Get ready for the obligatory — absolutely required — 10% pop in USO soon.

That will make up for it.

Today played out well for me, with both F and TNA posting strong gains. In fact, I think I’ll take DEVILDOG’s mother out for a nice robster dinner and never call her again!

Tomorrow is another day. Profound platitude, I know.

you sound tired. get some rest.

The fly always wins – even when he appears to be losing …

Bank stocks are cheap, based upon where they were a few months ago.

Yep by long ways

However, I think it’s fair to say their business models are severely impaired.

Dude, who gives a shit about their business models. It’s a fucked up business. The business of banking is mentally impaired. Imagine, well not quite, imagine you actually hand out money to blobs that have in a lot of cases very little chance of repaying back the money and you’re doing that at a 13:1 ratio. The entire fucking banking casino is mentally impaired doing that shit.

Therefore, it makes little sense to go long banks, for any long term duration of time.

No. Banks are now supercharged demons that can borrow in the term markets at close sovereign risk. They are the best possible bet out there. They could go up in multiples as they can borrow at close to sovereign and lend out at huge spreads or buy debt by matching duration, not having to mark to market, and make almost gay like spreads without lifting as much as a finger.

Stop worrying about the indexes and just buy banks. Indexes is for mugs like the Dog and lots of gay people.

I don’t care what the charts say, the market isn’t ready to go up substantially, there hasn’t been enough pain and misery for investors.

In fact, aside from the late day rallys (thanks to the real PPT), the market wants to go down.

TMA went down 50% today

GA –

Don’t trade what you hope/think, trade what you see.

Many “investors” as in retail, are long gone, btw.

Just fucktards left.

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Shit, I may go out and get a freaking mortgage at 4.5% long rates!

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Charley, Why don’t you take Devildog’s mother out for a nice tube steak?

Day and Night – http://www.youtube.com/watch?v=VkSq2Zn2XoY

i pray that devildog is right as i am staring down the barrell of a shotgun. sctoch anyone?

Feels like another bubble brewing

Malaka — so what are you saying? France, Spain, Italy and Germany have been in a Depression for the last twenty years?

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Fleckenstein is becoming bullish = DOW 6000

Fly Jr.,

3 month T-bills yield .01 percent, PFE yields 8 percent.

Your call.

Disclaimer: Long PFE

Thunder — eggsactly.

The bond market will begin asking the rubes for money to hold their t-bills on Friday.

^^^^ Check it out!

There actually was someone who didn’t know the unemployment report would suck on Friday!

My apologies, Norcal, you’ve provided a service.

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Fly,
I dumped my 1000 FXP@46, having bought at 77, used proceeds to buy 400 SRS@114. Figured the latter could pop higher faster, though I believe China is still f-ed. It was the biggest realized loss ever for me, but I’ll take it as tuition.

In other news, Karen Tso is looking salaciously alluring tonight.

Jake:

Re: bond market. Bonds have diverged from stocks a bit here, since promises of helicopter drops Bernanke made Monday. That divergence is getting mighty stale. UUP is the tell, methinks, as you point out.

Fly,

Since a friend introduced me to this site and your blog, I’ve been reading every post. Awesome stuff. This particular post was actually very insightful. In particular I agree with “I can tell you, with the utmost certainty, the market is not healthy.”

Couldn’t agree more.

25% unemployment was the norm during The Great Depression … 10% is for stagflation …

ADP unemployment #’s already discounted … Big3 not yet discounted …

Long PFE also …. (for the yield)

j, all your bank bullshit makes sense except for the one big thing you leave out that nullifies your stupid thesis. NO ONE IN AMERICA IS GOING TO BORROW. The debt economy and supply side elitist bullshit are finished. The Revolution is about 1% started. S&P 150 MIGHT be the bottom. Write it DOWN.

God, my SPY puts at Vix 118 would be – insanely great (with apologies to skinny Steve).

Thunderpup
(long stocks in case Dog is wrong, long SPY puts in case he’s right, and harvesting volatility in the meantime to pay the rent on the puts)

if given the chance to borrow, they will borrow. that’s the american consumer, if they can, they will. has been the case for the last 40 yrs. then they will spend it and spend it. God bless America.

lol. i think he is sane, and really believes that those things will occur. not a fun way to live life, specially when is so fucking short.

Yeah, I agree JG, but they accused Peter Schiff of the same thing last year.

PFE? WTF? I’d rather rub my cock with a cheese grater.

You’d be crazy to sign up for Covestor and compete with Woodshedder!!

This guy is a monster, top 10 trader.

-gio-

Um, Wood, it sounded like you wanted to see someone’s balls.

just sayin’,
gio

Yes, he is unhinged… and quite possibly he is in revenge trading mode since he missed the lows (by a wider margin each day) and keeps seeing profits slip away.

Dog

Your point about people not borrowing actually is a good one but for one thing. people don’t have to borrow for banks to make money, Dagwood.

People don’t have to borrow for banksters to start making spread money as the banks can go around rifle through the debt markets, buy those assets at 30′s depression prices and aren’t required to mark to market matching duration risk.

The other thing is that a lot of banks bar the big ones have let all their staff go in this area which means there’s little expertise bar the big guys.

Tomorrow will be a fairly big reversal day to the downside followed by losses every day through at least the 8th – 10th. Unemployment claims will be HUGE tomorrow and payrolls on Friday will be much worse than forecast. On the 8th while the market is open or possibly after the close the vote on the little 3 will be disclosed and it will not be passed. No rally until Jan. with the new top paid off politician taking office and giving the little 3 taxpayer money along with a huge fiscal stimulus package in addition to a bailout for anyone that wants one at taxpayer expense. Just heard tonight we purchased $50B of AIG’s toxic waste to take it off their books. SWEET! Another log on the REVOLUTION fire which is smoking and getting ready for ignition. DEVILDOG like it HOT!

Dog

AIG’s toxic waste is real enough. However they were the one side of the market selling that shit short. Don’t get carried away and think all CDS books are like that as they’re not, certainly not at the banks. That was a rogue operation selling short options like crazy.

example of shrugging off bad news…FCX suspends the divvy and the stock won’t close at a new low…traded 51 million shares…somebody wants those shares sans divvy…

Gio, lol..I didn’t mean for it to come out that way.

As for Covestor, while it would be fun to go head to head with you guys, my main motivation is for transparency, not chest-beating bragging stuff.

Out of over 10,000 registered users of Covestor, maybe 2% are showing gains for the year.

If we were to extrapolate that to the iBC board, then like 1 person in the above comments section would be profitable for the year.

Now certainly, that’s not scientific.

But just think…whose comments would you ignore if you knew they were never profitable? Whose would you pay more attention to?

http://www.cnbc.com/id/28039665

Ratigan: Should we consider it a bullish indication that you got out of the business of running a short fund?

Fleckenstein: I’ve covered my shorts and to me it’s too dangerous to be short because of all of the liquidity that’s being trotted out by the Fed and the Treasury. On any given day you can lose too much money.

DevilsDog: VIX 118 will happen on the BIG PLUNGE this month along with a 1000 point DOWN day on the DOW. Stay SHORT or be killed instantly. Like I said new LOWS this month. I don’t care which day it is. BTW, NO bailout for the little 3. No xmas rally for the sheeples. SPY 6 handle this month. VIX to 118. Holding all SHORTS from 9/19.

Yogi, go to Covestor, and check the “rankings” tab.

When you do that, scroll through the ranks. One sort of has to extrapolate, and it does change day by day.

Even it is was 4%, that’s not a lot.

Just found out I was knocked out of the top 10. Now in 11th, for the risk-adjusted ranking.

SRS – $260 to $115 in EIGHT trading days. Now that’s ultra spectacular.

I’m glad I changed careers… Sit on some longs… buysome china … wait a few years… buildup lotsa TBT… work for a living… do nothing in the market .. just wait. Will yield a higher annual return than 80% of traders, given this BS malevolant environment.

“FCX – who farted?”

… their board. all of ‘em, at the same time, in the general direction of shareholders. A real Monty Python set of humoristas, there.

j-

Any comment on this article?

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Wood, it is amazing to see everyone down on Covestor… I secretly scan through Covestor with some traders i find on Twitter to get an idea of what kind of trader they are. Transparency can hurt your trading groove somtimes. but i think u can handle it.