There’s no action today. I find myself, unamused by the whimsical movements of the Dow, I’ll have you know.
Personally, I am simply waiting for the bond holders of banks to get wiped out, amidst government sponsored cram downs. Oh the glory of such a scene should only be reserved for the very best, with the deepest and most prestigious gene pool. The looks on their (bondholders) stupid faces, when they receive an egregious government notice, via certified mail, will be endlessly priceless.
As an aside, it appears our rotten to the core government is trying, mind you, to steal a trillion dollars in a bill called “stimulus.” If it wasn’t bad enough that these motherless whores stole $1 trill during the Iraq war, over a period of 6 years; now, they’re are attempting to hasten up the process by stealing the next trillion in 1 week.
What a land of opportunity.
There is no stimulus in the stimulus bill. I find that rather peculiar and quite odd.
As for the today’s tape:
Thus far, I am having a Michael Phelps day, including the weed. In my world, all of those gold medals, plus a joint, is good living. Anyway, I am long SRS, DUG, ERY, FXI, CHL, MT, BUCY and FAZ.
While it’s true, “The Fly” has other positions, most of them are too small to matter. Plus anyway, I try to remain focused on this here blog, in order to cram down my thoughts for those with low intelligence quotients.
Bottom line: A very bad sell off is nearing. Put the dog in the barn and the kids in the basement. It’s about to get Zach Karabell ugly up in this piece.
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Zombie is on crack
Yes, bad, especially if the Senate wavers on the Porkulus bill.
I’m also positioning for a surprise sell-off. The market is acting very strange — strange in a there’s-a-big-bear-ready-jump-out-from-under-your-bed sort of strange.
Throw it down big man!
“It’s about to get Zach Karabell ugly up in this piece.”
I am cracking up big time
Fly: what about PKX, NUE & STLD?
Wheaties is going to hang Phelps by his goggles
That Phelps bong picture does not mean anything…he could have easily put the good old tobacco in there…
Like Clemens taking vitamins injections…
Another painfully funny, truth-spewing post.
But why long FXI? Isn’t China set to further implode?
Thatta boy, hit that FAZcrack. Feels good don’t it. Yeaaaa. HEY! Man the fuck up. Hit that shit one more time.
That is one ugly MF. What is up with the earring that he was sporting yesterday.
Until we as traders know what the fuck and what fucking direction congress is going with all the fuckery on the floor right now, no trader can judge the direction. It is 100% a crap shoot as to what direction any stock is headed. Forget trying to figure out where the week is headed, no one can comfortably figure out where the market is going in the next hour. Up, down, up, down, it is not fun.
It is sad that we as traders have been reduced to waiting for the government to clarify what rules we will be using.
Bank injections? Banks going insolvent? Banks being nationalized? Car makers taking tax money, car makers abitity to pay it back? Will car makers need more?
will GE go down to GM levels? what will happen to Freddie Mac and Fannie Mae?
who the fuck knows….a traders crap shoot.
Jake, thanks for the heads up on the trannies. You’re very smart to have noticed it all by yourself. BTW, how old are you anyway?
Also, how high will we RALLY from here? What are you buying for it? Any trannie stocks? How about some more TBT? Please help me out with your wisdom so I can make some BULL rally coin. TIA!
I’m tempted to buy even more FAZ but it seems too obvious.
Costanza time?
The market can’t rally because of the financials. If the financials do rally we could turn around. Keep an eye on XLF and BAC. If they turn the market could be up 200 in a flash. if not we could be down 150+ by the close.
One thing that is stopping me from getting all out bearish is the strong close across Europe. We tend to follow Europe more often than not. Just saying.
We need Chelsey Sullenburger for Treasury Secretary.
charlie Says:
Thatta boy, hit that FAZcrack. Feels good don’t it. Yeaaaa. HEY! Man the fuck up. Hit that shit one more time.
February 3rd, 2009 at 1:25 pm
Charlie the crack baby just mumbles stupid shit
BAC is getting uglier by the second.
I propose we change the spelling, in honor of the lack of stimuli, to the stimuless bill.
CAP, are you seeing BAC matching C at the 3.50 dollar level like I am?
Just imagine the impact a Smoot-Hawley type US trade war with China will have on oil and gas demand.
http://www.global-greenhouse-warming.com/images/OilProductionGraph.jpg
Check out the dip from 1929 to 1932. 2.9 million barrels/day down to 2.1 million in the USA.
There are many reasons to believe that demand is disappearing right now even before a trade war starts; such as increased efficiency, a collapsing economy, and limited alternative energy. Start up a trade war now (US is much more dependent on imports than in 1930), and you’ll get worse than Smoot-Hawley managed to do.
Demand for oil and gas will drop off even faster than global average 9% oil field decline rates. Oil prices will collapse further, many creditless oil and gas companies will die off. Only companies with a very low cost per barrel and a lot of money laying around, like Exxon, will survive well.
http://www.greatdreams.com/oil/US_Oil_Production_and_Imports_1920_to_2005%20.jpg
http://1.bp.blogspot.com/_XEt84P8BY-U/SHzW1GK-8uI/AAAAAAAAAXI/J8xDdGAwdL8/s400/oilMileage.jpg
Buy some DUG.
End of transmission from Mars.
TheArtist – By the time BAC is at the $3.50 level, C will be at $1.50 🙂 But really BAC is going to bring down the whole market. There won’t be any rally because of it.
Obama self-fucked himself, very CAP-like, with this bullshit spending bill. Nominating three corrupt individuals to potential cabinet positions, one of whom actually was confirmed by the Senate, also doesn’t inspire alot of confidence considering he pledged to be an ethical reformer.
I predict he gets boot stomped in the next approval rating polls, but if I’m wrong maybe CAP will suck is own cock.
T MOE covers COF for a huge gain
Fuck the banks
If everybody bees like Mike there will be a lot of Wheaties and other munchies sold:
Somebody send a – *inhales deeply* – memo to Congress.
I got a *inhales deeply* new idea for consumer stimulus…
Aaaaaaaaand scene.
The bill has no vasoline or foreplay involved with it, just a dry raw fuck from tip to toe……. talk about “on the backs of the taxpayers” more like “taxpayers on their backs”
more developing…..
Good for T MOE.
Homies still doing well. XHB,ITB are the homies etfs.
The way I see it, there are only Bad Banks and Dead Banks. BAC is the latter.
Why is it men are so infatuated with their penis? Its all they talk about.
Signed,
Other Body Parts…..
In my day the if the DJIA changed 12 points in a day on at least three million shares the experts would call it volatile. The Dow Rails were a different story.
And that’s the way it was.
Fly, who won Asshat of the month for Jan.?
I vote Dennis Kneale for Asshat of the Decade.
FLY – there was a guy in Barrons a Marty Cohen who is very bullish on REITs. Infact a lot of his long picks are your short picks. I nominate Marty Cohen for Asshat of the Month once REITs fall apart. The guy made some bullshit comments about how there was no overbuilding in commercial during this boom cycle unlike the early 90s. Is that BS or what ? Raise your hands if there is a half empty commercial development within 2 miles of where you live .
Dow Jones is up 90 points, FAS is down $.53, FAZ is up $3.00.. Make sense?
this action is bizarre. up 100pts in minutes.
TMOE:
Well done on the COF. I’m holding to at least < 10, if not longer. That co. is fucked….
Continue shorting COF with impunity….
NUE up 5%?
wtf
What the heck is leading this market higher? Glad to see it, but not sure what stocks are leading this 100+ rally on the Dow.
The short covering rally will give everyone another chance to get into the funnel
Space Aliens are jacking with your minds!
In case someone hasn’t noticed…if DJIA closes below 8000 today it will be the first time (including November) that we close below the big 8 for more than a day…
Lonely – FAS/FAZ are not linked to the Dow.
Check the financials.
Up. Up. Up. Here we go.
BAC and XLF not impressing me yet. I call BS on this rally.
It IS possible to rally without the big banks…in fact…even more impressive considering they are a drag to the indexes…
Being a University of South Carolina alum, this makes me hang my head in shame.
Great. Come to Columbia and get clusterfucked by some freaking loser weasel with a camera phone.
Whoever did this should have the phone shoved up their ass, then beaten to a bloody mangled pulp and kicked down the gutter where they belong.
BURN IN SNITCH HELL
Senate Republican Proposal: To trim US Corporation tax bracket to 25% for one year.
What will that do? One year? That will not build confidence. People will only horde the money they save for that one year so they can be prepared for the tax increase the following year.
What you should do is cut FICA by half, this will help the employee and the employer. Then keep it in place for 10 years. Any tax cut should be 5-10 years otherwise people will not spend because the ‘ grace period’ is too short.
-Rep. proposal also includes 2009 home tax credit of $15K or 10% of purchase price and $65B in grants to states for roads and bridges.
.
Volume in the Diamonds and Spiders both spiked at around 2:00. Looks like the proceeds from the treasury dumping this morning was re-allocted to equities this afternoon.
This rally won’t last. The financials have it shackled down. The bull will tire soon.
In contrast to the Woodshedder Top does your current mood suggest a Fly Bottom?
Well they do call it ‘Turnaround Tuesday’. The question is ‘is this the turnaround or do we lose all these gains and proceed to close in the red ? ‘
Done for the day except for a possible SMH short.
Thanks ITB,XHB and all homies everywhere.
DD: Jake, thanks for the heads up on the trannies. You’re very smart to have noticed it all by yourself. BTW, how old are you anyway?
See the previous thread, where I answered you the first time.
As for your second question, I’m looking for a bounce to 90-92 on the SPY.
_________
We need Chelsey Sullenburger for Treasury Secretary.
Is she the blond w. the late night show that has the comedic round table?
She’s pretty funny. Can’t for the life of me figure out why she’s such an Obamanid, given how cynical she is, but then, she has to live out there in La La land, I guess.
__________
LONG:
AFAM PBE LOPE EGO SWHC DVAX LZR AVAV
The PPT is at work.
Dammit Fly, do we need to do an intervention? Stay off the inverse and leveraged ETF crack.
STLD + 6%
I think the market has just realized it cannot rally without the financials. BAC is shitting on this rally. New LOD.
Shhhhh! Jim Cramer’s speaking.
(He used to run a hedge fund about 15 years ago, so he knows what to do.)
I too am dissapointed in Obama’s choices so far but I wonder if he really had much to choose from.
I think finding a man (or woman) that has experience with Wall street and the bullshit politics that envelopes everything and is also honest simply does not exist. It attracts a certain kind of ambitious manipulative greedy type that is seldom hampered by something as straightforward as a conscious.
Please correct me if I’m wrong. (full disclosure: I am not a U.S. citizen)
Stocks got slobberknocked during January, but corporate credit had a stellar month and treasurys did ok.
PMs find themselve underweight stocks and overweight corporate bonds and treasurys.
Now that we’re starting a new month, I bet they’re re-weighting portfolios (i.e., buying stocks) to get back to what they believe optimal allocation levels are.
STI should have hung onto their KO stock.
The Joker’s face had nothing on Pelosi (blinkey).
Ramen noodles for lunch?
Christina,
Amen!!!!
I hope he knows who took the photo. He’s got the rest of his life to get revenge on that sellout cocksucker. Now I have to listen to the media discuss this bullshit as if it’s news or there was a “victim” involved or something. I’m begining to loathe humans in general.
Last I looked the Iraq war should total USD$3-3.5 trillion including disability, rehab and other ancillary things related to the total cost of war.
USD8.2 trillion was the number the Feds were at including guarantees and cash contributions to the re-invigoration of the economy and covering for bad business decisions of Ivy League Grads. That was over 2 months ago. I have since lost track and interest.
Really, what’s another trillion or two?
How the fuck does the worst market in history rally like this? I agree, run for your fucking lives.
Christina would make a good mafia moll, eh Fly?
________
In other news, the $Trannies are banging against the downtrend line that started on 1/06/09, as we speak.
__________
Why don’t they just nationalize the market.
Meddling in the market every once in a while is understandable.
Being in there 2-3 times per week is just plain funny.
My Dear Fly,
Phelps should get endorsement contract from IBC. He’ll probably agree to a lesser price too. And, you’d be doing a public service.
Weed s/be legal & taxed. Why is it not? The Church? Imagine if drugs were all legalized? Poof! No more opium/heroin trade from Afghanistan.
Nothing new here. In the 60’s a keen eye was turned toward SE Asia while the Colombians not so quietly displaced the italians as the richest criminal organization (excluding governments.
Quiz Tomorrow – One Q: which country has highest number of incarcerated citizens (Not illegals Bill O & Lou Dobbs) per capita.
God Bless America
Jake, what are you buying for the SPY bounce to 90 – 92? TIA.
I wanted to know how old you are so that I can understand where the optimism comes from. Obviously, I have mis-read the market and the future and I want to learn more from your group’s perspective. If ‘ya can’t beat ’em join ’em. Great call on TBT. Are you buying it here for a breakout? I’ve got a lot to learn.
Nice post Devil dog. Most truly successful people are humble and understated. Keep it up. You’ll get there yet.