“The Fly” is covering 90% of his shorts right here, right now, including all of his inverse etf’s.
With the proceeds, he wll brag about his 60% ytd gains and spit on homeless men on the way to his local eatery.
UPDATE: My selling is complete. At the present, I own small pieces, which are quite large for you pikers, of [[FXP]] , [[SKF]] and [[EEV]] . I will sell the rest tomorrow.
Again, I am not buying anything.
UPDATE II: I’m out of here. Off to eat some dead lobsters and shit.
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As I’ve said for the last two years:
The Fly is God.
Make a bid.
-DT
Can you please teach the Saints how to win?
60%, really? mmmmm, don’t know if i believe you
If the Saints knew how to win, they wouldn’t be the Saints
I can believe that.
unlike everyone else who brags after the trade without ever posting it.
Too bad i got out of SRS on friday itself. My 95 calls would have quadrupled today. Fuck that bitch.
Well played, Maestro.
It doesn’t matter if you believe me. You cannot match or stop my gangster.
Congrats
Did you close your inverse longs? FXP?
Now where is that cheeky (sic) little rally monkey?
‘Bout time.
______
yeah Jake, hope he doesn’t let me down like he did the Angels! Go Red Sox!
giggedy giggedy
It’s spank the monkey (rally) time.
OOps. Forgot to say Go Rays.
Congrats.
Now go out there and grab yourself some more RIMM. That shit is gonna rock when the Storm and Bold come our way.
Are we all watching the same tape?
Didn’t JJ (of PAL) fame short FSLR @ 100? Another 33 points and he will be even.
Mine says Dow -300…
http://consumerist.com/5060063/lehman-brothers-ceo-got-punched-in-the-face
Fly, where were you when this happened?
Fly..with all the risk u have been taking..60% is nothing..
instead of %, give us a dollar amount, relative to your overall portfolio size..plz.
Your calls have been on target, but I want to know some numbers as it is easy to make a lot of right calls without risking much.
Just go to gold now Fly.
DGP to get you to xmas.
Nice job Fly. Does this mean armageddon has arrived?
Keep looking me in the mouth and I’m going to spit fire on your ungrateful ass.
You smirking at me? The US Treasury needs to raise $1.5 trillion in the next 12 months to cover rollovers and new debt (says GS, if I recall). The world no longer has the wherewithal to provide that money, let alone the willingness. We’ve reached the point where it doesn’t matter whether housing bottoms.
“We’re all Iceland, now”
swan,
i forgive ur ignorance. Just take it from me that it’s at least 10 million dollar portfolio.
now go fuck urself. idiot.
this market is flushing. we just need some good panic. get the turkeys to cough up the goods. i’m 100% cash and waiting for the mercy bounce.
Fly keeping his powder dry pending the lifting of the short ban wed night …. if retailers panic and hedge hoggers short then he will employ his cash … JMO
Asking for real figures is taboo blackie. If you keep asking, your penis with fall off and land in a different dimension ruled by hungry dogs. Look at the Fly Buys section if you are dying to know.
No way they life the ban.
If anything, they will expand it to the market.
We are all Iceland AND former CCCP…
“Fly..with all the risk u have been taking..60% is nothing..”
60% is nothing??? What planet are you from?
are you saying my triple invesrse shorst I just bought from you may be too late. shit
No they will lift the ban but reinstate the uptick rule …
Viz
60% of nothing is nothing. 60% of something is definitely something.
LOL, congrats on having half the returns i do…oh and i’m fully transparent…u got nothin
another 4% down day… yawn.
I’m like a heroin addict now. I need to see the market down 10% to get any excitement.
Congrats, Tim. Didn’t even know they’d released you from prison.
http://www.nndb.com/people/483/000027402/erik-menendez-mug.jpg
Sykes: fuck you.
Ole Timmy stuck it to you FLY….
Before:
http://www.nndb.com/people/483/000027402/erik-menendez-mug.jpg
After:
http://www.timothysykes.com/wp-content/uploads/2008/04/z1.jpg
Anton,
But don’t we all have a prison photo from our haunted pasts?
Tim, lets get together again, (wink)
I like the before better….less cheeeeky….
Who wants to be the next sucker to call a bottom here?
C’mon, DevilDog and Jake gave it a good shot, who’s next?
This is fun.
Just thought I’d share this pic I took the other day.
http://cache.gawker.com/assets/images/4/2008/10/depression.jpg
I enjoy a good bottom from time to time
I also enjoy being a good bottom from time to time
AVAV buy stock keeps bouncing off 30
in @ 30.25 stop out @ 29
Later
I’m also a good sucker.
What I meant to say was I bought AVAV 30.25
80% cash but I’m picking at names I like.
Ahhhh,
They seemed to be using a gay-enhancing filter for the “after” shot.
Same one they use for Anderson Cooper.
Oh that ACORN is such a wonderful organization…
“It’s not the first time ACORN’s been under investigation for irregularities in registration records.
In 2006, ACORN committed what Washington Secretary of State Sam Reed called the “worse case of election fraud” in the state’s history.
In the case, ACORN submitted just over 1,800 new voter registration forms, and all but six of the 1,800 names were fake. “
Need to finish at the low for any decent bounce tomorrow.
Anybody else long UYG?
timmy didn’t stick shit. fly is running about 100x the money that timmy has.
big difference between navigating a battleship and a canoe.
Question- Where are the women in the Flomax commercials or are they gay (not that there is anything wrong with that)?
Am in UYG from the 13’s.
Aris
+1
Bought some financial services stuff for my IRA- to be executed at the end of the day. May sell tomorrow at the end of day.
Did I actually hear Vince Farrell say on CNBC that he was not going to try to call the bottom anymore?
That must mean we are close.
Jake, you mentioned the RBS preferred a while ago. Are you doing anything with them? The T is down at the lows right now.
TH,
Me too. And at 12.50 & 12.30.
Please sign my petition to Ben & Hank for direct investment into UYG
Aristotle,
Go suck on a donkey’s titty..u shithead sucker.
Swan
Congrats Fly. Monster year so far.
Bk of Amer pfds @ 18% and GE common @ 6% yield…are you kidding me!! Stoopid (sic) cheap!!
blackie, why don’t you go back to Motley Fool where you belong.
BTW, that’s not my mouth you’ve been looking in.
Wow…S&P gets a 9 handle. Crazy.
Yea!!! We broke down through 1000 on the S&P! Just what the fuckers wanted. Now lets all go eat goat and die.
For those who saw yesterday as a buying opportunity, imagine how much better the buy looks tonight.
Maybe they can forget about using their hands to catch the falling knife, and just catch it in their teeth as long as they don’t have to say anything more about oversold.
The dollar and cash is where its at.
AA’s been halted.
“Off to eat some dead lobsters and shit.”
Fly, tell me, how does shit taste?
AA .33 vs .54. is that good news?
Misses on revs too. This could be bad, when/if they resume trading.
My prediction of people jumping out of windows in the next 6 months still stands.
Jake, you mentioned the RBS preferred a while ago. Are you doing anything with them? The T is down at the lows right now.
I got a half position at $6.05.
_____
Good work FLY,
Anyone looking at PFIZER INC..Its been blasted.
Fly,
Any ETF for medical and or Pharma ?
PPH- Pharma etf
IBB, BBH- biotech etfs
BBH is mostly DNA stock
XLV-Pharma and Health care etf
You people need to stop being so negative. I mean look on the bright side. If the market keeps dropping a 1000 points every few days, we’ll be at zero before October 31st. Then we won’t have to worry about stocks any more….. Just some food for thought. 🙂
Time to go 200% short.
AA back to trading; here comes the poleaxe.
Needle Dick:
That video ( http://www.youtube.com/watch?v=q8hjUei-Nwo ) should win Best Documentary. McPain might even be able to understand it.
This volume is funny, so light.
Let’s see what tomorrow brings.
-DT
Jake Gint-
You should have stuck with me, old pal.
I’m still utterly disappointed in your transgressions, but feel certain that mother market has showed you the error of your ways.
Nice video,
Got that one last week. Laughed my ass off.
I’m out of here. Off to eat some dead lobsters and shit.
Good thinking.
The lives ones are way too mean and pinchy.
_______
From OEW earlier today:
“Since 1932 the maximum percentage of retracement, after a multi-year bull market was 68%, unless the bull market was ending a larger wave structure. This happened twice: during 1942, and during the crash of 1987. What this implies is that the recent five year bull market should not retrace more than 68% of its gain if it is to remain the start of a supercycle bull market. If it does, it is likely an indication that 2007 was the end of a larger structure. And the super bears might then be correct.
The important consideration at this point is the depth of the retracement of the recent bull market. Based upon this historical 68% threshold, the DOW should [not] drop much below 9,438. If it does, the super bears may be right. The low yesterday was 9525.”
Memo: I added the not as I believe that was the author’s intent … note also that the low today was 9437 … do we gap up tomorrow or does this turn out to be a super bear?
Anton,
In your “website” box, you should put one of these images, so people know who Anton Cigur really is.
__
Wood,
Remember, I started buying at 3, and then 3:30 yesterday.
I fully expected a test of yesterday’s lows. I got some more at the close tonight.
I’m fine, pal, but thanks for your concern.
______
Follow up with todays summation:
“Posted earlier today a potential long term alternate count that could possibly define what is occurring in the markets today. The DOW immediately responded by running right into that 68% bull market retracement level nearing the close. Should this market continue lower we could be dealing with a whole different kind of bear market. SPX 1061 is an important long term support level. This was the low of Primary wave IV in 2004. With the break of this level yesterday, and the follow through today, the SPX is now trading at levels not seen since 2003. The next important support level is at SPX 961.
Support for the SPX drops down to 990 and then 961, with resistance at 1018 and then 1031. Short term momentum is oversold with another positive divergence, and the near term indicators remain extremely oversold. Tomorrow Pending home sales at 10:00.”
I hope it works out for you Jake, I really do. I would not wish ill towards any here, except for maybe one or two characters.
However, I still think what is going to happen is going to be worse than anyone can imagine. Be careful…
Jake,
When you’re right, you’re right. Today I didn’t have much conviction in a further slide to the downside, at least for the day, so I tossed a coin and went long just a bit. And lost. So I felt this was appropriate.
Victory indeed.
Who stole my cheese?
Marty Chenard on capitulation:
http://www.stocktiming.com/Tuesday-DailyMarketUpdate.htm
Anton,
I like that scene, but I’m not sure that shot captures “the man” as accurately as those others.
Still, your choice.
_____
Jake,
The surprise, confusion and uncertainty that registers on his face is appropriate, if just for the day. The other shots you reference are for better and worse days ahead.
Must agree with Wood that what comes next could be worse than anyone expects.
GLORC does not seem appeased, even after the sacrifice of several million bulls.
Karen Tso on CNBC Asia is making me hot. She makes Armageddon enjoyable to watch.
VICTORYYYYYYYYYY!!!!!!!!!!!!!!!!
GLORC shall rise and bestow her blessings in so many different fucktarded ways that your hair will resemble a permanant mohawk when she is through.
And he wh is called Woodshedder shall be deeply tanned unto one side of his face only …
___
Yeah, and verily I say unto thee…
GLORC shall come unto ye, and ye shall be reborn as a small donkey, or burro, or even yet, a peccary, with no more care for the world than your next obsidian truffle.
And I say to you now, suffer onto me the small banks and lending institutions, the corner check cashers and pawn shops. Let them drink of the glorious fountain of GLORC and be renewed in her bounty.
By thy mercy.
Ah-men.
________
Can we trade Becky for the Australian chick? I love her accent.
My sources tell me there will be a surprise in the morning by Ben & Co.
Zen — here’s the thing, her mouth moves too much. It’s that damn accent. She can’t help it.
______
Whats the surprise Zen ? That Ben Bernanke will announce his resignation and flee the country ? Nothing Ben, George or Hank can do will save us now. Its all over. Time to put the pistol to the temple.
Speaking of pistol to temple, we need to get a wager going on who the first major executive to commit suicide is going to be ? Dick Fuld seems to be under a lot of pressure. Perhaps he’ll succumb to the pistol in mouth exit strategy.
There are those for whom the glass is always half full.
Others for whom the glass is always half empty.
And finally a handful of others for whom the glass is always half eaten.
I don’t know why you hate Kass so much. What he said today(thanks Juice) is exactly what I have been seeing. It’s even more true today because hedge funds can’t short banks so they head over to the futures. They are not buying overpriced bank puts as the CBOE Option Equity Put/Call Ratio has been showing.
New, updated Stock Market Terms & Definitions.
http://desertpeace.wordpress.com/2008/10/07/new-stock-market-terms/
CEO –Chief Embezzlement Officer.
CFO– Corporate Fraud Officer.
BULL MARKET — A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET — A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.
VALUE INVESTING — The art of buying low and selling lower.
P/E RATIO — The percentage of investors wetting their pants as the market keeps crashing.
BROKER — What my broker has made me.
STANDARD & POOR — Your life in a nutshell.
STOCK ANALYST — Idiot who just downgraded your stock.
STOCK SPLIT — When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER — A guy whose phone has been disconnected.
MARKET CORRECTION — The day after you buy stocks.
CASH FLOW– The movement your money makes as it disappears down the toilet.
YAHOO — What you yell after selling it to some poor sucker for $240 per share.
WINDOWS — What you jump out of when you’re the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR — Past year investor who’s now locked up in a nuthouse.
PROFIT — An archaic word no longer in use.
Anonymous- Kass is talking his book.
There are 6,000 other securities out there that are able to be shorted.
Hedgefunds are getting margin calls, and redemptions. Are they shorting the futures, too? Sure.
I can’t believe we are staring down the precipice of the largest financial disaster since the Great Depression and the people who were supposedly bears are the very ones right now with their necks out getting ready to have their heads lopped off by the guillotine.
Frankly, I am utterly disappointed by the fact that even the bears are too scared to profit from this collapse.
Please observe that Vincento has caused the Name field to copy the last poster’s name.
I only commented on the Aussie chick.
Wood, get a grip. We’ve made plenty on the bear side.
There are rallies to consider, however.
____
They don’t make ’em (bears) like they used to.
The market will continue down over the next year, but we’ll see a big bounce in the near future before then. I’m with you JG, I shorted more EEV today at 152 after being stopped out at 141 mid day.
Wood,
If the FED came out tomorrow and guaranteed everything under the sun, would this still be the greatest financial disaster since the Great Depression ?
What we have here is a credit crisis. Banks are scared to lend money because they don’t trust anyone. All the government needs to do is step in and guarantee EVERYONE.
Example : Joe Blow goes to the bank for a home loan. The government guarantees the loan. The bank lends Joe Blow money for his Bullshit McMansion. Thats how shit should work. The bank doesn’t mind lending since if the loan defaults the government will eat the loss. The bank however needs to be prudent in its lending and take the steps to verify that Joe Blow is credit worthy and has the means to pay the mortgage. Government agencies already guarantee stuff like SBA FHA VA loans. They need to do this with every type of loan. That way banks will lend again.
And the Fed must only inject liquidity into banks in order for them to lend out that money. Banks cannot be allowed to hoard up the liquidity supplied by the Fed. Any bank found guilty of hoarding up liquidity via the Fed will have their upper echelon arrested and executed via firing squad. Ok maybe thats a little too dramatic. But the Fed needs to make sure this liquidity is reaching the end user.
FIX UP THE HOUSING MESS
A simple solution to fix the housing problem would be no appraisal refinances. People in ARM loans which are adjusting to much higher rates are in danger of losing their homes because they cannot refinance to lower fixed rates. They can’t refi because the appraised value of their property is too low. The Government needs to guarantee these loans and allow no appraisal refi’s. This will cut foreclosures by over 50% and stop the decline in property values.
This crisis is all about the availability of credit. The government needs to step in and make sure credit is available to all. Guarantee everything and the credit system will unfreeze.
Wood, hedge funds control the futures. They are the most levered product out there.
Jake, we will never have another rally, it’s ovah!
For behold, Bilderberg will come with fire, and with his chariots like a whirlwind, to render his anger with fury, and his rebuke with flames of fire.
Paulson can fix this, he has an awesome set of tools! Teh heh.
I’m going to have to put up a post with my thoughts and a rant.
Hope it contains visual aids and profanity.
Don’t worry Anton, that’s not a problem.
What we have here is a credit crisis. Banks are scared to lend money because they don’t trust anyone.
CAP, the reason the banks don’t trust anyone is that they know that the root of the credit crisis is an asset-valuation crises (aka an insolvency crisis).
The government guarantees you favor would help with new lending to solvent businesses, but cannot cure the insolvency problem within the financial industry.
The financial industry lent massive amounts of money for overvalued assets, and then bought/sold/insured securities based on those loans. Increase leverage, repeat.
The unsustainable asset prices have been falling and the securities are now so toxic that a large portion of the financial industry are walking dead. Insolvent. The condition is not always apparent, however, because the securities are opaque and the book valuations are fictional.
When the problem is insolvency, you can’t unfreeze the system by providing confidence.
CAP wrote:
Property values are falling, because loose credit standards, fraud, and greed drove prices far above historical norms versus equivalent rent and household incomes. It was a classic bubble, and there is no sense trying to re-inflate it.
I’m an internet fukctard and I need the damn edit function.
CAP wrote:
<The Government needs to guarantee these loans and allow no appraisal refi’s. This will cut foreclosures by over 50% and stop the decline in property values.
Property values are falling, because loose credit standards, fraud, and greed drove prices far above historical norms versus equivalent rent and household incomes. It was a classic bubble, and there is no sense trying to re-inflate it.
Cap,
Hate to tell you
1) the Feds can’t afford to back everyone
2) mortgages have been split up in many pieces
3) no appraisal mortages are essentially what got us here
You can’t buy confidence or love
well maybe love
Combine the central banks, and they have just about all the gold silver, and currency in the world… And they can print dollars at will that people actually value. They can back every single person. Heck they can purchase entire governments…
and maybe they already have?
Ottnot,
Most of the assets your are speaking of is real estate related. But many CDOs are already trading at 10-20 cents on the dollar. Merrill sold 11B of CDOs to Lone Star at 22 cents on the dollar back in July. And that was a firesale price. Lone Star is likely to get a 50-100% return on their investment over the next 2-3 years. If the market for an asset is extremely illiquid, you can have big price dislocations which is what has happened in the CDO/MBS market. Banks should be allowed to price these assets as if they were holding it to maturity. They should not be forced to mark these assets down to current ‘market value’ because the market is extremely dislocated and current prices are negatively distorted to the extreme.
Home prices are another example of price dislocation. I have seen numerous examples of homes selling for 20-30 even 50% below their replacement cost. i.e The cost to construct a comparable house in the area. Other than replacement cost many homes I am seeing would annually rent for more than 10% of the sale price. e.g. a $200k home that would rent for $20k per year. In real estate anytime you see a situation where the house that rents for 10% or more of its market price, its undervalued. I have see cases of $100k homes renting for $15k annually. This is ridiculous. I have recently picked up some real estate where I am getting a 25-30% cash on cash return. These are deals of a lifetime. I don’t give a rats ass if RE prices keep falling. I will just buy more. If I getting a 20-30% return on my money who gives a crap what the underlying value of the asset is.
Bad News,
The FED can afford to back everyone. They have unlimited funds. They can always create cash out of thin air. The whole US financial system is based on confidence and credit. Without those 2, the fair market value of every US corporation is $0.00