Be careful, I heard clowns are running around Wall Street, indiscriminately raping people.
Listen up young brokers: today is the day you decide to go back to school, in order to pursue a different profession. Don’t do it to yourself. I am telling you now, all the money in the world cannot make up for the years lost, via stress, navigating this business. Hurry up and quit now. Tell your boss to go fuck his dead dog and a dozen eggs, then proceed to urinate on the trading desk.
In other news, going over the morning numbers, it appears Plutonium Petey will come out of this crash unscathed. I will “enjoy” large cocked losses in all longs. However, the oversized nature of my [[SKF]] position will wipe out my losses and more. Actually, I may end up making money today, unlike some other 4th tier homo bloggers.
I know I’ve been espousing some faggy “epic rally,” via buying a bunch of bullshit stocks. However, a few days ago, I felt something was wrong with the asshole-ish way the market was trading; hence I ate some humble pie and went short banks.
No use discussing spilt milk.
Today will be ugly. I would expect our markets to dip down 10%, before recovering. Do not chase this fucker on the first sign of a rally. Remember, we’ve been going down all week. The margin clerks will be out there selling, hardcore. And, the hedgies will be blowing out in size, come 2:00.
Even if we go green, early this morning, there is a chance we can give it all back towards the end of the session, thanks to forced selling.
The Forex markets are a fucking mess. It is no surprise to see the Japanese markets diving the hardest, considering it is their banks that are being ape raped by the unwinding of the carry trade.
If you end up losing tonnes [sic] of money today, chill the fuck out; grab a bear and laugh it out. It’s only stupid green paper, with hideous faces on them.
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Welcome back from the gay, better late than never.
Get your popcorn ready.
Fuck the Greenback, Pesos here I come!
Today is going to be better than any Acid trip, I”ll ever take……….
Senor Fly, please change the “I have seen the future and it has lower stock prices.” Thank you. I hope the bear ETFs will not encounter any problemo in pricing the product today?
Devil:
Comport yourself with dignity today. Your behavior, gloating, is not one of a gentleman, let alone a fine patriot of this idiotic country.
Its probably too late to buy puts. Go head and sell some puts. Sell some SSO and QLD 25s for like $5-6 a piece. Sell some SKF 200 calls for like $30-40 a piece. The premiums are thru the roof. Either we rally by opex in Nov. or the financial world ends and your money is useless.
Today is not the day to be scared about losing money. Today is a day for putting your balls on the line and making money.
The October omen is being true to form……
C’mon Fly:
DD had it right all along. You don’t want a “groupthink” let’s all go LONG ra ra cite. He had it pegged. Way to go DD.
Now DD comport yourself with no talk of revolution or I told you so’s.
Roubini was right.
This is a pretty gay crash.
This open is not the bottom.
No fucking way.
No hedgies have sold yet.
DO NOT CHASE IT.
I cant’ wait to see down – 1000 Dow today. It would be nice. Seeing the faces of those asshats on CNBC. The only thing that leaves a bitter taste in my mouth is Jim Cramers bearishness and how correct he has been. I just don’t like the idea of Cramer being right.
This is the biggest homo gay crash I’ve ever seen.
You stock monkeys are all fucking gay.
J – this is not the crash. it will get worse. if not today than by Monday. Nobody is holding over the weekend. Nobody. its GAME OVER folks. The fat lady is singing and she’s ugly as hell.
BTW sell SKF SRS SMN SDS calls. you can get massive premiums.
If/when we break the lows from 10/10, the whoosh effect down will increase.
DO NOT sell the calls. Cap is a self loving idiot.
Flexibility is key.
“morning numbers”….don’t you mean “mourning” numbers?
clink…..clink….clink….
I bought 50% of my day’s pos in the index. Fuck the stocks it’s an index play now. I gunna buy the index.
DO NOT BUY!
Vix might print a hundo.
yawn…
TC – What time is the Beaver on today?
DO NOT BUY!
too late.
sniper6 Says: In case you missed it-
A young bull and an older bull stood on a hillside, surveying a valley full of cows.
The young bull said, “lets run down there, and fuck one of those cows!”.
The old bull shook his head and said, “No. Let’s walk down, and we’ll fuck them all”.
I’m walking.
I think this is a market head-fake to see who get scared easily. We can drop 650 just to be at yesterday’s low. A lot of people will see down 650 and think the world is ending and panic-sell, when it is just yesterday’s tape. But there has been consistent resistance down here and I kinda think we can bounce off this today and end, if not green, like down 50.
I don’t think today is DevilDog’s day of mayhem.
I may buy some XOM calls, just so I can someday tell my grandkids, “I bought while the blood was running in the streets”.
clink…..clink…..clink…..
Gayest crash ever!
New slogan…Ride the Dow to 6,500
Sold FXP 160 calls at $33
Sold SDS 100 calls at $25
Sold SKF 195 calls at $25
Sold SKF 170 calls at $32
Sold SMN 105 calls at $18
This is a trap.
NExt thing you know, a giant alligator bites off your balls.
^^
11
That was me
I’m closing up.
Caught the wrong side 3 times in a row now.
“This is a trap.”
Agreed. This action looks like a headfake.
This isn’t a trap.
It’s a harem with 72 porn stars. (female)
Just bought some euro a little earlier and looking to buy some Euro yen.
btw, this thing could reverse 500 higher and still crash like Amy Winehouse after a 3 day bender.
Wait until 3:00 for the real fun.
All I have to say is USA USA USA! Believe in America folks. We’re the best country in the world!
MR. EB
Shut up.
keep shorting.
If this doesn’t close up today, cap will blow himself again that’s my bet.
You idiots fell for the jap capitulation trick. Fucking kids to today.
Fly,
Would you add to SKF at low $160s?
This crash is bush league, the coverage on CNBC is f’ing atrocious, lame drival…How much does this production cost? Less than a Pee Wee Herman Playhouse show!!…Pikers!
Fuck the market.
The only reason I’m here is to see if CAP plans to suck his own dick.
I’m calling bullshit on this crash. This market is perfectly willing to dole out cardiac arrests when open, but it has proven that it cleans up enough on Friday that everyone can chill out a relax on the weekend. This is a shake-out and we rally.
Don’t listen to me. Just keep reading about the jap housewife who went long aussie deposits and has been bottling all week.
You bunch of pussies.
Adding more of the short ETFs here.
Fly-
Do margin clerks work on a schedule? Are there specific times of the day they sell people’s bullshit stocks?
KRE (regional bank etf) hanging tough.
Please don’t me go back being an attorney.
Talk about a fart in a mitten … Christ, I knew The Crash of 1987 and you sir are no 1987!
What a disappointment … was looking forward to placing wild bids at 20% below the ask … damn!
At 3 pm I’m gonna be pulling beating hearts from chests and taking big bloody bites while the previous owner gawks in shock and horror before tipping over dead.
I like the call Fly. Retrace then murder midday thats been the trend
Tried to short the AAPL rally, stopped out at 94.5. Will try again.
A modern day game of chicken…
he who blinks first will have his balls blowtorched.
I spit at the market giving me a 5% loss here at open. I will rule the day by day’s end. USA rules.
The best position is a hedged one.
Long commodities/short banks works for me.
Margin clerks come out hard after 3:00.
Does anyone have any good trading ideas? Buy SDS under 108.
By the way, should we close up,that would mean CAP will have to suck his own dick again.
DO NOT BUY???????????? Does that include SKF SDS SRS ????????
Fly,will you buying more NOV MOS ACI today?
I think I’ve developed a taste for it. Bring out the monkey!
Anon:
I have full positions in NOV, MOS and ACI.
I do not care about catching a sweet bottom. I will be content with seeing my investments recover, over time.
I am in survival mode, which puts me on defense.
Go long folks. It might be painful for few days, but the market is going to have a vicious rally before year-end. That’s the max pain move for institutional funds now since they are all in cash. Market do the max pain move, which is a vicious rally here.
Maybe capitulation has already happened over the entire month of October … funny if we start a huge rally ovah heah in anticipation of GLORC making an appearance on Tuesday, huh?
If you are not hedged, now is a good time to get some.
“house call”? WTF I didn’t ask for a doctor!
I like the Donny position here – all cash. However, Donny should try a little DIG.
Juniper’s 3Q Net Jumps 75%.
I should be in Jamaica right now with all the “should be” wins I have had lately.
Not to mention the countless upgrades to stocks I hold.
Fuck Me.
Love getting long when the shorts panties get all wet….
will keep a sharp eye for redemptions/hedgies this afternoon…risk/reward ratio was sweet pre-market….
Grab a bear?
“Be careful, I heard clowns are running around Wall Street, indiscriminately raping people.”
So now they’ve gone from sucking their own cocks to raping people? What is Wall Street coming to???
I’ve been 100% short since 05/23/08, when the Dow broke significantly below its 50 day. Life is good in a strange kind of way…
clink…..clink…..clink…..
CAP has a very purrty mouth.
Ultimate bull indicator:
Stocks prepare for a BLOODBATH
What a headline!
How about I take a bet about self pleasuring a certain part of my anatomy if we close down 1000 points ? How about that ? Anyone want me to make that bet ?
Those fuckers at CNN – as soon as I link they remove their bloodbath headline.
I’ll do it – nut for nut my man. We will not only not end down 1000, but I don’t think we will even end down 600!
That was a warning shot across the bow. The next shot will be dead on. You have been warned. However, Roubini notes that the Italian market is the cheapest in Europe.
CAP…why are you so fixated on sucking dicks? Knock it off…at least while the market is open.
Cap
no it’s gotta be a full blowjob. No hand shit. Gay up, dude.
this is great, today was the biggest gaggle, yess gaggle of bears I’ve ever seen since my trading room day when everyone went the same way.
BTW: Every single sector on PPT is now a sell. There was like 2 out of 200 that were buys, until today.
Roubini makes a mean garlic bread.
Fly NOV is trading like a champ. Might buy some at 23ish.
The Fly Says:
The best position is a hedged one.
Long commodities/short banks works for me.
Margin clerks come out hard after 3:00.
wHAT happened to the margin clerks 2 Fridays back ? We were down near 700 up 300 and close down 100 only to rally 900 on Monday.
I’m starting to think much to my chagrin that today we could actually close green and rally Monday.
Fly, at what point do you break out the bowl of oatmeal?
Just a moment of reality. I seem to recall the market being up about 2% the mid AM of 10/16/87 so beware.
I would only be daytrading here.
J:
Before you buy NOV, go get some SKF. Stay hedged. If I know anything it is late day fuckery.
Could this be a trap for all the people who think it’s a trap? Can the people thinking it’s a trap wind up just standing around waiting for the trap to close, while the market marches north in victory? Could people thinking it’s a trap, and putting on hedges, winding up pissing away money? Could this be reverse psychology in reverse? Or, is it going to be a reversal of the reversal to the trap?
Oh fuck, now I’m even confused.
SELL … SELL >>>> SELL.
ok thanks for the advice, fly.
Anybody that buys here deserves to be killed at the close on Tuesday 10/28. Yes, I said Tuesday not today. As I mentioned a few days ago in 1929 10/24 was one of 2 days that had the greatest decline. Today will not end well. Monday will be down also, however, not as much. 10/28 was the 2nd day of greatest decline in 1929 which is what I expect also. I just shorted some more stocks here and now I’m going to do nothing until I cover all my SHORTS & sell my SDP at the bottom on Tuesday 10/28. Anybody that says I’m crazy…fine with me. I’m going to get my 3 black crows.
Have a great weekend. Beautiful day in Dallas today and I’m taking the wife for a cruise in the Viper and lunch at our favorite restaurant with an outdoor patio. I think I’ll have the salmon of course being the BEAR that I am.
Counting, I think that the clownrape reference began with Danny. It has since become part of the IBC syntax.
This is unacceptable. We were even down 500 Dow points at any stage today ?
Roubini has three nipples.
The third one predicts financial collapses. It just knows.
My AAPLE short is working. I want that 93.6 to die, then back to 92s.
Devil:
What unit were you a member of in ‘Nam?
Execution squad?
All cash here…sit this out or begin to cherry pick?
The birth of the term “clown raped” cannot be traced. It’s just one of those things that people assume has always been there.
DD –
Have fun a lunch. I think I will grab some more short postions then call it a day also
Todd Harrison
09:27:08 AM
No positions in stocks mentioned.
Morning Dew
*
There is a run on emerging market currencies as sovereign country credit default swaps are blowing out. This is worth noting through the lens of the bursting of the Dot.Gov bubble we’ve discussed this week. Russia, as old school Minyans know, does matter.
*
Limit down means we’re seeing “bid wanted situations” which, through a historic traditional trading lens, is a bullish capitulatory signal.
*
While we must allow for “Black Monday” if markets remain sloppy, this—along with the ongoing process of debt destruction and price discovery—are healthy on the margin.
*
As discussed Wednesday, I flattened my book before attending an off-site meeting yesterday (100% cash in both my short-term trading account and long-term nest egg). As such, I plan to identify opportunities and scale into exposure as a function of time and price while leaving powder dry for lower levels still.
*
I’ll trade equities as opposed to options given premiums are fatter than I am at this point (and I haven’t even eaten my bagel and shmear yet).
*
Potential vehicles include the usual energy suspects such as Weatherford (WFT), Transocean (RIG), Schlumberger (SLB) (at fresh lows), but I’ll likely skew towards the QLD and SSO, the ultra-long proxies for the NASDAQ and S&P. Gold, into our $700 target, is also intriguing.
*
I’m trading Ginger not Mary Ann with four thoughts in mind.
o
The better technicians in the ‘Ville are targeting S&P 777 and S&P 600, which remains in the back of my mind as I map my stylistic approach.
o
Common stock (as opposed to options) gives me staying power to ride out the storm.
o
Only trade with what you can afford to lose.
o
The first snapper higher is likely the easy trade. The second mouse, however, might swipe the cheese.
*
Don’t be surprised to see a coordinated rate cut to the tune of fitty bips across the globe with a full percent possible by the ECB.
*
If the markets continue on this prickly path, I’ll again draw your attention to the potential that U.S.—and perhaps global—equity markets could CLOSE until they identify a defibrillator.
*
My greatest fear is that socioeconomic malaise manifests into geopolitical strife. This you know but so it’s said.
*
Hank Paulson is said to plan buying stakes in regional U.S. banks, an announcement that could come as soon as today.
*
It’s worth noting that was only down a deuce. That may very well be a stealth signal that Shanghai is finally poised for a powerful rally.
That was me. Imposter.
J:
pair trades.
DIG/SKF
MOS/SMN
Small lots.
Roubini is apparently the Bobby Flay of the Italian cuisine market.
Boomer,
I like the APPL short. Shorted it right before earings and thought I was going to get fucked for a while. Decided to stick with my gut and glad I did. It goes to 80 before it is said and done
I wonder. Some big assed hedge funds sitting on a ton of cash come in this morning and see the panic in Japan. These hedge fund fuckers decide to try to manufacture a panic here too so they can deploy cash. They throw a bunch of money at the futures to take them limit down.
But surprise … the selling has been washed out for awhile now. There aren’t enough sellers left in this fucked up market to make the panic happen.
At what point then does the panic to GET IN the market start? Maybe sooner than most here think?
I saw Roubini the other day at an Italian eatery. By accident, the waiter spilled an entire pot of gravy on his face.
True story.
Lol…
Best post of the day Eye!
+1
everyone is waiting for a big move, which way?
An emergency rate cut today?
Only reason this puppy is not down 800 at the open….
Yea right Fly.
Since when do Italians eat gravy, dude.
Fly,
Do u recommend buying SKF, SRS as hedge? I am probably too late.
Minyanville Staff
10:02:55 AM
No positions in stocks mentioned.
Vibes from Minyan Tony “Snoop” Dwyer of FTN Midwest
Today’s indicated weakness in the market highlights everything I’ve been talking about and why I’ve consistently been “staying out of the way”:
Emerging economies and financial markets are absolutely collapsing and there is a run on their currencies as sovereign country CDS blows out. The treasury department can set up a forced merger between two U.S. based lending institutions, but what entity is going to tell a Chilean bank they need to acquire a Belgian bank because an Italian bank has significant counterparty risk.
European economies and financial markets are decelerating sharply into recession because the ECB remains more concerned about inflation than trying to avoid depression and because of point 1.
There are no buyers. Again, if investment partnerships are liquidating, mutual fund investors are selling and prop desks are shut down, who is the sustainable buyer? In that type situation, financial instruments have to reach a level that attracts any money that could be on the fence. My trusty 14-week stochastic indicator yesterday, the S&P 500 (SPX) was not at a level that warranted immediate buying in the current or prior bear market. Today, we are clearly going to get closer to that point.
Major U.S. Index Equity Futures were limit down, the foreign markets are down between 7-10% and the 30-yr U.S. Treasury is at a NEVER IN HISTORY level. The global financial market action coupled with the negative U.K. GDP report in 16 years might be the event that would bring in another global rate cut with a particular focus on the ECB. If they do 50 basis points – it will make the situation worse. The ECB needs to have a MASSIVE cut – at least 100 basis points – to address the global economic fears. As we have been yelling – the key perception change NOW needed is that global growth was rapidly decelerating – only a massive rate cut would do that. We need “shock and awe” instead of asking for investor approval.
Global business activity is currently SHUT DOWN. It isn’t slow, it is basically non-existent because the vast majority of international trade is based on financing and no one trusts an international bank or finance company to make good on their short-term financing obligations. This is likely an irrational fear since every sovereign country has backstopped their own banks debt, but for now it is fear and perception that is most important. You can print all the money in the world, but until trust in financing returns, it will be very difficult to cause a sustainable low and perception that the global growth outlook is more hopeful.
The bottom line is the situation is extreme enough to warrant a MASSIVE global rate cut. While this is a guess, I believe it is a good one as a result, I’m temporarily moving from “staying out of the way” to “dipping our toe into the water” for a “tactical trade.” The snapback tactical bounce (that should be temporary) is likely to be focused on those areas that have seen the most pain – the global growth areas such as Energy, Materials, and Industrials. It is very important to realize this is based on a guess as there is no price or valuation support level in an emotional market. My view is that today’s weakness should get my 14-week stochastic indicator into extreme oversold territory that would warrant a temporary but meaningful bounce from wherever the low finally is. That may be today or early next week, but I’ve found that whenever the indicator gets where it will likely be after this morning, it warrants a positive tactical trade because anything lost further is typically made back up on the sharp rebound rally.
This is a trading call based on extreme weakness today and history strongly suggests from an investment perspective you don’t need to feel like you are missing something if you don’t get involved. Investors can remain patient because it is very important to remember that every major crash low has been retested weeks or months later, so “all in” makes no sense given the current credit and economic crisis. A sustainable and investable financial market recovery will come when there is a clear perception change that the global growth outlook has improved and credit is flowing again.
If you think this a scam by a big hedge fund, you are a fucking idiot.
This is the real McCoy, evidenced by forex moves.
I went 100% short yesterday afternoon, plan on sticking to my guns until we reach new lows. FYI there is an article about many 04 Bush supporters moving to Obama:
http://www.msnbc.msn.com/id/27350891/
Also, the UK will announce its recession in the coming days.
J:
In America, the term “gravy” means marinara sauce.
Not too late for SKF.
By the way, should we close up,that would mean CAP will have to suck his own dick again.
LOL. I can never get enough of this theme. That said, I thought you said it was “some other guy” who had promised to do same?
____
This is all very shockimg
Obama lesser of two evils?
God help this market…or rather Devil since we’re dealing with Wall Street…….
shit, DD – I was all ready to freak out and go all in on the short side till you posted that gay 1929 shit…DOUBLING DOWN
“I saw Roubini the other day at an Italian eatery. By accident, the waiter spilled an entire pot of gravy on his face.
True story”
^^^ That’s some funny shit tight there
Fly’s Roubini tales are
about as true as his trades
Fly, Roubini is Turkish, I believe. He hates Italians, and their awful food.
True story.
The other day, I saw Roubini roaming around in Little Italy, then all of a sudden, a middle aged Italian woman dumped her entire pot of spaghetti on his head, from 5 stories up.
True story.
OK Fly. It’s not a scam by a big hedge fund(s). I am a fucking idiot.
Maybe though, it’s a scam by a little hedge fund?
Oh come on, the futures are the most easily rigged game out there. Jim Cramer told me so. I think even Tim agrees. If those 2 experts believe it to be the case … it has to be so.
Roubini is an Iranian Jew who grew up in Turkey.
Wood:
I know. But isn’t it funnier thinking he was Italian?
Jsut saying.
Tim is a fucking idiot.
Hey, is Tim long?
Any news on that front?
I refuse to visit his site.
Shed, now that I have you.
You owe me that fucking apology for wrongly accusing me of saying some gay racist stuff to the brazilian dude under an alias.
Roubini is an Iranian Jew
in other news … some stocks seem washed out … so despite the carnage, I believe we are getting ‘there’
I wonder what Roubini does with his money ? How does he invest it. Does he stick in under the mattress ?
I agree. Wood should apologize. All true southern men know when to be courteous.
Dang, the last few minutes feel tense. Like the floor is creaking and popping and everyone is frozen looking for a way out.
I think Tim is probably tilted to the short side … tough to say .. he was buying ag & energy yesterday though
OK, OK. I got it now. I know what’s going on. Hank Paulson manufactured this crash in the emerging markets. He’s causing every rich fucker in the 3rd world to panic out of his/her home currency and pile into US Treasuries. Hank’s game plan is to send Treasury rates through the fucking floor, where he’ll be waiting with Trillions $ to float. Once Hank has his fucking pile of low cost capital, that fucker is going to turn around and take over the world. He’ll rename it “The World of Goldman” and crown himself King.
Accept that one Fly?
Thanks for the good news on the Tim front, Juice.
Now all we need to do is prove the Roubini is in fact an Italian magician, who goes under the stage name “The Great Roubini,” I can claim total victory.
WB is one wise old fucker:
http://www.longbets.org/362
Methinks we’re not seeing hedge funds deleverage and unwind their positions, so much as dissolve their businesses altogether. Fewer than half may remain by this time next year.
My guess is also that the US is gonna get whipsawed; deflation through 2009 followed by Carteresque levels of inflation ballooning beyond 2011.
Maybe after Nov. 4 they’ll be dancin’ in the streets?
http://www.youtube.com/watch?v=PpD8FpGpBjE
But I seriously doubt it.
I have heard it confirmed that the clowns are done raping the people on Wall Street and have piled back into their mini-cars and are driving around in little circles on the floor of the NYSE drinking cans of Monster.
Eye:
No.
While many of you believe this is all manufactured by competent men, I believe this is a mistake done by incompetent imbeciles.
Apparently Roubini is quite the ladies man. He has a facebook profile with tons of pictures of him throwing ragers at his manhattan apt.
Roubini is from a parallel universe
He is the anti-Kudlow
Since when do Italians eat gravy, dude?
You’ve been away too long.
In Noo Yawk, especially wit Eyetalians, “gravy” = marinara sauce.
________________
The other day, I saw Roubini roaming around in Little Italy, then all of a sudden, a middle aged Italian woman dumped her entire pot of spaghetti on his head, from 5 stories up.
Don’t forget to tell them what she screamed at him right after:
“Fucka you, and fucka dat Chooka Bennet-ah too!”
DeVry (DV) up today…does that tell you anything
Roubi has a very annoying voice. You feel like choking just so never has to endure it again.
ags are going positive today.
Fly, would you recommend getting into CME???
J, I think you can be a great contributor to the site, when you’re not being an asshole.
Truck driving is pretty cool. On to driving school to learn how to drive the big rigs.
OK then. It’s not hedge funds, it’s not Paulson. The Fly says it’s wasn’t manufactured by competent men.
So then, this royal cluster fuck could only have been manufactured by INcompetent men. That leaves only one explanation:
It was an inside job by George Bush and the Republican party.
Mystery solved. Thanks Fly.
After Turkey though Roubini did spend his formative years in Italy. And he speaks fluent Italian. So all of Fly’s stories could indeed be true.
Jamming to early Billy Joel this rainy, stock crashy, morning.
Oh, the bitter, but beautiful melancholy!
Stopped out of aapl again. Sux
Iceland, Argentina, Hungary, Pakistan, Ukraine, and Russia are completely collapsing. Two of those are nuclear powers, one of which has a big bunch of pissed off ex billionaires.
A 40 acre farm in Iowa with 5 cows, 9 pigs, 37 chickens and one goat looks good right now.
MOS will go green today (no pun)
Shed
J, I think you can be a great contributor to the site, when you’re not being an asshole.
Dude, that is the gayest apology I have ever seen in my entire life. It’s so gay I don’t think you’ve ever slept with a woman. You can do better.
——————-
Roubi has 66 members in Face book canvassing for him to become Treasury sec.
Imagine.
That would be enough to sell stocks and the currency to zero.
10 am rule in effect
While we guard the trap, just watch, they’ll take the market green. It never pays to guard the trap.
Unless they can take it appreciably below 870 in the S&P, we won’t have more forced margin selling. We recently visited this level and the clerks have already done the dirty deed here. The next risk then is a rush to the upside.
Keep guarding that trap and you’ll be left behind.
Crisis? What crisis?
Are the bears concerned that as dark as the market looked, the s&p low of 10/10 was not violated?
Thanks Marlin.
I knew that Roubini had an Italian accent.
See Wood, you’re still wrong, even when you’re right.
DOW 14,000 is possible by years end. I also want to take this opportunity to admit and discuss my love of the cack. It’s very freeing to run around town, dressed as a ballerina and offering to blow any sailor who happens my way.
In closing DOW 14K & I am a pillow biter.
Warren Buffett Says:
Are the bears concerned that as dark as the market looked, the s&p low of 10/10 was not violated?
You’re right WARREN. Time to short some more. Just you watch. That 839.8 will be violated if not today than Monday or Tuesday. But its coming.
Imposter that DOW 14000 CAP. LIAR. Thats not me. DOW will never see 14000 EVER AGAIN unless the Dollar drops 90%.
Trish Regan can’t hold a candle to Karen Tso, though I’d probably do her. WTF? Ratigan asking whether we had some imaginary capitulation before market open?
Pretty soon everyone will be able to tap into the Fed for a personal loan.
What the fuck is a plane engine maker doing offering CP facilities to clients. They deserve to go broke.
FAIRFIELD, Conn. (AP) — General Electric Co. has told customers it will tap into a new Federal Reserve short-term funding facility set to start Monday.
The U.S. industrial and commercial conglomerate and its finance arms, General Electric Capital Corp. and GE Commercial Services, have registered as users of the facility, GE spokesman Russell Wilkerson said Friday.
The Fed next Monday will start buying commercial paper from highly rated companies unable to sell their paper on the market. Commercial paper is short-term debt that firms use to pay for everyday expenses like salaries and supplies. But in the current climate of mistrust, the market has dried up considerably.
GE currently has $88 billion of commercial paper outstanding, down from about $100 billion last quarter.
GE said in a note to customers it plans to use the facility primarily to support its commercial paper investors who may need liquidity, and will test the facility Monday. GE’s commercial paper customers are money market funds, state and local government pension funds and others, he said.
“By telling customers we plan to use the facility, it’s liquidity for them. It’s important for them to keep everything flowing,” Wilkerson said. “We go to this facility from a position of strength.”
GE does not yet know how much money it will tap, but said that will be “driven by the liquidity needs” of customers, Wilkerson said.
Kevin Depew
10:47:25 AM
Position in SP
Looking Elsewhere…
I’ve been focusing on the SP… perhaps too much so, because as Professor Krueger reminded us yesterday there is action taking place elsewhere that merits notice.
Looking at the Nasdaq-100 (NDX), I noticed that the weekly potential TD-Sequential Buy Setup HAS been perfected with this move this week below bars 6 and 7. As well, the NDX has come within 40 points as of the low today of hitting the 50% retracement level from its November 2007 peak at 1106.93 (using the TD-Absolute Retracement Down).
A close below 1106.93 would mark a qualified downside break of that retracement level – they tend to act as strong support – if and when, but given the proximity of the potential Buy Setup I want to be a buyer of NDX as it approaches that level.
This does not change the SP potential of 777 as a target, but it is interesting we are nearing a possible tradable low in the NDX.
Note that other perfected Buy Setups for the NDX occurred on 6/16/06, 4/29/05, 08/02/02, all presenting tradable rallies.
the above is an imposter. the dow is going to 14, maybe 15K by years end and I reaffirm my love of the cack.
The Fly Says:
Thanks Marlin.
I knew that Roubini had an Italian accent.
See Wood, you’re still wrong, even when you’re right.
Thats a joke right ? Italian accent. The guy sounds Israeli or Persian. Not Italian. Do you have any ‘ethnic’ friends Fly or is it just all old rich white folk ?
Bennet Sedacca
10:31:10 AM
No positions in stocks mentioned.
Cool!!!
Now I get to own yet another impaired asset. Perhaps the worst bank in the land.
National City (NCC).
‘We the People’ just bought NCC.
Do you actually think PNC (PNC) would have bought it with its money? Heck no.
But PNC bought it with mine. So the portfolio I never wanted to own is getting put in place. You know, the stuff I prudently avoided.
Fannie Mae (FNM) / Freddie Mac (FRE) / AIG (AIG) / NCC / hedge fund assets / CP, etc.
What a country. Right?
Todd Harrison
10:21:10 AM
position in sso, qld, dxo, fxi
Gate Sniffage!
* Where you stand is a function of where you sit. As I entered this session with 100% cash in both my short-term trading and long-term nest egg, I’ve dipped a pinky toe into this opening mess through the QLD (NASDAQ), SSO (S&P), DXO (Crude, although this last vehicle is particularly illiquid) and the FXI (China).
* They’re starter positions as I want some exposure at these levels while keeping plenty of powder dry should S&P 840 break. I’m also using trailing stops on some of these prickly puppies as they’ll protect me should hell that hath no fury like a tape scorned.
* If we breach that level and melt to S&P 777–a shade below a full 50% retracement in a single year–or S&P 600, I’ll have ammunition with which to scale into exposure at lower prices still. Remember, the goal when trading is to be in a position to use prices to your advantage.
* If we somehow run with the roses higher? I’m there with Ginger and will use my proceeds to take Mary Ann to Sizzler. I’m also using trailing stops on some of these prickly puppies as they’ll protect me should hell that hath no fury like a tape scorned.
* And yes, I’m well aware of the potential for a Black Monday and Turnaround Tuesday. That, however, is a world of trading away.
* Mama Mia, look at the FXY (+4% to $107). Talk about being penny wise, Yen foolish!
* Congressman Barney Frank wants a moratorium on all Wall Street bonuses? OK, big dog, but shouldn’t everyone who paved the way for Fannie Mae (FNM) and financial engineering be held equally culpable?
* Strength and Honor, Minyans, strength and honor.
Does CNBC ever have anyone that is not bullish on TV. They have all been bullish all the way down. Every guest says buy buy buy. Thats why I am short
On CNBC they are contractually-obligated to be positive. Negative doesn’t sell ads or get you invited back.
Rick Santelli is the only person on CNBC with any brians
Brains typo
This is not a market in panic. It’s a market with washed out sellers. If even a single buyer shows up, we could jump to Dow 12 K in a day, in the panic to get back in.
Expanding on my earlier comments on Roubini, I have an affinity for the dark people.
CAP – Roubini has said many times that he is a long term investor in stock index funds and does not trade. So I guess he is still long (as of yesterday at least). I’ve heard this both on Bloomberg and on CNBC.
Yogi, do you think he would find me attractive?
Here’s my thoughts.
Doesn’t matter if the paulson and Bernie are right or wrong. But the market perceives them to have done a comparatively good job of trying to plug the holes.
On the other hand, the Eurpoeans… the ECB has bearly understood the fucking problem as they should have cut rates this am like Bernie used to when the market was falling. The Japs are acting retarded as usual while the rest are also pretty useless.
Maybe the markets in those places are reacting to the retardedness of the authorities in those places. And maybe, just maybe the US will be seen to be ahead of the curve in doing the “right” things such as throwing the kitchen sink at the problems.
Holly Shit this market is crazy
Is it possible the bull is sharpening its horns as we speak???
Yogi —
That explains why he’s so pissed off all the time.
___