we like to say.
With that said, I enter today’s fray with some QLD (double secret QQQQ), Transocean (RIG), Weatherford (WFT) and yes, my core, small Yahoo (YHOO) calls (help me, I’m drowning) and I’ll trade ’em with trailing stops and hat in hand. The drillers, so you know, remain my preferred space for rental exposure.
But this isn’t about “me,” it’s about us, and in that vein I’ll share the following.
One of the smartest folks I know said to me this morning “A sharp rally is the last thing we want to see–it’ll suck in the masses and set them up for a really big fall.” Perhaps, but as I said to him, “I learned a long time ago never to let an opinion get in the way of making money.”
There’s a lot of trading left in the session, Minyans, so take a deep breath and let’s enter the session with positive thoughts. Profitability, as we know, begins within.
this rally is lacking in conviction.
Add Congressman John Mica, the lying piece of pigshit to the long list of CRIMINALS who should have the piss pounded out of ’em-like Dick Fuld should. As I said on a prior thread
Dick Fuld should have the fuckin’ snot beaten out of him, have every fuckin’ penny taken out of all his bank accounts, have every one of his fuckin’ homes taken away, and be forced to panhandle on the street for dimes so he can buy a DOG FOOD DIET for the rest of his miserable, lying, cheating, overpaid life.”
And the above should hold true for every big bank officer and crooked broker and hedge fund manager AND Congressman who FALSELY puts the
blame for this on Fannie-Freddie and low income niggers who were DEFRAUDED into buying a home they couldn’t afford via adjustable rate loans.
We need a fuckin’ Mao Style PURGE! And let ALL those banks and brokers fold as we watch
the $60 Trillion in debt they owe to each other VANISH – without taxpayers putting up ONE DIME!
Vix is freefalling…Buy something.
“In the third millennium after Jmmanuel’s (aka Jesus) birth, the woman will rise to become the mother of the millennium. The woman will exude gentleness, love, harmony and peace of the true mother, and will be the perfect beauty and love after the ugliness of barbarity and the death-bringing wars. And the teaching of the prophet will contribute much to that end, whereby the new time in its evolutionary path transforms into a time of ease, in which human beings will sincerely and truly love and share, dream together and make dreams come true. And when this second birth becomes reality for the human being, thoughts and feelings and the head will get hold of the majority of human beings who, in loving their fellow-human being, are altogether one. That will be the end of barbarity, the end of wars and the end of evil. A time of knowledge and wisdom will dawn, and bring near to human beings the true meaning of life, which the prophet of the new time will unwaveringly teach and carry into the world, in spite of treacherous attacks on his life.”
“I can say, and I am responsible for what I am saying, that they have started to commit suicide under the walls of Baghdad. We will encourage them to commit more suicides quickly.”
OR
“they are nowhere near the airport ..they are lost in the desert…they can not read a compass…they are retarded.”
Donny buy BAC @ 27.27
Donny buy URE @ 17.50
Donny be good…Donny be good…be good Donny….
Donny,
I hope you catch the handle. Down we go until the magical day of GLORC[sic]
Fly I am up around 45% on SRS, is it time to take some off?
Don’t forget to ask Fly how many sheets of toilet paper are needed to wipe your ass….
This is as bad as is gets…until it gets worse……
James Altucher
Rumors of INTC going for NVDA
10/7/2008 11:45 AM EDT
Hearing from several different sources of a $12.50 INTC bid for NVDA. I don’t like playing on rumors but I’m buying some NVDA here anyway. $7 stock with $3 in cash and no debt. I also think if INTC bids $12.50 for NVDA they won’t take it. NVDA has seen several boom-bust cycles and I doubt they would want to sell at a trough.
Even if there is no buyout and EPS estimates come in a full 50% lower than the average Wall St estimate, the stock is still trading at a 12 forward P/E once you back out the cash so I think there is a lot of margin of safety here.
That RBS preferred trade is out there again. I am shooting for 6.50 this time.
Caution– this one is DEFINITLEY a game of musical chairs!
______
Bottom for the day is in right here. Mark it down.
in todays Gartman letter, Gartman is starting to look at getting negative commerical real estate..SRS looking good
Our Capitalists have fucked up so badly, and for so long, that I’m all for giving the commies a chance. Let’s socialize some fucking profits for a change.
Lol…Gartman is STARTING to get negative commercial real estate!…
watching the NVDA to see how it acts. could give you a nice pop if the rumor really gets out there
Does one have to pay for Gartmans late advice?
Bennet Sedacca
12:04:26 PM
Position in FITB, MS options.
Credit Market Update
A few notable events today. They are, in no particular order of importance:
* The preferred market is CLOSED. Notable losers include National City (NCC), Fifth Third Bancorp (FITB) and Keycorp (KEY) with yields in the 20% range.
* Countrywide paper screaming tighter as Bank of America (BAC) (as if it didn’t have enough problems) decided to fully back $21 billion of debt that was trading 30 points lower. (Its preferreds doubled today).
* Companies thought to be highly reliant on commercial paper (General Electric (GE)) are tighter.
* Autos are bleak and trade like they will all be goners.
* Morgan Stanley (MS) paper trades an awful lot like Lehman did prior to its issues.
* Goldman Sachs (GS) is wider along with BAC.
All is well? Not.
..its around $500/m …he is a chaser for sure…he has got some sheep that plow into his stuff
Is any NVDA merger good for INTC? INTC has pretty much been + all day and I am curious why?
how’s that bottom looking now? It’s starting to look like the fucking ceiling from over here.
DevilDog says:
“Bottom for the day is in right here. Mark it down.”
Woops!
Jesus Christ on a fuckin crutch, bought more UYG @ $13, this is getting old.
He meant……mark it…..NOW
hehehe that would be funny if it turns out to be true
Oh why has GLORC abandoned us, Jake?
Sorry, half hour early. Shaking out weak longs before benny and the jets take the stage. No problem my MON is long and strong.
WASHINGTON (Reuters) – “A former chief executive of American International Group Inc (NYSE:AIG – News) defended the insurer’s risk management but said looser accounting and curbs to market short-selling could have saved it.”
That has got to be the quote of the day.
This old fucker is saying, “Let us cook the books, and don’t let anyone sell our stock, and we will be saved.”
LMAO.
sso
Kass: The Tail Might Be Wagging the Dog
By Doug Kass
RealMoney Silver Contributor
10/7/2008 11:59 AM EDT
URL: http://www.thestreet.com/p/newsanalysis/investing/10441088.html
The following observation is a thin-reed one and admittedly non-rigorous, but it might be more important than a lot of my fancy analysis and logic.
For what it is worth, this is what I have been seeing in the last week — and, quite frankly, it makes me more optimistic.
As readers know, a constant theme of mine has been that the vortex (and continued supply) of selling from the hedge fund liquidations would serve as a significant headwind to any meaningful market advance.
Beginning last Monday, I began to see a number of big hedge funds in the S&P 500 futures pit, boldly selling futures to hedge their core long holdings. As the market dropped precipitously on both Friday afternoon and Monday afternoon, they got ever more aggressive — according to my sources, more aggressive today than at almost any point in a decade or more.
If my observation is correct — and we will get some sense of this on Friday afternoon when the size of the professionally hedged S&P futures positions are released; our thesis will be proven correct if there is a large increase in open interest — it will be proof positive that those hedge funds are now shorting the hell out of S&P futures in order to hedge their cratering longs. Indeed, some of those hedge funds might now even be overhedged and short S&P futures, as it has been working.
This strategy is a classic tactic one sees at panic/capitulation lows as hedge-hoggers sell short what they can sell easily — the S&P futures market is deep and liquid — while they retain what they can’t sell easily (i.e., large blocks of individual equities).
I have always been concerned about where the marginal buyer would come from, especially with the SEC ban, and, again, if I am correct, the momentum of a rising market into the all-important year-end could now cause a reverse panic to the upside as hedge fund managers that have overhedged their portfolio with futures buy them back and cover their positions just as fast as they sold them short.
Indeed, it is quite possible that those managers could lose both ways — on the upside on their short futures positions (which some have overhedged because it’s been working!) and as their core holdings fail to perform in line with an advancing market.
That’s what I see happening recently in the S&P futures pit, and even if I am only half correct, those hedge-hoggers could be on a sinking ship without a life preserver as the stock market might have bottomed under the weight and intensity of their aggressive short selling of S&P futures.
In summary, investors and traders might now be looking for the answer to the market’s recent drubbing in all the wrong places. The fundamental news is bad, but this is known and is arguably being cured by public and private sector initiatives. Rather, it could be that the recent behavior of hedge funds — namely, their imperious and aggressive shorting of S&P futures — is even worse than the fundamentals and might be a root cause for the precipitous market drop over the past 10 days.
Accordingly, my investment disposition is now turning sunny.
Kass must be in quite the hole by now…..
Did you really think we were going to rally with Donny on board? As soon as I shake him out we will go higher.
Poof!
There goes Donny’s bullshit hot streak.
TraderCaddy, NVDA does what INTC wants to do in graphics.
Fuck you son!!
Merlin … you and other knuckle dragging, fuckfaces, are mashing my balls presently, but make no mistake, I will win … I will win you fucker!
Fly,
Great call on SRS below $85. Well done.
-DT
Donny,
Those OTB gains have no home.
On the bright side Vince Ferral[sic] likes the risk reward of getting long stocks right here right now.
Dick Fuld was knocked out by Jefferson Krull….part of the Slap Party.
Longs shouldn’t worry ,but the shorts should get nervous. After all, it’s turnaround Tues. and Cramer is a raging bear. What more does one need?
http://www.businessandmedia.org/articles/2008/20081006150152.aspx
Bot UYG @ 12.81. So what happens if they roll up the Euro and go home? OK back to work.
Jake bot RBS preferred (T’s) at $6.05!
That’s fekkin’ crazy me Scootish Droogs!
Eff’n they Limey fooks let the pride ooh Scootlan’ doon, they’ll be shettin’ theyre taith in nooo time!
________
Jake buys SSO.
Jake Buys QLD.
Jake buys UWM.
God help Jake. (And GLORC, too).
_______
Anyone not see the falling of LVS, and WYNN comming? Who thinks its the bottom? NOT ME!
Why is the market fragulated after all that Ben and company are trying to do? Because, basically, we dont trust those gull-dang guys…
Sorry, Jake.
Only helping my 10% tither subscribers these days. You’re on your own.
PS: You masturbate too much.
Jake,
u r a funny guy even when u r in a hole.
God sez:
Only helping my 10% tither subscribers these days. You’re on your own.
PS: You masturbate too much.
I thought we had an “arrangement?”
You know, I do the extra 200 bps on the 10% “vig,” and You, y’know — “look the other way” — in regards to the asturbation-may?
Then stop calling out my name at your “moment of capitulation.”
Don’t ever bet on a sure thing. Don’t ever forget this.
The Fly wins again. So sorry.
aristole-
Funny how? How funny? How am I funny? Do I amuse you? Do you think I’m a clown?
Funny how?!!!
“Am I your clown?” — I believe is the proper Pescian query.
If you’re going to steal my name, get the quotes right, capice?
_____