People are getting killed out there. We had daylight for a minute, then that bullshit Lehman CDS auction data came out. Naturally, CNBC is repeating the negatives every 3 seconds. They really do know how to stoke a little fear.
Then we have the dire situation at Morgan Stanley [[MS]] . Frankly, people do not believe they will get funding. How absurd is that?
Personally, I feel like my heart is going to explode. I have a few things going up; but it’s just too fucking volatile.
My favorite places to put cash right now is in The Mosaic Company [[MOS]] and [[TBT]] . Ag seems to respond to rallies with great vigor. And treasuries are beginning to sell off. TBT gets you short.
The oils have been offered no respite, with unbelievable declines in all of them. There is no need to single out a name. It is carnage.
At the end of the day, it’s only money and personal net worth at stake. No biggie.
UPDATE: I bought 10,000 Citigroup Inc. [[C]] @ $13.10
If you enjoy the content at iBankCoin, please follow us on Twitter
Remember: in a bear market, everything gets taken out back behind the woodshed and shot. There is no place to hide. But take heart, the executions will all be over soon.
MS sell off is piddly, check out CHK. Going to $10.
dylan ratigoon has got to shut the fuck up-he’s trying. to win an emmy.
How about CHK?
That stock is soooooooo fucking beat up. Im starting to feel sorry for anyone that owns it.
What a shame
I can has daylight?
Hey guys, it turns out we actually don’t have a sea of natural gas under our feet.
It’s actually yummy gooey peanut butter.
So sorry.
Hahaha Fly goes long and repeats his mistake after lambasting himself for doing same 24 hours ago. Love it!
I love the raspberry-asshat CEO of XTO selling like 2 million shares last week.
Mike–I happen to like CHK here with winter coming soon. Looking for an entry.
I say we go down and test today’s lows, and all the CNBC commentators look like they want to puke on their teleprompters.
Then we bottom.
CHK is trading at 1 times earnings. I am fucking on the phone with people that work there to figure out what the fuck is going on. Also talking to a couple desks that are in the name. If you have balls buy with all hands, if not and you panic then stay out. Personally my numbers say its priced to fail here. They are trading this way purely on CDS’s for their debt. Its panic in all CDSs and if you have debt your getting rocked. I would buy about 10k worth if your trading with 100k here and turn off your fucking screen. Check back in 1 week and trim at 20.
Hey your name could be Aubrey McClendon and be long 2Billion worth. FUCKED!
This market is no longer better than sex, or driving 150 mph. I feel like I’ve been lost in a horror show for the last 7 days. I’ve looked for ways to escape, and all I’ve ran into was crazy overweight bald Fuckers, carrying knives, chainsaws and swinging wicked shit. Fucking Freaks are trying to kill me … but I am (for now) immortal.
The bad news is, I’m still searching for one of my balls. The good news is, I found the other one. Because my pelvis muscle had been so battered due to the de-balling session this week, I passed on blatant opportunities this morning. However, that was nothing more than a short-term trade, and just as I and others thought, as soon as Monkey Boy opened his pie hole this morning, back down we go again.
I’m confident that was NOT a bottom, and we will make new lows in the future.
By the way CHK was at $40 14 days ago. So were they the major player in CDO’s? Sure trades like it. Again things are not always rational, take advantage of that.
On another note, this fucking sprint commercial with these firefighters is fucking stupid. I want everything but I don’t want to talk about paying for it. Short S.
Wow am i lit aflame in CHK, 15k at $15. Has winter been cancelled???
I am buying CHK with both hands – longer term time frame with this one.
Then again, maybe we wont need energy if we are going to regress to cave living.
We need clean wata’ guys?
Alpha-
I cant stomach CHK. I can see that stock going to 5 if we have one more down day.
-Good luck if you do-tight stop!!
CHK has a lot of debt. Maybe they’re just fucked based on that?
Debt/equity is ~ 1.3
lol at sprint, i hope they file soon. They are just bad.
I’ve always been told that capitulations occure when no one wants to be in the market anymore.
I still see a lot of people that want to be in the market.
MCD down 10 points in 5 sessions. Where will all the out-of-work Wall Streeters eat?
People stop calling a bottom ! Its over ! This is it. Armageddon. I shit you not.
Let me tell you something here. 10 months back,I had a conversation with an acquaintance of mine who works for the financial company with the biggest derivative exposure ( I’ll let you figure that one out) . I don’t know his exact job but, it had something to do with derivatives and risk management.
Back then the market had peaked but we were still above 13000. He had sold out of the market and was looking for a place to stash his cash. He wouldn’t tell me details but he kept saying something all the lines that the market was fucked and things would get really bad. I only wish I had taken him more seriously.
All,
I am sure you have this… but, there is a great post by Roubini yesterday. UNLESS we see some/most of the actions as outlined here… we are going down in a big way (in the short term).
http://www.rgemonitor.com/roubini-monitor/253973/the_world_is_at_severe_risk_of_a_global_systemic_financial_meltdown_and_a_severe_global_depression
Thoughts?
This site rocks!
Scott
NOV 20% down?WTF
Lots of folks can’t afford to get out.
For me, right now, I’d take more pleasure in losing it all than to crawl home with the scraps that I have left. I’d probably choke on them anyway.
Kind sir. Can I borrow a dime?
I bot some AAPL and QLD
A New World Order will be coming to your town as a result of these times.
I guess Bilderberg wins again.
Shit man, the writing was on the wall a long time ago, that banks were insolvent. The only thing feeding the money jones was insane oil profits. Now that’s subsided and the facade is falling away, to reveal that the skeleton is made from cheese.
AN Mike, what about a small position?
I feel like Lehman… holding on to these Jan $70 CHK calls.
This would happen on my B DAY! It could be raining pussy and I would get hit in the head with a dick.
Good news. Leave It To Beaver is back (at 11:30).
See the world isn’t ending after all.
Final crash to INTERMEDIATE BEAR market bottom next week. The bottom today will not hold. SHORT CELG in large quantities @ $58.
TC – watched it yesterday. Beav put a voodoo curse on Eddie Haskell, Maybe we could have him put a voodoo curse on the market.
I put some bids in for UWM at 17.50. That’s how I feel.
-DT
Lumpy can be Treasury Sec’ty, Eddie SEC Commissioner, and Whitey (Beav’s friend) in charge of the Civil Rights Commission.
What will happen if GM goes belly-up? Is that the end of the world as we know it?
RIG is free falling $67.00.Anyone nibbling?
TC:
Played Torrey Pines, Pebble Beach, Spyglass, and the Presidio this week. Time to head back home to Pinehurst before the rioting starts. What time does the early bird start?
Out! Out of the Temple! I say unto you, let the money-changers wallow in the pit with the other filthy swine!
I feel like it was just yesterday that we saw this price action.
Oh, wait. It was yesterday.
I wonder if the lows hold this time?
TC-Ward Cleaver for President.
Look’s like fuck stick buffett is going to have to wait a long time to buy GS @ $115 with any hope of making any money. Not gonna happen. I hope he loses his ass. If I had enough money I’d short Berkshire.
Oops, I’m plummeting.
VIX at 73, are you kidding me. Are you fucking kidding me!
I’m buying RIG here.
(Just to average down the shit I still hold from $100)
WHO IS MILO MINDERBINDER?
Milo is the mess officer at the U.S. Army Air Corps base and he becomes obsessed with expanding mess operations and trading goods for the profits of the syndicate (in which he and everyone else “has a share”). Milo is a satire of the modern businessman, and beyond that is the living representation of capitalism, as he has no allegiance to any country, person or principle unless it pays him.
Milo even begins contracting missions for the Germans, fighting on both sides in the battle at Orvieto, and bombing the squadron at Pianosa. At one point Milo orders his fleet of aircraft to attack the American base where he lives, killing many American officers and enlisted men. He finally gets court-martialed for treason. However, as M&M Enterprises proves to be incredibly profitable, he hires an expensive lawyer who is able to convince the court that it was capitalism which made America great, and absolve Milo only by disclosing the enormous profit he made by dealing with the Germans. Ironically, his company’s phrase, “What’s good for M&M enterprises is good for the country” mirrors a phrase Mussolini often used; “What’s good for Fiat is good for Italy”, or the similar “What’s good for General Motors is good for America”. There are some historical parallels to Milo Minderbinder, most notably Ford Motors, which like Milo avoided getting its factories blown up by exploiting business connections.
If VIX goes to 80, does that mean it goes to 100?
Yahhhhhh-Whhhooooooooooooo!!!
I’m no longer the most hated president in history!!!
Don’t worry, Bush, no matter how bad we’ve fucked up, Jake will still loves us!!!
Fly..why trade everyday..just take a break and get some shit together to launch a new front on the attack..take care of urself and ur stash.
The only question to ask yourself…How do I make myself look good wearing a bright blue vest with a yellow smiley face on the back?
Hows Jerry Yang feeling now rejecting that bid from MSFT? Wasnt it $32 or something like that?
I would spit in his face if I was a shareholder and saw him in person.
What a fucking douche bag. I hope YHOO goes to zero.
Fuck Yang
LOL LOOK AT THE 1 MIN CHART… FCX trades simultaneously at 39 and 34… WTF!
Adam Katz
11:55:29 AM
No positions in stocks mentioned.
Here’s a Question…
I am hearing rumors (as have most) that the global markets may close on Monday. To me, that would imply that there is some consideration being given to having the global central banks guarantee interbank transactions.
If that happens, it is likely that LIBOR rates will crash. What would be some of the potential unintended consequences of that?
And more over… does it even matter if they do that?
Todd Harrison
11:49:16 AM
No positions in stocks mentioned.
Ah, sloppy Sue and Big Bones Billie, they’ll be comin’ up for air…
* It’s killer how many pundits have suddenly found religion in “deflation,” “credit crashes” and the second coming of Depression.
* Not being saucy–OK, maybe I’m being a little saucy–but it’s a tad sad that the mainstream media is highlighting these issues after the fact. Therein lies the value proposition of Minyanville: The financial news you need to know before you know you need it.
* I offer this with a conscious nod that I’ve been early to my trading try. That risk is still open, however, and it’s being made with cash hoarded while many of the above pundits were advocating exposure at much higher levels. No salt here, just sayin’.
* World, Hold On! Remember a few weeks ago when I mused that they could close the market as they figure this all out? Italian Prime Minister Silvio Berlusconi informs us that this may indeed be a possibility on a global scale.
* Green beans in the Red Sea? Apple (AAPL), eBay (EBAY), VMWare (VMW), KB Homes (KBH), Wachovia (WB) (special situation) and The New Bank of America (BAC) (which includes BAC, Citigroup (C), JPMorgan (JPM) and Wells Fargo (WFC)).
* The Truman Show beckons so lemme hop. As always, I hope this finds you swimming in smiles. Thanks, Boss.
R.P.
Rod David
11:44:52 AM
No positions in stocks mentioned.
Ahh, seems like old times…
The nearby chart shows the 20-something daily bars leading into Friday, October 16, 1987. That was, of course, one day prior to Black Monday. The template rarely fails to identify a crash, or else it fails spectacularly by instead identifying a big bounce.
The setup of 10 bars all trend in the same direction, except for two. It’s similar to DeMark’s Sequential that essentially finds a stretched rubber band ready to snap back sharply. In my setup, the rubber band can be stretched so far that it breaks.
Minyans might recall my having discussed the setup here previously, 2-1/2 years ago when its upside-down version identified Gold’s crash from $1000 down to $650. In that case the rubber band snapped back. In 1987 the rubber band simply snapped. There aren’t many ways to avoid that again without not letting the markets open.
http://admin.minyanville.com/assets/FCK_Aug2007/File/Theale/87_08_comp.gif
That CHK guy just lost his balls.
Here I am at my trading desk this morning
http://www.fastmoneyaustralia.com.au/SKELETON%20MAN.bmp
I thought I could squeeze them for another $3/share.
Cheesefries- You are just going to have to eat at Macks in Pinehurst instead of the fancy places. The breakfasts are A-1 at Macks anyway and you can even bowl a few games.
Aubrey McClendon has lost nearly $2 billion, by my pathetic math.
The CHK dude owns 34 million shares
VIX at $74+?????????
WTF!!??
WOooooooooooooooooooHHoooooooooooo!!!
(Insane in the membrane, officially)
_____
Berlusconi drinks his fat mistress’ poxy douche water.
On the other hand, what he suggested – since rescinded, at least for Italy – I lost a bet that it would happen last week.
I’m always 2 weeks early, so…
Just grabbed some SKF… can’t beat them join them… atleast its green
Ok seriously, about that street gang, did we ever decide on a name?? We are gonna need one, do we have a mascot and shit?? When this shit hits the fan we can push canned tuna for whatever we want…
How much did our goberment (I mean us taxpayers) spend today to keep the circuit breakers from tripping?
C’mon Chivas – we need that monkey now more than ever
VXO hit 99.65
QQV 91.26
what level signals end times?
I think we may have hit it.
Wooowww…..
WOWWIE WOWWWW WOWWWW!!!!
ITS GOIN DOWWN SO FAAASTT!?
bloomberg now
It’s not like markets haven’t made 100% moves in a year in the past… what would be so surprising?
great depression the Vix equivilient was probably 300
Hey Fly,
CNBC is begging someone to go on and calm the markets, you know, guys like Buffet, et. al. I think you should go on and make your grand entrance. What say you?
That rally monkey was delicious!
Just experienced sure sign of a bottom. Doorbell rings. Haggard looking woman standing there in tears. All I hear is “what’s going on?”. Neighbor I barely know. She took $2 M and turned it into $1 M in a few months. Hadn’t slept in days. I invite her in and explain Lehman CDS settlement, George Bush is a dickhead, Republicans suck, Fly is God, no oversight to $54 Trillion derivitives mkt, Republicans suck, Trichet is a moron, bad mortgage paper, Republicans suck … well you get the picture. She feels better and leaves. Man oh man, sure sign of a bottom … crying neighbors seeking my investment advice. We’re ready to rally baby!
Dang, and I thought Merlin was just getting a beer gut.
Will be when Cramer leaves Mad Money to SHORT the market.
He wasn’t on yesterday, perhaps, that’s why?
Fly… You keeping your balls on the block over the weekend?
Traded out the UPS hedge (October $65’s) @$16.50 for next month’s $45’s at $3.60.
May they expire worthless.
__________
They need to shut down the markets. Just shut it down. All the markets. Shut the market down the whole of next week. Get all the financial leaders and everyone together and figure some shit out. Seriously this is not a crisis. This is Armageddon. If they don’t act fast we’re heading into a world war. Nuclear missiles will start going off. This is beyond the point of panic. This is worse than any thing in history.
http://eldib.files.wordpress.com/2008/04/mbw-depression.jpg
Sigh…I need a drink. Which way to the lounge?
http://www.youtube.com/watch?v=BNq7m0VmihE
OK I decided to help you guys out. I’m SHORT CELG in big quantities and I’m holding untill it goes to $14.34 MINIMUM. Check out the weekly chart gap going back to 2/28/05. It will be filled. It has started it’s cascade today. Fuck clown ass cramer’s safe haven.
The coming depression may make the one in the 30’s seem like a walk in the park.
Cheers!
Buying more here.
Specail of the day: Aegon pfd 6.875 AEV @ 5.45/ 31% yld…(this is not a solicitation to purchase)
Some good news comes out of this:
Couldn’t happen to a nice bunch of guys…
____
TAKE ME BACK TAKE ME BACK IS SAY…
DEPORT ME DEPORT ME DEPORT ME!!!
PLEASSEEE DEPORT ME!!!!!!
FUCK, WHERE”S THE INS WHEN YOU NEED THEM!!!!!!
AHHHHHHHHHHHHHH!!!
HIJOLE! MI MADRE ESTA POBRE PORQUE ELLA ESTA VIVIENDO EN LOS ESTADOS UNIDOS Y ENTONCES LA GATO Y LA MUJERES IN EL MUENDO FUE MUERTO!!!!!!!!!!
AHHHHHHHHHHHHH!
(head exploads)
DD — why CELG, exactly?
I would think there were easier shorts than medium sized cutting edged pharma?
_______
Who’s got the clankers to buy RBS at $1.25 ovah heah?
Fly?
That’s shit’s got your name written all over it.
In fact, I think I just saw your name written all over it.
(I’m chicken, so I’m just buying the preferreds)
____
Never thought I would see Ford as a pink sheet…. is it to big to fail?
Berlusconi suggested closing the world’s markets for a week? Fine!
http://img368.imageshack.us/img368/6420/tradeinhellqk9.jpg
keep making fun of how Bush talks and he gets revevge!!!
Surypticiality!
Volume is up nicely so far.
Fred Sanford: Time for The Big One
http://www.youtube.com/watch?v=RnfflRNpwKA
good shit lurk
Fuck! CNBC just played Bush’s speech again. Down another 100 points now.
This reminds me of the market right now.
http://www.youtube.com/watch?v=aRn5-LQCg2s
ipecac=bad loans everyone was taking. Then suddenly the reaction. haha love family guy.
Harley I was thinking the exact same thing… lol
The wheel is turning and you can’t slow down
And again the hunt begins and again the blood wind calls
So the kids, they dance, they shake their bones
And the politicians throwing stones Singing ashes, ashes, all fall down Ashes, ashes, all fall down
Bargin hunters are stepping in here –
lets see if they get shot as being mistaken for shoplifters
How’s this for trading skill? I longed TONS of DUG at 35 and TONS of QID at 40. Smart, eh?
Only problem is I sold Oct 43 calls on DUG and Oct 51 calls on QID. And I am sitting on them
having pissed away egregious gains.
If I hadn’t sold the calls I’d be PLUS for the year instead of down 30%. Oh well.
Did you see that shot of the NYSE floor?? Everyone take the day off??
CHK boys are probably too successful independently and don’t know any Knights of Malta to keep their shares up.
Joe Kennedy is back – short seller of the millenium
We are all hiding from the margin clerks
Interesting post on the margin deleveraging going on right now.
_
Rally delayed until after Lehman cash settlement … Oct 21st. Nothing will happen until then. No big money willing to come into the mkt until there is certainty that $400 Billion can change hands without some big Dick declaring bankruptcy and continuing this house of CDS cards.
Cool your jets. Oct 21st is the magic day.
Jake, I heard about the RB’s on Bloomberg radio this AM. There is justice in the world. I agree, couldn’t happen to a nicer bunch of guys.
Another lurker — hilarious, thx.
I would’ve laughed at the Family Guy thing too, had it been any other day.
Show it again next week.
_____
Jake, same reason I should have shorted LMT 2 days ago. Last soldier standing. All the sheep ran in to cramer’s drugs, foods, toothpaste defensive stocks and it’s time for them to get slaughtered. Besides, everything goes down in a BEAR market. Biggest reason is the weekly chart gap mentioned in my post above. Also, don’t forget how much debt drug companies take out for research.