Today was the longest trading day of my career. I can’t take this shit anymore. Down 700, up 300, back to down 200; this is madness. Oh, scratch that, this is Wall Street, home of the idiot.
The carnage in the energy sector is a direct result of prime brokerages blowing out bullshit hedge funds. National-Oilwell Varco, Inc. [[NOV]] , Transocean Inc. [[RIG]] and Exxon Mobil Corporation [[XOM]] have pristine balance sheets. They do not belong down here. Consider these prices a gift, despite the fact that the gift keeps giving.
The assholes at Moody’s need to be imprisoned and charged with conspiracy to destroy America. How can they threaten to downgrade Morgan Stanley [[MS]] and Goldman Sachs Group, Inc. [[GS]] , after getting it wrong for the past, oh I don’t know, forever?
The good news, at least for me, my largest position, [[UYG]] , closed up. I have been buying, while feeling like killing people, all day long. God willing, I will be rewarded for my courage, sometime soon.
Today’s buys included: General Electric Company [[GE]] , The Mosaic Company [[MOS]] , [[UKK]] , Apple Inc. [[AAPL]] , [[UYG]] , Citigroup Inc. [[C]] , Transocean Inc. [[RIG]], [[TBT]] , [[ROM]] and Exxon Mobil Corporation [[XOM]] .
For the love of God, our moronic leaders need to secure inter-bank lending ASAP.
The grounds have been sewn for a massive melt up. Now we have to pray something “exogenous” doesn’t fuck things up Sunday night.
UPDATE: As you know, the Godly folks from iBC are scheduled to launch “The PPT” on 10/28, providing I am still alive. If you are long, you will happy to know our stock ranking models now have sell recommendations on all inverse etf’s
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lol at first sentence.
Fuck you, shorts. You’re dead.
UYG is also my largest position. I like that UKK buy.
Damn these Jesuits
the ETF basket of INSANITY!!!
UYG +1.07 (+12.72%)
UYM, ROM, EEM, UKF, SLX, DIG, KOL, TAN
Fly, How long are you planning to hold UYG? I’m looking at holding this for over 12 months.
Eventualy people will realize how stupid and useless Moody’s is. I have been buying NOV CSCO MSFT and WFC all day but had to buy puts on Moody’s, I hope they go to $0.01.
Looks like I was right about the rocket – just a little early!
Guess that offsets my prediction of DOW at 11,300 by today (maybe I meant 1,300?)
Mike
I feel like I have been in a week long bar fight.
Wow that was a crazy day. Lets hope we don’t see days like this ever again in our lifetimes . My heart rate must be 300.
Nice work Fly. Well done.
I am hoping this was “the bottom.”
If so, UYG will stay in the portfolio until I am an old man.
“If so, UYG will stay in the portfolio until I am an old man.”
So that you can finally break even at $20+ ?
you are an old man mo-fo…
my contrary indicator friends record strikes again
said fuck it…bought 5k FTK at the close
Not so fast Juice. We could still crash on Monday. If I recall correctly everyone was claiming victory on Monday after the Dow ended 500 points off the low. Wouldn’t you have loved to go short there ? 1500 points higher.
I don’t believe that was the Art Cashin “bottom” which I agree with in principle. We needed a waterfall decline mid-morning (I don’t think it was) and then a huge volume upside with a bang up close. The close sucked.
I am long UYG from 10.
When did I ever say I was buying at $20?
Douchebag.
i moved into UYG today, as well. i didn’t get the timing as well as i’d wanted, but i was out most of the day.
those rating agencies will be changed in some way. bank lending will creep back up eventually. all these shitty funds that deserve to be blown up will finish bleeding. banks will continue to consolidate. stronger leverage regulation will appear. that’s the great thing about capitalism – the pain shakes out the losers and allows the winners to move higher up the mountain.
Fly,
Good stuff all day here. Hope you’re right re inter-bank lending. I saw a German banker on Bloomberg yesterday doubting gov’ts would do that “yet” and ran through the massive numbers that kind of backstop comes to. But if they don’t, the G7 might as well not meet this weekend.
Have a ribeye and red wine weekend.
Fly I would buy some V as well on your list. Its held up very well and is a great value here with little risk.
CAP – with this market, who knows .. I’m going with the fake out crash down futes monday morn
but my douchebag indicator has yet to be wrong … unreal I heard from him this am after nothing for over 10 months.
he was telling the world he was a fucking genius for owning AAPL when it was $200 at year end 2007. He rang a bell like nobodys bidness. I sold mine the next day just under 200. If I was really smart I would have shorted it as well.
CAP, I’m officially changing your name to:
“Joey-Bag-O-Buzzkills”.
If you prefer to keep a short nick, we can clip it down to “J-BOB”
So it is appointed, so it shall be done.
___
Seriously, CAP, you’re harshing my post-apocalyptic mellow.
http://www.247wallst.com/2008/10/alec-baldwins-p.html#more
RC – Comedy gold.
Jake, Anton – I like playing devils advocate. Keeping everyone in check lest we succumb to Group Think , get fully long and shit and get wiped out on Monday.
Seriously this looked like ‘The Bottom’. But I figure we’ll get some sort of retest on Monday before we really get that bounce.
RC – great !
RC — I’d never seen that one.
I do remember the SNL ones about the guy giving the seminar about “you should stay in the market” while he’s like “Me? No I sold everything and went into bonds six months ago” or something funny (and true) like that…
Fly – You should rank among the greatest investors/traders of all time.
On a side note, it’s been an eternity since we saw a headline marking the bulls victory.
tonight for the first time in weeks i don’t have to kick the dog -he runs under the bed when i come in the room–fuck you peta.go psec,go uyg maybe barney gets lucky with that french mf.
But the devil hasn’t needed an advocate this year, CAP, especially for the last couple of weeks since the fucker’s been running the table ovah-heayah.
And as far as group think goes, the only idea that’s met with universal agreement seemed to be the one about starting a gang. (Still sounds good, by the way.)
Just busting your balls.
These G7 fuckers better come up with something that smells more like leadership than the flop sweat and Brut they usually reek of or Monday’s tape looks like the trajectory of Vanilla Ice’s career path.
“Now we have to pray something “exogenous” doesn’t fuck things up Sunday night.”
———————————–
Can I get an AMEN to that ?
Can I get an AMEN ???
…lemme hear ya now !!!
Chasing down the rabbit hole did pay off today. whew…………
Agreed: today was a pretty long day……………….
richard
Fly,
It looks like they know about the gang.
http://www.armytimes.com/news/2008/09/army_homeland_090708w/
what a day..I fully disclose I am now certifiably demented, and traded today half crazed and starving (ran out of my favorite bean too)so I took a few hits of chokingly sweet amino acid powder and bought some summarily reviled gld -she filled her gap 82.59 -looking for a mega bounce.. added NOV, scaled add’tl SSO, and XTO ( insider buy) ..oh yes and added UNG…two feet of snow in Wyoming.. Let’s hope AAPL note book news breaks oh so played earnings pattern -would help if Ghandi showed us he’s still breathing –
Market today was like a sheet of glass. You couldn’t walk thru it without feeling every inch and making a good bit of noise.
mrs.buttons
All I can say is…
ahhh, nevermind, nobody gives a shit what I have to say.
Hmmmph, I bet that would change if I ever knew WTF I was talking about.
My ass hurts.
Anyone voting for Barrack Osama ?
Too many people here think it’s the bottom for it to be the bottom.
Having said that, I’m way long, I’ve been buying all week.
I’ve been a good contrary indicator, so make of it what you will.
alf44: AMEN!
If we survive the next few weeks and wind up in for an L-shaped recovery – a long period of directionless action – it may have ceased to be an investor’s market, and become a trader’s market. Time to give up holding periods measured in years, and time to start thinking of holding periods measured in days. Time to stop thinking of stocks as investments, and start thinking of stock as a businessman thinks of inventory: keep it low, and keep turning it over.
Been lurking here a few months, but I guess after today I can’t really think of myself as a lurker much longer. So, to the weekend’s agenda: Come up with a better alias, sack up, and sign up.
Anyone watching what is happening in CHK in the AH!!!!
CHK is chopping fucking balls!!!!! Holly fucking shit I am in at 12.50 today. Paradigm where were you in at?
OKLAHOMA CITY–(BUSINESS WIRE)–Chesapeake Energy Corporation (NYSE:CHK – News) today disclosed that its Chief Executive Officer, Aubrey K. McClendon, involuntarily sold substantially all of his shares of Chesapeake common stock over the past three days in order to meet margin loan calls.
Management Comments
ADVERTISEMENT
Mr. McClendon commented, “I am very disappointed to have been required to sell substantially all of my shares of Chesapeake. These involuntary and unexpected sales were precipitated by the extraordinary circumstances of the worldwide financial crisis. In no way do these sales reflect my view of the company’s financial position or my view of Chesapeake’s future performance potential. I have been the company’s largest individual shareholder for the past three years and frequently purchased additional shares of stock on margin as an expression of my complete confidence in the value of the company’s strategy and assets. My confidence in Chesapeake remains undiminished, and I look forward to rebuilding my ownership position in the company in the months and years ahead.”
OKLAHOMA CITY–(BUSINESS WIRE)–Chesapeake Energy Corporation (NYSE:CHK – News) today disclosed that its Chief Executive Officer, Aubrey K. McClendon, involuntarily sold substantially all of his shares of Chesapeake common stock over the past three days in order to meet margin loan calls.
Management Comments
Mr. McClendon commented, “I am very disappointed to have been required to sell substantially all of my shares of Chesapeake. These involuntary and unexpected sales were precipitated by the extraordinary circumstances of the worldwide financial crisis. In no way do these sales reflect my view of the company’s financial position or my view of Chesapeake’s future performance potential. I have been the company’s largest individual shareholder for the past three years and frequently purchased additional shares of stock on margin as an expression of my complete confidence in the value of the company’s strategy and assets. My confidence in Chesapeake remains undiminished, and I look forward to rebuilding my ownership position in the company in the months and years ahead.”
The DOW drops 44.48% in a year and the BULLS WIN…odd no.
I knew Aubrey had to sell. It’s quite sad.
Palin
“said fuck it…bought 5k FTK at the close”
I heard FTK is going under on monday…what did you go and do that for? didn’t you hear the news?
Anyone watching what is happening in CHK in the AH!!!!
Aubrey’s loss is Jake (and Gappy’s) win!
Thanks Aubrey!
Now get the fuck back to work, Piker!
_______
BTW, the Intermediate bottom is next week. 1000+ down.
For my fellow buttery gold gold bugs.
________
The firm that was selling was selling for Aubrey I am “now told” of course after the fact but hey did it really matter “who” it was that was forced. Bottom line this was not the company fundamentals, its pure forced selling as I suspected something strange was up. By the way I am a buyer in AH here in the 17.50’s if anyone else is looking to get in. Also told there were shorts that were fucking leaked this information, I hope they get all chopped up ginsu style on Monday.
http://notablecalls.blogspot.com/2008/10/amusing.html
Gappy —
I had bought some yesterday at $17.50 (thinking “WTF??”), so I’m full up after buying more today, thanks.
I hope the shorts get sushi’d too, btw.
_________
Yes poor Aubrey. Poor guy is probably not going to have money to feed his kids now. By next week he’ll probably be receiving foreclosure letters in the mail. Oh the ignominy!
The actions of the last few weeks tell us that overextending oneself extended well beyond the middle class. The upper class and the 0.001 percenters seem to be just as highly leveraged if not more. I suppose there will be quite an adjustment to the Forbes 400 list come next year. Its seems the secret to getting rich the last few years was over leverage yourself via an asset class be it equities, real estate or commodities. Now everyone has realized in the most painful of ways that leverage cuts both ways.
Anyone know what happened to Calvino?
______
Jake I have an overweight position currently with my biggest buy coming at 12.50. I also really like SONC at these levels.
Top pick: V and AAPL and the G7
McCain’s new add: “Fuck the economy. Who needs that shit anyway? I ate bugs for 5 years, you can too. Vote McCain, I ain’t black.”
ugh, got deballed in DGP, despite having it hedged with some GLD puts.
By my calculations/estimations it looks like Aubrey lost around 750 Million to 1 Billion on his shares. Ouch. Could not have happened to a nicer guy but hey what can you do.
If Obama wins, we need to hire the mercenary “sniper6” if you catch my drift…..
sweet malevolent Christ, 1 bn dollars, ON YOUR OWN CO!
Holy shit.
I thought the position of CEO was get rich while decimating the company, not poor while managing the co well. That’s what was taught in school at least.
Neil Young, you have a link? my buddy on BAC trading desk was loading up on it today…weird
The Dow closed DOWN … DOWN 128.00 points…
…and I feel like Scarlett Johansson just gave me a lap dance !!!
Sheeesh !!!
McClendon got too big for his britches. Not the first time this year that’s happened. Ain’t leverage grand?
Paulson is giving a press conference now. Don’t you just love looking at the top of that man’s bald head? That’s all one ever sees as he stutters through his text. And, I simply fail to understand why both Bush and Paulson feel that yelling at their audience gets the message across. These 2 clowns aren’t doing the market any favor by talking. They should simply shut the fuck up.
DPeezy,
Similar experience w/DGP, which I added to today. And this was supposed to be one of my extra-smart, can’t miss plays.
Paulson speaking now on cnbc.
Injecting capital into banks
DOWN WE GO ON MONDAY. No inter-bank loan guarantee. How could these people be so fucking stupid? How in the fuck did we ever get to the point of being led by a fucking moron, and a bald headed clown?
G7……Bingo!
You know what, i stopped, dropped and rolled until my balls were out and upon further investiagtion it wasnt so bad. I’ve just lost a bit of hair and have some lingering redness. Can’t wait for monday.
Eye No U,
How does injecting capital into banks bold poorly for stock on Monday?
Great. Cramer, the other bald headed clown, is out tonight calling for a low of 6,000 on the DOW next week. What the fuck is going on in our country? Where are these people coming from who wish to do nothing but fuck our economy and flush our standard of living down the toilet? The Moron (Bush), the bald headed clown (Paulson) and the bald headed clown’s sidekick (Cramer) … just SHUT THE FUCK UP.
Capital injection into banks – already anticipated and discounted into stock prices. Guarantee of inter-bank loans across the US and Europe – expected, but not delivered. LIBOR stays the fuck up around the moon. We’re screwed.
Buckle up. The shit hits the fucking fan for sure on Monday.
Eye No U-
This is bullish. We will rally on Monday.
As long as LIBOR is up, market is down.
quit the bitching
this is all by design
GET Coinz and form a gang
Ass napkin – yeah, maybe. I’m just spewing fucking frustration at Paulson for saying a whole lot of nothing. Many hours remain of this weekend. Much more news is forthcoming. Let’s hope most of it is good. But this fucked up press conference and the news it is releasing … ain’t shit to hang a hat on.
Next best thing that can happen … FED injects massive capital into Morgan Stanley to take off the table that POS going under and taking our economy with it. Then Goldman, BAC, Citi, Wells. $15 Billion each.
Anton – you watching this bald headed clown’s press conference? What do you think happens based this news?
Oh god, now Kudlow is going on a binge harping about LIBOR. He’s another one who needs to shut the fuck up.
Eye No U
I agree. Today when Bush came on TV I almost punched a hole in my wall. The market had a little momentum and then Bush had to remind us all how bad things are, then walked off.
I was soooo fucking pissed. The same shit happened on Wed. and Thurs. when Ben and Hank did the same thing. Its fuckin painful. At least in Bush’s case you would think an advisor would pull him aside and tell him every time he speaks- the markets shit the bed. And to SHUT THE FUCK UP.
I am so sick of these inter-day speeches which do NOTHING but make people want to sell.
We need to bring LIBOR down and we need major action this weekend. If that was their big plan to get the markets to gain some traction on Monday and next week, we are fucked.
Something HAS to happen with MS b/c they are not gettting the 9 million (thats off for sure). Either Citi comes in,the Govt, or we crash.
Have a good weekend. Hopefully I can get a full night of sleep without waking up in sweat and going ot my computer to check the futures.
Godspeed
So “eye no u” if CNBC put out a message “For market stability, we will pause broadcast for 48 hrs, and instead put out Superman cartoons”, the market wouldn’t fall anymore?
the ridiculous drops are healthy. too many assholes like aubrey buying an absurd amount of stock on margin. fuck them. let them get blown out. i welcome every 700pt drop until they’re all crying under their shitty, russian ‘bloomBARG’ terminals in their shitty offices.
If they knew that it would bring the market down, and they’re planning on buying banking stocks, wouldn’t they want it to sell off?
Hell, they should get on and cause the market to crash, then they can buy bank stocks for pennies on the dollars, let certain ones fail, and with the money they make pay of our national debt.
Eye,
Been on the phone w/a client. Not really able to hear him. My client (whose co. was JUST bought by Bain, Blackrock and GE last month, btw, back in the days that their checks were good) started talking about the market and such and commented, unprompted, that Hank doesn’t exactly inspire confidence.
I just don’t see how things get unstuck until banks are willing to lend, lend to each other and lend at a number less than the vig Tony Soprano would demand. But as I posted earlier, I saw a very rationale German banker (redundant) on Bloomberg saying that the amount banks lend to each other overnight is trillions. So if you’re a country guaranteeing these loans, and even a tiny % default, Iceland gets to call you an asshole and the people who sell you the paper for your currency get to sue you for ruining the value of their paper by smearing ink on it.
I don’t like Friday press conferences for this shit, period. An announcement should be made on a Sunday before Asia opens, to make people think there was some kind of rigor involved in planning (instead of Friday where you stick news that you want to die) with a nice big photo, much like a pic of the special ed. chess club at their 50th high school reunion, with all the G7 reps present, instead of just poor, lonely Hank, looking like Frankenstein after the villagers had chased him back to the castle.
But that’s just me.
Oh, and Kudlow should be tarred and feathered as a public service.
Gwaffman,
Stranger things have happened……
What’s scary is Paulson refusing to give any time ballpark time line estimate but instead…”we are working as fast as possible”
What is that vague shit?
Agree with Mike, too.
This is usually the point where Fly comes in and says something about shutting the fuck up and not getting wound up over shit you can’t control.
But he’s probably washing down blood pressure meds with a chalice full of Petrus.
Unfortunately, it’s too early here for me to do the same.
I’m having the heart sinking feeling that the heads of state/central bankers are still unwilling to do what needs to be done to unfreeze the credit markets.
They are going to mismanage this global economy straight into a worldwide depression if they don’t figure it out quickly.
“ALLPROz Says:
If Obama wins, we need to hire the mercenary “sniper6? if you catch my drift…..”
ALLPROz: Keep that racist shit to yourself. Don’t litter God’s Blog with silly shit, idiot.
The Fly is God.
“rational German”
I hope one day, when this little market mishap goes away, Jesus will return with the edit function. And maybe karma, too, if that isn’t too Buddhist to pray for.
Zombie makes a lot of sense for a zombie.
Told you the G7 would give you BULLS a shit sandwich. The bottom will come next week when no one is buying at the bottom. We are headed for a DEPRESSION and the bottom will close at the bottom after the rubber band gets so pulled back it snaps apart not snaps up. That immediate first snapper this morning was a dead give away that there are still too many BULLS that have not learned their lesson. The shorts covered late this afternoon out of fear that the G7 would give the BULLS a reason to rally on Monday. Now there are no shorts to fuel a snapper when the crash comes next week and closes at the bottom. BTW, I shorted the shit out of the 300+ spike. Gonna make huge $$$s next week. I’m still a very hungry BEAR.
Down, Doggy.
Sure, we could all die in a fire or walk away like Travis Barker. Your conviction is what some people would call admirable.
BUT capitalizing WORDS like D-E-P-R-E-S-S-I-O-N do not make your point more POWERFULLY.
Sounds like you’re trying to convince yourself more than anyone else. Of course, you’re the one that’s shorted up to the tie clip on your short-sleeve dress shirt and clip-on tie.
There’s going to be huge volatility for months ahead, for sure. But if the rubber band flies apart and we go nuclear winter, then your “huge $$$” won’t be worth a used Camaro.
No hard feelings, okay? I hope you get a new Camaro.
Careful for what you wish for.
gwaffman – Superman cartoons on CNBC? No. Porn? Yes. Maybe a little Becky on Erin action, throw in some Maria … charge a fee, use the revenues to buy S&P futures. We’d take this mkt 40% higher next week.
Pass the Coreg (bloodpressure medication I now eat for breakfast, lunch, dinner and in-between meal snacks), it’s time to go to bed. Man, what a week.
Anton, I’ve been calling a major Depression for about 3 years now. I think it will be at least an 8 to 15 year event. Even the bottom next week won’t be the bottom. BTW, I’ll just stick with my Viper.
Dog,
I’m sorry, but those are the saddest four sentences I’ve ever read here.
Best regards.
Lots of depression talk here. Bullshit.
Look folks, it isn’t going to happen. I stick to my explanation that this selling is largely the result of the necessity of the Lehman CDS payers to get liquid ahead of a collateral posting at the auction today, and final payments due a week from Monday. Having to come up with $300 Billion+ does this kind of damage. Especially when there are off-shoots like hedge fund redemptions, Iceland Bank and Japan insurance company failures, front-running to the forced selling, idiots selling everything because Cramer says so. Throw all this shit in a blender and you get fucking panic.
Rule 1 – understand and get comfortable with what’s driving all the selling. Primary issue is a single event – Lehman CDS payments due. Big Date ahead … Oct 21st.
Rule 2 – If you know the catalyst, keep your head amongst the panic. Deploy capital. Have confidence in your conviction.
Rule 3 – Enjoy the fucking profits when the catalyst triggers, the turn comes, and the account goes massively green.
I intend to be eating steak, drinking whiskey, and enjoying the company of lots of whores after Oct 21st. Hope many of you are all-in and rolling in the doe right along with me week after next. Fuck the depression. Simply isn’t going to happen.
Pass the Coreg.
More news coming Sunday night. I guarantee inter bank accord, else my name isn’t Senor Tropicana.
DEVILDOG will roast in HELL. And I will seize all of his $$$ and build a statue made from shit with it.
DevilDog – all you saw today was a continued effort of a number of financial players to get liquid in order to make $300 to $400 Billion in payments on the Lehman CDS, which are due the week of Oct 21. On top of that, throw in 2 major hedge funds who got fucked by being too long into this Lehman CDS shit. They got reamed and went out of business. We’ll read about it Monday.
When the forced selling shit stops, we lift back to 10 K before you can whine again about the coming depression. The only depression around here in a couple months will be your depression when we blow past 12 K, on our way to a 15 K high in ’09.
Pass the Coreg.
Just don’t seize the Viper.
Time will tell. Remember the market is forward looking. What do you think this historic fall to date and record high VIX reveals about future events?
Eye, you’re going the wrong direction to get to DOW 2800.
A little cold water for you depression lovers.
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/08/AR2008100802931.html
I agree with Eye ’cause he says what I want to hear.
Sorry to fuck with you, Devildog, but I haven’t ground my teeth like I have the past week since I stopped doing eightballs of coke as a Friday night aperitif and you’re not helping.
Senor Tropicana throws a great end of the world party. Better to be here during all this than out punching random strangers.
Thanks for the laughs, Fly. My plumbing contractor said he hopes you enjoyed your coffee this week as much as he enjoyed stirring it for you. And nice hat.
Off to drink, perchance to dream…
Monday market direction will be set Sunday, not Friday. Everybody knows this, no?
Zhombie says: “Keep that racist shit to yourself. Don’t litter God’s Blog with silly shit, idiot.”
Zhombie, you have just labeled yourself a weak-ass sympathetic liberal democrat (not that there’s anything wrong with that…ha) who will blindly vote Obama like a lost sheep looking for a handout….there I’m done.
Btw, I am actually concerned Obama will get taken out and leave Biden in charge….whoa nelly!
This was just a preliminary statement. Don’t get all rowdy about the end of the world until they finish the meeting and announce the results of the weekend.
I agree with Anton though, they should’ve kept quiet until sunday evening.
Fly, good column. Wilber Ross said it well this morning on CNBC, (I’m paraphrasing) “I’d start buying here, because if I’m wrong, and it’s the end of the world, what does it matter?”
BTW nice job today. I’m learning a lot by watching you scale in to positions.
Any predictions on what bank will be the first to have a “write UP” and when? Not meant to be a trick question…but yet…….
Yogi –
That’s my thinking too. Might as well roll the dice a bit at these levels, because if this market goes tits up, it doesn’t matter how much shit cash I have in my puny savings account.
Nice job on that CHK guys.
I agree with TC though… that close wasn’t great… we dropped 450 points from the high of the day.
How about oil at $77? Unbelievable day.
-DT
Contractor,
That logic will help me buy more when the markets open….
but it is fathomable that we drop considerably from here and the world still does not end…that would be a bummer….
*cheering* End of World….End of World….
Devil dog, please, STFU about the Viper. For cripe’s sake, it’s just the adult version of the Camaro.
And by “adult,” I mean “overpriced while remaining undervalued.
To the shorts:
“Screw you people!”
All you fuckers buying GLD and DGP?
Stop. Or at least double your miner position first. The POG to the XAU is at historically ridiculous prices. You get much more bang for your $$ by buying the gold that’s still being dug up by dwarves and other illegals.
FUCK YOU DEPRESSION LOVERS – Go watch “The pursuit of Happiness”. I’m watching it for the n’th time.
Anyone else watching ESPN Friday Night Football? Who is this drop dead gorgeous sideline girl Stacey Dales? Holy crap if she unbuttons one more button on that tight sports shirt she’s wearing, my barbecued ballz might need an ointment.
Also: how is it possible that Lou Holtz can be on TV? And… as a “commentator?”
She’s my next ex-wife. Hands off, Jake!
Jake:
She’s been on ESPN for a few years. She used to be Stacey Dales-Shuman but she got divorced so you can take a run at her. Good Luck. Look out though, she hangs around with the lady basketball players and lady golfers. She may only let you watch.
Ok – for the biggest fuck up of ll – Monday will be down big – and all you bull ball fuckers will hit the sell button in pure panic as you watch your money vaporize. Then, and only the, will we bottom. When there are no buyers.
You dumb asses prove that there are still buyers and optimists out there, therefore, we go lower. Get it?
DPeezy is a liar.
Most folks on this site, courtesy of Plutonium Petey and his band of goons, have been doing very well in this market. We don’t need homos like you coming in here with your chorus of “going to zero” bullshit. We know the risk.
Devildog, please refrain from bragging about the Holland-esque, giant, red shoe you cruise around in.
Richard Branson said in a Bloomberg interview that rumors were swirling about a gigantic American bank having to file for bankruptcy this weekend. He didn’t name it, but I assume it is Morgan Stanley if the Japanese back out.
However, alot of dough had to be posted to settle the LEH swaps today, so I guess it could be just about anyone.
Who has the scoop?
I just crawled back to my PC after a evening of heavy drinking over at a local bar.
Here are my thoughts:
1) We bounce strong this coming week. 1000+ points on the Dow. I need to figure out what the best weapons for this bounce are. UYM UYG SSO QLD ROM ?
2) Hank Greenberg, Dick Fuld and Angelo Mozilo should be executed ASAP. Preferably by firing squad. I volunteer to fire shots.
3) If it weren’t for you guys on this site, I’d probably be checking into a mental institution.You guys keep me sane. Special shout out to the ‘Fly; , Jake, Boomer, Woodshedder and Anton.
Yo CAP. Just got home from work. I’m enjoying a Leinenkugel’s.
Down monday, down tuesday, down every friggin’ day for the rest of your life. No green candles for you!
Fuck it, I’m heavily long and staying that way.
General thesis: markets dont go down >20% without some sort of tradeable bounce.
Gun to the head indeed.
And I’m drinking Heineken Light, I can’t afford the real stuff until my longs pay off.
I am long in what I feel are very solid names at prices I would have thought were impossible a week ago.
These are long term trades in names I have always envied. If I get eviscerated by the market for my choices it will be the least of my problems. I will be more concerned with day to day survival.
I believe in this economy because my business is thriving at the moment.
I’m drinking Jack single barrel, neat.
with the treasury infusing capital into the system buying “preferred” or non voting rights stock in major financial companies…. what does this mean for common shareholders? Will share values be diluted and prices drop like we saw with Ambac, AIG, Fannie Mae and Freddie Mac?
I caught 12% moves in JPM and GE. I’m pretty happy with today’s action.
Just when you were ready to count out the bulls after a week of assfucking… bang! They hit back.
The “obvious” trades aren’t so obvious anymore. If you are a dumbfuck bear who’s short here, you just may get your head ripped off (any time next week)… you never know when it can happen.
I never took anything off today. Not going to for a while.
Regarding this need to “retest the low” business. We did it three of four times today without much vigor so I don’t see why we need to retest again. They tried to break it down and it didn’t. That’s what’s called a successful retest.
And about the contrary indicator where the market can only rally when no one wants to buy. I think the way stocks were thrown out the door this week is a big enough sign that no one wanted to buy. And everyone on TV was saying all week that it wasn’t the bottom yet. Shouldn’t the contrary indicator thesis have made the market go up then? It didn’t, it went down.
I don’t know where we go, but I do believe that if we don’t get any stupid bullshit news on Sunday, we will go up as enough smart people are now starting to realize that it’s time to put some money to work if they want to catch bargains while the prices are there.
“shawn Says:
with the treasury infusing capital into the system buying “preferred” or non voting rights …. Will share values be diluted and prices drop like we saw with Ambac, AIG, Fannie Mae and Freddie Mac?”
The fact that you’re asking it suggests to me that it will continue to be difficult for the survivors to raise any coin in a non-communist way
The guvmint will do what it wants, as is its wont, but I can’t see them lining up with common shareholders at all. Longs and the market might get boned, leading to more CHK style margarine calls next week.
These might present some amazing opportunities, but I’m too tired to think what symbols might be in play.
And what do you think is happening behind the scenes with Obama surging and the Administration growing lamer with each second…
35K\\RYDEX 2X NIKKEI\\@9.40…follow my pain to ZERO (get it)
another defector
http://market-ticker.denninger.net/archives/605-Genesis-Plan-Now-Known-Workable.html
Even Denninger sees light at end of tunnel.
“If you are long, you will happy to know our stock ranking models now have sell recommendations on all inverse etf’s”
I sold my SRS at the open for a 65% profit and went long some quality names.
I can’t help but think that any programed model or screener you have may not work in these extraordinary conditions.
6:30 am Statement from McCain: “The fundamentals of our economy are sound.”
7:15 am Statement from Bernanke: “The fundamentals of our economy are sound.”
7:30 am Statement from Paulson: “The fundamentals of our economy are sound.”
7:45 am Statement from Mexican White House gardener: “The fundamentals of our economy are sound.”
8:00 am Statement from President Bush: “Duh, ah, well, what my boys said.”
8:15 am Statement from Obama: “What the FUCK? You boys are smoking some good shit. Why are you keeping that shit from the American people? Pass that shit around. Everyone take a toke. Just calm down. We’re fucked.”
this is likely only a near – end bottom
Read Jeremy Grantham in Barron’s – all we’re arguing about now is when to buy and which markets first. And that’s from Mr PermaBear himself.
I do believe the end of the world arrived, and it was last week. Hope you enjoyed the show. Time for the next world.
Holly shit did I just hear that the last half hour of trading is financial terrorism? If so I would call the terrorists margin clerks. Classic.
Gap – I am loaded with CHK – I was buying it down all week but started hitting it hard yesterday $12-$14. I consider it a long term domestic energy gem.
Aubrey “Margin Call” McClendon:
He just learned a hard lesson on greed and margin – Its a killer
Yes, you just heard on FOX, that the decline in the market is the direct result of “Financial Terrorism”. Brought to you by Mike Huckabee, and a good source he has in the highest circles of finance. Mike says we are all being fucked by Osama. The Bearded Turbine is in disguise on the floor and executing sale orders so massive as to bring down our economy. So Huckabee says – it’s all Osama’s fault.
Holy FUCK. Can you believe this dumb assed Fucker almost became the Republican nominee for President? This man is an idiot. Where are Republicans finding all these nut jobs?
Breaking news from level headed Democrats:
This fuckery is the direct result of the upcoming CDS settlement on the Lehman debt. PERIOD.
Since the settlement process is nothing but a black box, no one trusts anyone else until the actual cash changes hands on settlement dates … week of Oct 21st.
The black box is very black. No one knows how much is involved (estimates range from $240 Billion, all the way up to over $1 Trillion). No one knows who’s on the hook. Banks, Insurance companies, I-Banks, Hedge Funds all wrote this fucked up CDS stuff. It’s like the game of musical chairs, when the Lehman CDS settlement cash has to change hands, who goes bankrupt? No one knows.
Since no one knows who goes under from this fuckery, no one will lend to anyone else until the settlement is over and done with. THUS, LIBOR goes through the roof.
Since a fucking huge amount of money has to change hands on settlement date, every fucking investment in the world is being liquidated to raise the settlement cash. A cascading effect takes it all down even harder. Margin calls on the rush to the exit add to the carnage. Cramer’s call for DOW 8200 and now DOW 6000 add even more carnage. Death spiral brought to you by the CDS market.
BUT, once that money changes hands, it goes right back into the markets … sending them through the roof.
This CDS shit is at the HEART of all the FUCKERY going on right now. The very heart. It’s a FUCKED up process with ZERO transparency. As a result, it leads to massive forced selling and a total freeze up in the financial system. Simply because people have to raise cash to make payment, and no one knows who the fuck owes what and whether they will survive the settlement … so they won’t lend, they won’t transact, they horde cash, until the settlement dates come and go.
Why in the fuck can’t one of our leaders just come out and let this be known? Gee, maybe because our leaders are Republicans. The people would then know it was the Republicans that allowed this CDS market to get so fucking out of control as to take down the entire world economy.
FUCKING Republicans are at the VERY heart of this FUCKERY.
Eye no u is a douche who drank too much kool aid
Eye No U is a Republican. He finds his party to be so fucked up that he intends to pull the lever for a straight Democratic ticket this election.
My guys (Republicans) fucked our economy up. It’s time to give the other guys (Obama’s gang) a shot to see if they can do any better.
In the mean time, just trying to make sense of what the hell is going on with this market. Lehman CDS bullshit makes more sense than anything anyone else has to offer up.
Eye no u ….well said
speaking of fucking fuckers……this is a cut and paste from another blog……it’s worth researching before Monday:
May the good people at Goldman Sachs, Morgan Stanley and JP Morgan burn in hell for an eternity. I cannot provide a link because this advisory was sent by a subscribe only website, but I was able to cut and paste fro a blog. Buyers beware for Monday. I will post the links to the various blogs if you’d like……but read this for now:
The selling has reached historic proportions. There literally is a “run on the market,” as investors worldwide are dumping stocks. It seems that the major catalyst for this selling is the fact that the newest large banks primarily J. P. Morgan, Goldman Sachs, and possibly Morgan Stanley as well — have issued massive margin calls to hedge funds and other professional traders who use these banks as prime brokers. These calls were not issued because of market losses, but more because the banks arbitrarily decided that they wanted their customers to use less leverage. Margin rates as low as 15% for broker dealers were raised to 35%; hedge funds who had been used to operating on high leverage were told that they had to bring accounts up to a much larger percentage of equity. In this illiquid environment, where all manor of exotic securities literally have no bids, the only place to raise the cash to meet margin calls was to sell stock. That is what really set
this market over the edge — as the first notice of these calls were issued on October 2nd and 3rd. There was something of a grace period to meet the calls, but funds realized they weren’t going to be able to meet them
other than by selling stock. There are rumors that the most massive of the calls are due Monday (October 13th). If so, this market could continue to decline through then.
There doesn’t seem to be any reason for this increase in margin. The most benign one is that the banks became overly worried that their prime brokerage customers could cause problems with leverage. A more sinister reason revolves around the fact that the banks issuing the calls will likely wind up the owners of some excellent inventory (relatively illiquid preferreds, bonds, etc., which are being sold at prices well below theoretical value). They are in effect confiscating from their prime brokerage customers
fuck the fucking fuckers!
This is all a game of global domination… All bankers will unite, followed by all governments, and then in comes the technology to have you under mind control and be microchipped, and then we’re all slaves to the system…
They knew that there would be guys warning you, and they are simply making them leaders of the resistance, whether they know it or not are not killed, so they can create fear that leads to rioting, so the stability of government in the US is on the border of falling, and so the nation is put into martial law. If martial law does not happen, the backup plan is to have a new world government installed. If martial law does happen, the US will crush all oposition, and a new world government will be installed.
The makers of this monetary system, then must think that “they win” and the games over, once they take away all of our rights and have us under mind control… Then when they have everything they want, and they’re still not happy, rather then find love, they just get pissed and they destroy it all, in a nuclear fallout.
What other possible result could there be? Only if the rioters win, the police force realizes they’re just hypnotised sheep working towards the destruction of earth, the government falls, and the men behind the curtain are found and shot, the media that’s been covering everything up, reveals the truth, the bilderberg group, the CFR, all orginizations thatare likely a part of the illuminati. a new government rises up BEFORE another country like Russia or China takes over, and army forces are sent in from this government to take out all central bankers, as well as the companies that make the microchips verichip and IBM, and we move to a resource based system, rather then a debt and money based system.
That is the hope we have. And someone better rise up, and go “fight club” on the federal reserve, and somehow find a way to get through to everyone, with a plan that would have to be done so fast they don’t know what hit them, otherwize we can kiss our freedoms goodbye.
Some of the CFR and shit, actually probably believes that a 1 world government will allow the greatest world freedom without wars, but I very much doubt that.
In fact, I bet the makers of this game will blow 2/3rds of the world up, then come out and start over.
Eye no U, this isn’t about republican or democrat, that’s a mask the game makers have put on to divert the blame, and keep people believing that some day the world will get better. Meanwhile, the gap between rich and poor will grow, the wars will grow, the government will grow, the amount of deaths will grow, and nothing will “change”
You can tell that the “change” or “mavrick” campaign on both sides are a dramatic last ditch attempt to convince people things will get better so the rioting and resistance doesn’t take over quite yet, until all the police force and military police force are ready and trained and they can execute their plan… I say, execute the planners.
Jan – What you are describing has been happening for centuries. Its how the the elite banks control countries and the world in general. I believe it was devised by the Rothschilds. This is how it works.
STEP 1 – Create easy lending/credit giving everyone loans and in the process driving up asset prices.
STEP 2 – Sell all your assets at peak prices.
STEP 3 – Cut down on easy credit and pull the rug from under the market causing global asset meltdown
STEP 4- Buy all these assets at dirt cheap prices.
STEP 5 – Once you control all the assets go back to STEP 1.
This process has been repeated for centuries making the elite banks and certain elite families richer . Its their way of controlling the wealth and controlling the world in general. It sounds like a conspiracy but this is how it works. The good news is if you understand how this game is played, you can get on in it and make billions.
Eye No U:
Republicans/Libertarians believed “market discipline” is stronger than regulation. That is, the fear of failure would force market participants to act responsibly in their own self interest. I believed it, too.
Instead, greed proved to be stronger than the fear of failure. How can the CEO of any lender to BSC, GS, MS, MER, or LEH explain to their board of directors that allowing them to lever up 30:1 is prudent? And how can the CEO of each of those firms make the argument to their board that levering up to such extreme levels was prudent? And how can a strawberry picker making $18K possibly think taking out a $300K mortgage was prudent? How can the lender approve it? How is it prudent for someone to write CDS against bonds knowing they could never post the collateral in the event of default? It goes on and on.
R.I.P. whatever semblance of capitalism remained in this system. It’s dead.
I am somewhat of a beginner so please correct me if I am wrong but shouldn’t a “bottom” be marked by a return of buyers not a total lack of buyers?
I was watching the bid/ask on the DIA for the last hour of trading Friday and I couldn’t help but notice, in stark contrast to the rest of the week, many more bids than asks. I think Friday was a return of the buyers but only time will tell.
Cap: Word….but I still want the CEO’s to burn at the stake. Their little game cost the common person half of their life savings. IMO, the CEO’s, et al. will pay dearly this time. I’ve got my bag of rocks ready.
If not for reading this blog and other “underground” blogs, I would have lost half of my life savings also. Many thanks to all of you. Been reading for a long time, but I don’t post.
God is Fly.
This is worth reading re LIBOR, what’s next, etc.:
http://www.frontlinethoughts.com/printarticle.asp?id=mwo101008
Anton, the section on Letters of Credit (LOC) should be read very carefully. The logical extenstion of the result of not getting LOCs could easily be power outages, complete blackouts, and unavailability of basic food stuffs, as well as other items necessary for basic survival.
Wood,
Understood. So much for a relaxing weekend.
http://www.youtube.com/watch?v=xIsHD7nwTbU&eurl=http://www.infowars.com/?p=5204
A must see presentation by sequoia capital on the “end of days:
http://www.slideshare.net/eldon/sequoia-capital-on-startups-and-the-economic-downturn-presentation?type=powerpoint
Did some work today. My new final botom for the DOW is 1500 in 2010.
Did some work today. My new final botom (sic) for the DOW is 1500 in 2010.
Finished the whole fifth, did you?
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If it weren’t for you guys on this site, I’d probably be checking into a mental institution.You guys keep me sane. Special shout out to the ‘Fly; , Jake, Boomer, Woodshedder and Anton.
Back atcha, Cap. That shit you posted about CNBC melting down on Thursday had me laughing through my stomach pains.
There’s not a better bunch of guys I’d choose to go broke with.
And Boca.
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Holy FUCK. Can you believe this dumb assed Fucker almost became the Republican nominee for President? This man is an idiot.
Wrong, all that tea-bagging holy roller mother fucker did was poison the well for the best candidate’s — Mitt Romney’s — chances.
I am not shitting you, if I ever see that motherfucker, he better have two layers of security guarding him, because I’m going to KHTFO.
It will be a pleasure to go to jail for my country on that account.
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so the US is betting their financial future on the stock market?
They said they would invest in assets, perhaps they mean invest in shorting stocks?
Maybe it’s a war US vs central bank, the US is seeking to earn money back to pay the fed back by going “all in” into stock purchases. But it’s impossible without illimnating all dollers, since every dollar we make must be payed back plus interest. Global growth would have to depend on trade or another currency. Of course it’s not impossible with digital manipulation or counterfeiting , or another currency that the treasury makes. But the fed’ll have hitmen kill the opposition to maintain power.
The original gangstas are the rocks(Rockefellers) and redshields (rothschilds).
FUCKING Republicans are at the VERY heart of this FUCKERY.
Who is this new dumb motherfucker?
Do a google search on Barney Frank, Chris Dodd, and Fannie Mae, fuckfag. There’s your precipitous douchbaggery. Go hump a Karl Marx bust.
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Eye No U is a Republican. He finds his party to be so fucked up that he intends to pull the lever for a straight Democratic ticket this election.
I have the Brooklyn Bridge available for lease, as well.
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Incredibly this article was written February 4th, 2005:
http://www.gold-eagle.com/editorials_05/schicht020305.html
Jake Gingrich, er, Gint,
You were as right about the miners last week as you were wrong about America’s pastime. The DGP offered quick and easy pleasure, but now has more than a few of us scheduling appointments with our physicians to treat an embarrassing rash and soreness.
I’m looking at GFI, KGC, AUY and I think you mentioned Royal Gold last week. Redeem your treasonous comments, Sir, if you can, and make with the miners you “pick.”
Forgive the pun. Or not!
“Do a google search on Barney Frank, Chris Dodd, and Fannie Mae, fuckfag. There’s your precipitous douchbaggery. Go hump a Karl Marx bust.”
A google search on your own Senator Phil Graham might yield the answer to this trillion dollar question. You republician pricks have almost destroyed America. Now sit back and watch real leadership take responsibility for your fuck-ups. Hopefully, in 10 years when we will have restored our economy, world standing, constitution and liberty. No thanks to you and the god damn GOP. NOW GO BLOW A RONALD REAGAN INFLATABLE.
There is ever so much blame to go ’round. But let’s put the fire out first, yes?
You girls stop your slap fight and let’s return to the business of making money.
It’s Phil Gramm, btw.
I’m looking at GFI, KGC, AUY and I think you mentioned Royal Gold last week. Redeem your treasonous comments, Sir, if you can, and make with the miners you “pick.”
I like GG and RGLD best, and RGLD “best of pack.”
A lot of people seem to like AUY as well, but I’ve never owned it.
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Thanks, Jake!