What a tool this guy (Geithner) is. Fuck it, I called it wrong. I did not think the market would cascade “on the news.” It was too anticipated and so cliche.
Anyway, we are in very dangerous territory now, with the S&P below 830. I am sure the chartists on iBC will confirm my fears of a possible total collapse.
So what the fuck am I doing long stocks?
I don’t really know.
Let’s take a looksy at my longs-
CHL -3.57%
YZC -7.26%
FXI -4.92%
MT -11.65%
BUCY -6.96%
ACM -flat
JRJC +4.47%
LNN -5.61%
On the short side, the only meaningful positions (25% of assets) worth mentioning are DUG +8.27% and ERY +13.08%.
All in all, it was a pretty horrid day; but it could have been worse. For one, I could have been “all in” long. Additionally, I have more than 25% in cash.
So, despite wanting to punch the fucking chest hairs off Geithner and all of the transvestites on CNBC, I will live to fight another day.
On a serious note: this country is rudderless. Obama is a joke and the democratic leadership are so green and so not ready for the limelight, it’s fucking embarrassing.
Tomorrow is another day.
Off to drink myself stupid.
UPDATE: The most frustrating aspect of not banking coin during today’s sell off is missing out on having the moral authority to make fun of Cramer and his stupid bullish thesis, or Kudlow and his fucking mustards seeds, or Leisman and Cabruso “fucking” Cabrera and their idiotic bullish pandering. Plus, I know it would have been cool to make fun of “Chivas” and other career bulls on iBankCoin.
Fuck!
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The Zombie is an ass clown…and The Fly is God
Being long at this point is nonsense. Therefore, it just might work.
Told ya so.
Zombie has a dick that measure 0.5 inches
China gets panda raped tonight.
Another day, another dollar.
ZM
http://www.youtube.com/watch?v=_nsQF8T_c-c
Fly
Obama is an empty pinata. He was obviously selected on the singular combination of being able to speak without having it sound like 3rd grade Iambic Pentameter (jesse)and having no experience in anything other than ,….shit nothing
The shorts like me had a great day after being kicked in the ass last week. My patience has been rewarding. SKF – bought at 120. SRS bought at 49.50. Short KIM, Short GS Short SPY
My shorts will pan out as DevilDogs predictions come true
Get in the funnel. As you all can see today. No one in the government has a clue what to do. No one. The panic will soon come into play soon. VIX to 70
Fly where are you going to drink tonight ? Could I bother you for some fine steak and Barbaresco
Fly where are you going to drink tonight ? Could I bother you for some fine steak and Barbaresco wine ?
Good Sirs; that was our first dose of Timbama dust sprinkled all over the world. Feel the change? More to come…
Switching over to the Cartoon Network– Squirrel Boy is on.
someone needs to give Melissa C-Cabrera a can of STFU.
actually i bought this dip. the market sold off about 180 points more than it should. VIX only down -7% on a -400 point move? strange. although that’s not good for bulls, its not that impressive for the bears.
As I said earlier the Obama Administration and Timmy “Tap Tap” are more interested in populist stuff. That is why they are hammering banks, etc. about their salaries, bonuses, planes, etc. and yet have no set plan on saving the US financial system or the economy (the stimulus plan is BS).
My plan to save it all is easy. Slash capital gains next to nothing for two years, slash corporate taxes, and set up am Resolution Trust type bank to deal with the toxic stuff (which has value).
There you go.
@quiet_storm …i’m gonna borrow that phrase if u don’t mind.
TC — that’s too easy. They’ll never go for it.
_______
its all yours
Where’s DONNY ? Hows that FAS working for him. Down 26.9 % ROFLMAO !@@!
I told my family and friends there is ABSOLUTELY NOTHING in Obama’s background to suggest he is up for the challenges we face. He’s never led men in battle or business, he’s never managed anything, and the only thing you can judge him by is his legislative record, which is so thin it’s almost non-existent. He talks pretty, though.
The wingnuts and mainstream media managed to infect enough moderates with Bush Derangement Syndrome that they got him in.
Impeach Obama. Fire Geithner. Adapt TraderCaddy’s plan.
Fly … KO selling off on Lion news of withdrawal from merger, what’s that mean for HANS … any thoughts?
Great American Patriot,
IF I may ask, WHAT THE FUCK WAS IN BUSH/CHENEY’S BACKGROUND TO HANDLE the challenges we faced?
WHAT THE FUCK WAS IN PALIN/MCCAIN background that would would make them lead better?
Fight more wars to get us out of this mess?
Fly, you are The Master. Now quit your crying and get you head on straight. I’ll call your wife and let her know you won’t be home tonight, aight?
volume was high today but not overly high, almost on par with last few days… use fly as contrary indicator – he is long and raving about it means start lightnening up, when he says “i am getting into teeth and just added ietf to hedge” – start accumulating
WHAT THE FUCK WAS IN BUSH/CHENEY’S BACKGROUND TO HANDLE
———
you do not know? managing baseball team
I wasnt prepared one bit for this selloff.
I didnt see it coming. I was tending to be on the long side as well. I wasnt following the fly, but I was just comfortable and thought these 400 point sell off days were over for now.
observer: you are right i started selling longs after fly’s “bulls salsa dancing on the streets” post, perfect timing
+1, tradercaddy and jake
+1
sigh
Why can’t Geithner hold his head straight when he talks?
WHAT THE FUCK WAS IN PALIN/MCCAIN background that would would make them lead better?
Right, what’s surviving six years of torture in a flea infested North Viet Namese prison camp compared to dealing with the TARP funds, anyway?
Or “organizing a community,” for that matter?
_________
I’m just buying into this even heavier. Someone has to do it.
Fly, is there a Costanza trade in this fucked up Market?
I don’t know if anyone left long out there.
Granpa- Timmy “Tap Tap” tilts his head and moves his arms doing his best JFK imitation Even the accent works.
He ain’t no JFK.
+1 to Aris’ +1 to Jake and TC.
TraderC, he is one boring MF. How hard is it to upstage the ass holes from Capitol Hill? And he can’t do it!
I see a sip of 18 year Glenfiddich in my very near future……
825 held. Fly when are we gonna get some hos on this site?
Did they have banks with complicated instruments in the prison?
Was Vietnams economy as complicated as the United States?
Obama’s background is much more diverse then McCains imo.
What would Ronald Reagan do in this situation?
what happened to the XOM short? Did you give up on it already?
Allow businesses to skim off surplus pension funds, break the unions, initiate self managed retirement accounts and lower biz taxes on top of deficit spending to enrich the nation … at the expense of our children and grandchildren …. that would be YOU!
What we have here,….was a f-a-i-l-u-r-e for the Treasury Secretary to communicate a solid and defensible plan of action. Look stupid, we wanted to hear how this banking fuckery was going to get fixed today! Not tomorrow, not next month, or next year….T-O-D-A-Y!!!
Geithner failed to to deliver the goods. Obama is looking more and more like a failure. Ooops, sorry, I forgot. We should all blame Bush. Even for Geithner’s ineptitude.
The silver lining to the move down today was the lack of end of day melt down that typically accompanies these types of sell offs. Where did the markets end?
1. Dow is near the bottom of the Jan 20th day range, which has been the defining support and resis range for the past 2 weeks.
2. Naz futures came down and bounced off of the Jan 20 high confirming support at this level.
3. SP futures stayed within the range defined by the Jan 20th day range and bounced off of the uptrend line within this range.
Another words, the sell off – ahem – was quite orderly and expected. Now, we are in a situation where the 15 and 30 min charts are oversold and we have reverse buy divergences with price action and RSI. This means we are due for a bounce soon. No overbought conditions exit.
Why did we sell off on today? I would argue that we sold off on the overbought charts as I pointed out yesterday. This sell off was ENHANCED by Geitner’s non event today. We can point out what a dipstick he and Obama are; however, that misses the point. The sell off started BEFORE the speech, which confirmed the move down was based on the overbought charts and enhanced by Geitner. The markets then took advantage of the non event to target the sell off locations identified above. What I am saying is that technical targets were hit but not exceeded. This tells me that the market is not broken and we will not be faced with another leg down Wednesday from here. In fact, we bounce Wednesday because we have attained our pullback targets. Thus, I am long QLD overnight with the TRIN at the end of day level of >5.
Looked to me like a sell on the news before the news was out and continue to sell during and after that fed upon itself … no doubt we’re oversold and a bounce coming after a drop in the morning.
Reagan would go on TV and give a pep talk about America (not like Obama who said we are in a disaster because of the previous administration), tell his Treasury guy to take care of it within two days, eat a bowl of jellybeans, and then be in bed by 9PM.
j in Oz …. if you see this post, I’d like your opinion of Fortescue Metal Group …
You Americans are truly
FUCKED
After today’s debacle my heavily long portfolio is down 2% for the year. I gave up all of my earlier gains. Guess it’s time to buy more long positions.
True that TC …. always Mr Positive … guess those naps helped …. maybe he watched the Beav too!
pete and observer locked up the man who wanted to rule the world. the fools locked up the wrong man.
LOL E8.
I wouldn’t be surprised if he tried out for the part of Ward Cleaver.
The Milton Bearle and Art Linkletter shows were probably getting old for him.
best was… caruso effing cabrera calling a bottom based on gates lining up to see taleb and robuini at davos.
Is this Tim the same loser writing in Slope of Hope?
Oh, I don’t know, I think many here are overlooking the obvious – you believe the market tanked because the administration is stupid. I think the market tanked because most market participants are stupid (readers excepted, of course). Granted, sometimes, it’s tough to tell the difference, and it’s certainly possible that everybody involved is stupid – you could call that US history for the recent past.
But personally I wouldn’t be betting that $3 trillion won’t help, just because joe trader wasn’t spoon fed the details. Stocks, inflation, and interest rates will all go up eventually here. I’m just not going to trade it along the way – days like today are the reason why.
Employee8 Says:
Allow businesses to skim off surplus pension funds, break the unions, initiate self managed retirement accounts and lower biz taxes on top of deficit spending to enrich the nation … at the expense of our children and grandchildren …. that would be YOU!
sounds good bring back thru cloning.especialy the lazy union busting part.
The oil price spike last year caused significant damage to the economy.
You see, everything in the economy is oil based. My keyboard, my computer, my carpet, my bedspread, my desk, airplanes, cars. You name it, there’s usually petroleum based plastics in it. Then the cost of transport depends on it also.
When oil spiked, it fucked everyone, particularly those on the edge with their mortgages. All the purse strings slammed shut in every home in america. That was the beginning of it all. There is a certain level of accountability associated with this national security issue, and there are plenty of people who’s job it was to protect the country who stood idly by and let things happen.
You, j, jake, gapping, donny, puny, chuan, henry fool, omfgitsjd, alvari40, and others aint seen nothin’ yet.
I SEE AND SMELL DEAD BULLS.
New lows on the way.
I will win the war.
BTW Fly, great buy on ERY…AFTER it went UP 13%.
More good news if your successful and live in New York.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2RP4oHF5YeU
Add gio to the you’re a stupid fucking cow list. God…God…where do they come from?
DEAD COWS…SMELLS LIKE…VICTORY!!!
MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!
DEVILDOG:
You are dancing on the edge of a short squeeze. Remember, if I am wrong, I lose a few percentage points, that’s about it.
Moooo.
Ok now this may be a stretch but the DOW ended at 7888.88. Well 8’s are extremely lucky in Chinese coulture, I say bid up China like a mad man, this was a sign and planned.
TraderCaddy’s plan is great except for one thing and one thing only.
I said one thing only…
The toxic shit is worth ZERO, as in ZIP, as in NADA, as in BULLSHIT.
Some of you need to do a little bit of reading about world history and get a clue. SSF to 1228. VIX to 98.
Off to drink more VERY rich man’s whiskey. Odd no?
gapping, too bad you don’t know the significance of 7s & 8s. CHINA is going to get creamed tonight. Watch and learn.
Sorry DEVILDOG, I’m strengthening my long positions. The DOG’s days are numbered.
DEVILDOG is getting overconfident again. The market should bounce tomorrow.
Geithnner is going to spend a trillion dollars on Pirate hats and plastic swords.
.
If you believe Dodd, mark-to-market change will be part of Geitner plan. Watch the futures – and Devildog – scream tonight.
Gasparino rumoring they’re going to suspend mark to market accounting again. It’s all headline risk till the vote.
don’t like the way market is heading – poof – start a bullshit rumor – fuck Dodd
omfgitsjd , you are correct.
DD – congrats on sticking to your guns and winning today! Good on you!
Floor brokers called for total collapse before 9:30am on CNBC today. They were all ready for the fall and they got it. I was shocked that The Fly didn’t believe them.
Tomorrow will be even worse. Every time one of these gov’t asswipes open their mouths we tank 300+. Next stop Dow 6 handle.
DEVILDOG: Where have you been the past week? Why do you disappear when the market goes up? Stop being a fucking vaginal gash and man up. We are all here everyday right or wrong but you bolt at the first sign of a rally.
Besides Scalded Dawg’s “Blind Pig Found an Acorn” Croon-out, the following was the funniest shit I saw on this thread:
Geithnner is going to spend a trillion dollars on Pirate hats and plastic swords.
ROFLMAO!!
___________
Hope you took profits today Devildick. I see dead dogs. Awoooooooooooo.
Supposing mark to market does get put on hold, won’t that freeze things up even more? Yes, the market would jump on the news, but when transactions slow even further due to complete lack of trust in financial statements and representations the market would head right back down again.
Someone earlier asked about Fortesque metals. I have never wanted to go near them because the CEO is rumored to be the other side of honest.
I know it has been bashed down and they started moving ore, but there are better minors. They are also supposed to have been short of cash.
Look the premier mining firm here is BHP. Little debt, looking for acquisitions and spewing out cash flow. If BHP get down to 28 bucks buy it.
Its not being stupid or being overly green. I made the same mistake until I read something that made my hair stand up.
Its worse than that.
Read this link and everything will fall into place.
http://www.discoverthenetworks.org/Articles/theclowardpivenstrategypoe.html
Fly,
You shouldn’t feed the idiocy here by blaming the current administration for this mess. This has been coming for a long time… why didn’t Bush/Cheney do a little something the last year?
Anyway, enjoy eating each other alive.
-DT
This a cartoon of anybody who was long today.
http://www.screencast.com/users/erikdbrucker/folders/Jing/media/5830251f-3904-44a7-a0a4-ba1f72cb11a2
Devildog is the perfect contra-indicator.
When he starts spewing, markets move higher.
(btw a shout out to DT – we here at Renaissance hedge fund enjoy your blog)
G&Y, I’m not defending the deviled dog, but he’s said upmteen times he isn’t trading. He got short twice in sept and again at 944. And I remember that. I remember him saying it both times.
He may have sold the lows, covered the highs, or he may be lying, who knows, who fucking cares, but he said those things a million times. He will cover at…
new lows?
So he doesnt need to defend shit. it’s not a day to day thing.
That said DD, don’t get so far up your own ass that you go and call people who put in work here each day stupid cows.
DevilDog, don’t be so sure about new handles and this and that about new lows yet. After big losses like today, I wouldn’t doubt seeing a correction tomorrow. If I’m wrong, put on your war helmets because it’ll get mad ugly on the Floor… I wouldn’t doubt that there will be trader’s trampling each other like the people at Wal-Mart… But in all seriousness, we’ll probably correct tomorrow. Maybe you should have thought about taking profits today instead of jamming your bearish ways up everyone’s asshole. I’m a bear myself. Don’t run your mouth.
ZM
Best part about today, besides being short from Monday’s open was spraying BBQ sauce all over Fly’s office, while watching his trader servant duck and cover while yelling, “Get in the funnel!”
lol, woodshedder!
i was really, really close to going short at the close yesterday, but i didn’t want to risk gov’t fuckery. joke’s on me i guess.
I actually think the Dog is right. We might see new lows. The new clowns don’t really understand what’s going on. In fact What does the O’man really care if the stock market goes lower in the first few months in office. Bush wears that.
So the lower it goes, the better it is for him in a sense. That’s why he’s calling this shit down.
ZM, please ask CNBC to put you on the tube as I’d like to see you get mad ugly on the Floor.
Bounce to S&P 835.24 and then the stupid cows will be bleeding buckets of blood again from the slaughter house ceiling.
I won’t be around tomorrow to see it however, as I have my rescheduled jury duty tomorrow. I’ll make sure I don’t make the cut if I get interviewed and…I’ll be back…on Thursday.
Have fun panicking tomorrow.
Somebody please record ZM for me. TIA.
MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!
Tomorrow…after the bounce to S&P 835.24…we will break through the 800 level and go DOWN between the mid to high 700s. Nite.
DD- If you are correct you should be able to get prime seating at Daytona this weekend.
This is good:
http://www.informationarbitrage.com/2009/02/buy-the-rumor-sell-the-.html
This site always turns into a metaphorical bar fight after a big move.
Its like a spaghetti western in here.
TraderCaddy, nascar err crapcar sucks. My next race is the ALMS Twelve Hours of Sebring in March. The GT2 class will be where the action is. New GT2 C6 Vettes will go up against Porsche 911 GT3 RSR, Ferrari F430 GT, BMW M3, VIPER Competition Coupe., Ford GT-R and Panoz Esperante GTLM.
Peugeot is bringing a pair of 908 HDi factory prototypes that I’m dying to see. Fastest cars in the world.
Can’t wait!!!
BTW, I’m not covering in the 700s tomorrow. My target is very, very, very low 600s…like 601.
Is the comedy team of Geithner & Bernanke a HOOT…
…or, what ???
What a couple of charismatic, confidence inspiring characters THEY are…NOT !!!
They actually should have both worn those freakish “Scream” masks today…you know the ones…the ones that were so ubiquitous a few years back !
Now THAT would have been a HOOT !!!
Market would’ve prolly laughed it ass off and “SCREAMED” higher !!!
.
Fly…for effect…please include the “scream” mask…
…in an upcoming post !
TIA
.