As you already know, via my idiotic “Twitter page,”(do not dare try to follow me), I called the bottom. Because of this, I am having my people set up an “exclusive interview” on CNBC. While on the show, I will discuss all sorts of shit, like why Bill Miller deserves the electric chair and how Warren Buffett is, in fact, a space alien magician. But, we knew that already; so it won’t be “breaking news,” per se.
Seriously, I have been buying 500 share blocks of National-Oilwell Varco, Inc. [[NOV]] and The Mosaic Company [[MOS]] all day. I have refrained from buying anymore [[UYG]] . I have a lot of cash and will use it to make purchases, as moronic hedge fund managers get blown out.
In short, let’s rejoice and suckle from the great whore and honor the “King of Equities,” aka “The Fly,” for calling and nailing, as a point in fact, the ever elusive bottom.
NOTE: Should the market go down again, I will call another bottom. No worries.
UPDATE: I bought 25,000 [[UYG]] @ $9.55. I constantly change my mind, always.
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Not that The FLy cares what anon internuts think but I think oil stocks should be bought here. and by extension the ferts since for some odd reason , they trade with earl.
So we bottom? wohooo go aapl!
Twitter is a little gay, no?
-DT
Awesome Call!!!!!!!!!!!!!!!!!11
Someone say bottom?
Dinner time. I’ll eat it.
Tony Crescenzi Blog
Libor Set to Plunge
By Tony Crescenzi
RealMoney.com Contributor
10/16/2008 11:58 AM EDT
URL: http://www.thestreet.com/p/rmoney/tcrescenziblog/10442756.html
(This is an update of my note from yesterday, with new data and a tinge more confidence added to the outlook, based on today’s Libor settings and other factors.)
Libor is probably set to begin falling, perhaps sharply, not only in response to the massive support measures announced by the G7 but also because of the announcement Monday by the Federal Reserve, the Bank of England, the European Central Bank, the Bank of Japan and the Swiss National Bank regarding actions commenced yesterday by the BOE, ECB and SNB, wherein each offered an unlimited supply of dollars at a fixed interest rate, which in yesterday’s auction, or tender, was substantially below Libor.
The auctions will be for seven, 28 and 84 days (the first 28-day will be on Monday, and the first 84-day will be on Nov. 3), and the unlimited scope marks a sharp contrast to recent times which have seen, for example, paltry sums of $25 billion made available, far lower than demand, as gauged by recent tender results. Eventually, the lower rates paid on loans granted by the central banks will reduce Libor, both because of the rate effect and because banks are now more likely to meet their dollar needs, and the market will hence become sated with dollars.
Yesterday’s auction was for seven-day money, which was auctioned off at 2.277%, well below Tuesday’s seven-day Libor rate of 4.075%, which fell to 3.825% yesterday from 4.075% Tuesday, and to 3.45% today, a whopping decline of 37.5 basis points.
The dollar amounts of the tenders were as follows: $170.9 billion in loans from the ECB, $76.3 billion from the BOE and $7.1 billion from the SNB.
Eventually, banks will begin to extrapolate from the seven-day rates charged by the BOE, the ECB and the SNB and arrive at a rate that should be paid on one-month Libor, since one-month Libor is essentially a bet on where seven-day Libor will be over a period of four weeks. (By extension, seven-day Libor is a bet on where one-day Libor will be over a seven-day period.)
While the one-month rate and other term rates are likely to be above the rates paid to the central banks (in contrast to the fully collateralized loans granted by the central banks, Libor-based loans are riskier because they are unsecured), there is plenty of room for Libor to fall substantially from current levels. This obviously is likely to be more a process than an event in light of current anxieties.
Does anyone think we end higher today?
Whenever I get liquid mud, its a sign that the market is about to rally.
DT-
you got a problem with “gay”? I’ll have Hanky Panky punch your muthtache off!
If you nailed a bottom, does that make you a top? All this talk of bears has me horny!
RF bustin outlike a pair of big Ol ta ta’s
buy everything
(if your timeframe is longer than 30 minutes).
Wanna be a — baller, market bottom caller
Twenty inch blades — on the Impala
A caller gettin laid tonight
Swisher rolled tight, gotta spray my ice
I hit the HIIIGHWAY, making money the FLYYYY WAY
But there’s got to be a BETT-ER WAYY!
A better way, better way, YEAH-AHHHH
I bought SSO at 28 … Move up soldiers! TED Spread down a little today.
The sun will come out tomorrow!
Howard is paying me $100 per twitter post.
It’s time.
quick, somebody throw that monkey another banana!
Im still shitting myself…..buy buy buy.
The only thing that got nailed was your mom! Sorry I couldn’t resist!
Barney,
Apologies… I forgot to add the obligatory, “not that there’s anything wrong with that.”
-DT
enough of this slow crash. It would be so nice to catch evryone by surprise and bust the fuck out.
C’mon….everyone in…..on three-“The Fly”…one….two….three….” THE FLY”.
S’okay, I mean, th’okay DT.
-BFGP
DT likes to dress in his mum’s underwear because of how it feels…. his sister told me this.
This is not all right with me. I demand a full refund of yesterday’s losses, with interest.
Donny doubles position in SSO @ 29.50!
Balls deep in NOV!!!!!!
Nice call, Petey. I shall sacrifice 100 bulls in your honor.
If there 100 bulls still alive.
CNBC took a pass on the interview but said they would be glad to set you up on MSNBC with Keith Olberman as he wants you to do the top ten reasons why Bush is responsible for the FNM,FRE and housing problems.
Nice call, Petey. I shall sacrifice 100 bulls in your honor.
If there are 100 bulls still alive.
I shall sacrifice 100 edit functions, instead.
Sr. Tropicana……..you still involved w/ MVIS? been hearing chatter of military interest, care to opine?
I (heart) sarcasm.
LOL @ Roubini getting fully douched!
Oops. CNBC just called me again. They want you to go on Suzie Orman’s show to talk about Lesbians and stocks.
Someone tell CNBC that right when we cross over to even on the day, get as many guest as possible to come on and talk about the depression and how bad everything is.
God Damn
How about a rule that when the markets are sucking Barney Frank cock, no one can come on for 1 hour and say anything bearish.
Bot JPM
Bot UYG
Bot QLD
That didn’t last long. Sorry.
Tim,
Really? That’s wrong. The reason I dress up in my “mum’s” underwear is because it makes me free sexy.
What, are you British or something?
Dick.
-DT
Oops again. Now CNBC wants you on Donny Douche’s show and talk about advertising and the Puerto Rican Gay Pride parade in NYC.
FLY, MY MONKEYS!!! HEE HEEE HEEE!!!
Roubini stuck it right up Bill Griffeths ass…
hard and fast
How to Play This Options Expiration
By Jim Cramer
RealMoney.com Columnist
10/16/2008 12:19 PM EDT
URL: http://www.thestreet.com/p/rmoney/jimcramerblog/10442764.html
Editor’s note: Jim Cramer will present his 2009 stock outlook for the first time at TheStreet.com Investment Conference on Saturday, Oct. 25. Limited seating. Act now.
If it weren’t hard enough, now we have options expiration to worry about, where I have to believe there are a huge number of puts expiring. That would normally be quite bullish, because when you have that level of protection underneath, you should get funds buying common stock against those puts, causing some upside.
That’s bullish.
Against that is the prospect that if we don’t rally, we get more redemptions, and redemptions have crushed us.
My take is that there are a huge number of companies that now sport 4%-plus yields. Find some you are comfortable with. Put bids well underneath them and bet that the puts that hedge funds have will kick in, and then they will buy common stock either to cover or play the protected upside.
I would particularly recommend natural gas because of the word that BP (BP) wants to buy properties and has the money.
Only takeovers will prove the true worth of companies until the economy turns around. The nat-gas companies have crummy dividends, so this strategy is just a trade.
The investment strategy, though, is all dividends, and with so many to choose from, you could regard this as an important moment to start buying.
Because so many things are technically driven, this is a key level to hold, and that is why it is worth buying right here for a trade or an investment.
As much as it is possible to like a market, right here is where you should like it for some buying.
There’s too much not going wrong at this moment not to stand up and bid for something. Not take. But bid!
Random musings: If BP is considering buying some Chesapeake (CHK) properties, I don’t know how you can lose that much on this one from here.
At the time of publication, Cramer had no positions in stocks mentioned.
http://www.youtube.com/watch?v=s8MDNFaGfT4
More from the booyah man
Jim Cramer
NASDAQ
10/16/2008 12:13 PM EDT
NAZZ says we will rally today, i agree with the NAZZ., i agree with it,…and think that it can carry the day…
Position: no
So you’re free sexy. Is that sort like ‘sexy free’, like calorie free?
So, tell us what it is about your mum’s granny ‘skid mark’ panties that makes you free sexy?
Dumb shit
Yours,
Jefferson Krull classic today.
The My Sharona Bugout!
Goood timez! 🙂
Here, Tim, I have this great idea… there’s this guy called “Jake” who frequents this blog.
Tell him you like Obama… he’s a big fan.
Then you two can be friends.
-DT
Go back to your hole DT. Nobody likes you here except you.
Somebody should ask “Joe the Plumber” if the bottom is near. Fucking hell, the media are such a bunch of clowns.
http://admin.minyanville.com/assets/FCK_Aug2007/File/Theale/image002.jpg
loooong range chart of SPX
How long or high is peeps looking for the bounce to take us… I have gone 90% long over the last week and all in today… I’m looking for a sustained ralley…. not just a one or two day pop…. what is everything else thinking here
I think we continue to crash.
Why would anything else happen?
Tim,
Indeed, I’ve often thought, how can I be loved widely, like that guy “Tim” who comments on “the Fly’s” blog.
Is it your wonderful stock analysis or sparkling sense of humor that draws people to you?
Please, share your secrets.
-DT
Let me tell you my insidious experience with the Democratic Committee the last few days. I hate politics and think both candidates are pretty much worthless.
I live in San Diego West Coast.
830pm Tuesday night my wife finally got our 7 month old boy to sleep after struggling with him for about 40 minutes. Minutes later the doorbell rings. WTF? Doorbell never rings after dark? Some young idiot from the DNC. baby crying and me pissed I go downstairs and tell this fucker he better never come to my house again EVER! What a fucking stupid broker uneducated clown just the the “most” fucking Obama is God followers.
So I email the DNC giving them all of my info (being honest) and telling them to quit sending their gay little boys over to my house and waking my son. I tell them next time someone shows up at my house from their gay committee attempting to get me to vote for some worthless politican I will have them arrested on the spot.
So today I get an email from Barack Obama (from the debate hall) asking me for 5 FUCKING DOLLARS! ARE YOU FUCKING KIDDING ME?
FUCK BARACK OBAMA AND ALL THAT HE AND HIS GAY BARNEY FRANK FAGS STAND FOR!
Sorry for the rant fly 🙂
Joe the plumber says we go lower.
Keep in mind, he’s an idiot with no healthcare insurance and really big credit card debts.
Which irection does The Fly say we go?
EXM is trading at 1.3x trailing earnings and 1.7x forecasted earnings.
AKS can’t generate any interest at 2.4x forward earnings.
This is going to be a brutal, bad ass recession.
Joe can always cling bitterly to his guns and religion.
Correction typos:
“What a fucking stupid broke uneducated young idiot clown just like “most” fucking Obama is God followers”
I aint no idiot. I am now voting for Obama. He assures me that we will have a National plumbers program in place and all plumbing repairs will be made by the Obama government. He told me that Hillary will be in charge as Secretary of the Plumbers.
Market Fool,
Shut the fuck up, you worthless, piece of shit, rich, MF.
Barack
Fly,
been playing around with the new fundamental feature on PPT, and NOV has one of the highest scores.
No way NOV belongs here.
FSLR is also high on the screen.
Fuck you all.
Sorry we woke up the baby, Fool. Now where’s my five bucks?
Just wondering about “nailing the bottom”. Isn’t that some kind of gay sexual position?
DT – okay, way to keep your chin up. This tells me you won’t spill a drop.
The only secret I have is your fantasy of being a girl. Again, your sister told me this.
Yours,
So whats up with NOV??? Is it getting killed due to some hedge funds unwinding, that were long oil stocks?
this is ridiculous
Barack,
I could not give two fucks and a gay goat in a boat about some fucked up election right now you dick!
this market is going to force every last drop of pain from everybody.
You may keep your goat, gay or otherwise, and your sexual relationship with him, Fool. But back to the subject of my money…
Bennet Sedacca
01:04:52 PM
No positions in stocks mentioned.
Is the credit thaw starting?
A few items of note.
* Corporate deals are starting to get done.
* Municipal deals are starting to get done.
* Citi (C) is admitting to correct marks of its nuclear waste.
* LIBOR starting to behave.
* Mortgages starting to tighten.
* How much more unwinding can there be?
While not bullish on credit, I wanted to make it known that I am significantly less bearish on credit.
This is a large change for me.
For what it’s worth.
DT is King of the 3rd tier bloggers! Long Live the King!
What are the chances of GOOG even meeting estimates?
POOF! your bullshit rally is gone.
DOW hits 7,200 within 7 days or less and then the real rally begins.
The Fly for President!
Ass Napkin,
Stop asking the Fly about his irection (sic), you cad.
_______
Well, at least the market didn’t crash during my beauty rest. I feel so fresh. Now let’s discuss some things that are ghey and some that are not:
ghey: Twitter. This is the final evidence “Ducati” needs to prove that Fly is not a real money manager, but a guy in a bathrobe who lives with his mom and eats pickles.
ghey: This “rally”. Everything is just running into the moving average on my charts. Where I come from that’s a “short entry point”.
not ghey: Can’t think of anything right now.
PS: QLD is a buy if it can stay above 31.5, otherwise it’s ghey.
Is anybody else seeing these weird, random price jumps in NOV and UYG? Is this just my stupid TDAmeritrade software or is it just fucked up quotes coming from the exchanges or what?
What’s gay is when people spell it “ghey”.
RIMM goes to 88 within 5 days.
The hedgies puking up the ag plays (MOS, POT, MON) are done…. watch everyone of these stocks rocket 30-40% by next friday.
Snap back ralley, everyone waiting for the ’02 lows to get in will be disappointed…
I spell “ghey” as “ghey” out of respect for our nation’s Proud Homosexuals.
Because they’re not just proud… they’re gay proud.
VIX hit 81
Can I get some real fear please…
SRS will close around 160 tomorrow
Fourth Law of Thermodynamics:
What goes to 80, goes to 100.
Please have NOV remove it’s foot from my neck
da-da
Joe the Plumber told me to buy the QLD. What can I say? I had to sell some UYG though.
I belie?ve that banki?ng insti?tutio?ns are more dange?rous to our liber?ties than stand?ing armie?s.? If the Ameri?can peopl?e ever allow? priva?te banks? to contr?ol the issue? of their? curre?ncy,? first? by infla?tion,? then by defla?tion,? the banks? and corpo?ratio?ns that will grow up aroun?d the banks? will depri?ve the peopl?e of all prope?rty until? their? child?ren wake-?up homel?ess on the conti?nent their? fathe?rs conqu?ered.?
It’s hard to type when you’ve been dead for 200+ years.
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
bistocksual Says:
Sr. Tropicana……..you still involved w/ MVIS? been hearing chatter of military interest, care to opine?
October 16th, 2008 at 12:27 pm
No opinion????
Barrak will raise taxes, put speculation hounds on gurneys, its the “new deal” area with a touch of middle finger. You’re a bunch of uncles.
Thomas Jefferson Says:
It’s hard to type when you’ve been dead for 200+ years.
October 16th, 2008 at 1:41 pm
bwhahahaha
Warning to anyone putting in buy orders for GOOG at $200… Your orders will be nullified after the stock rebounds.
Must be getting near the witching time for the Hedgies to dump their stock. Pricks.