All in all, not a good day for Senor Tropicana. Early purchases of FAZ proved to be nonsensical, as stocks kept the majority of their gains into the close.
Nonetheless, I decided to start putting some serious money to work.
Over the last hour of trading, I bought blocks of CIEN, ISIL, ERX, TLAB, TQNT and a little more of my illiquid fav EZCH.
Then, as things started to weaken, I averaged in on more FAZ and SRS. I don’t have my numbers down yet, but I’m guessing I have 40% cash, 40% long and 20% short.
Rome was not destroyed by barbarians overnight, nor will the market destroy me, until I am old and stupid.
It’s worth mentioning, the amount of fuckery taking place in the 3x etf’s is so severe, I am without words. They are fantastic trading vehicles, but grinders of capital to the 10th degree. The whole market to market scandal is a scam. Allowing the banks to make believe they are not mortally wounded is like a soldier hiding a bullet wound to the chest. At the end of the day, both will die.
If you enjoy the content at iBankCoin, please follow us on Twitter
Long FAZ Long SRS Short GS Short WFC
BOOM!!!! (Fannie/Freddie etc.)
Oh Crap: (Triad)
The insurer, which put itself into run-off and ceased writing new mortgage insurance policies in the middle of last year, said late Wednesday that it had received a corrective order from its regulator, the Illinois Director of Insurance, limiting its payout on claims to 60 percent. The remaining 40 percent of a claim will essentially take the form of an IOU, or a deferred payment obligation (DPO), meaning the lender/investor will not recover the full amount of its claim.
This is going to result in insane severity increases on losses taken by Fannie, Freddie, and anyone else in the mortgage business that has wraps (PMI) written by Triad (think BAC, WFC, etc)
If this spreads then it of course gets even worse.
Worse, policyholders will still be required to make full premium payments!
How would you like to make a full premium payment on your house insurance and then get paid only 60 cents, with the other 40 cents being an “IOU” of dubious value?
This is going to get ugly – imminently.
BOOM!!!! (Fannie/Freddie etc.)
Oh Crap: (Triad)
The insurer, which put itself into run-off and ceased writing new mortgage insurance policies in the middle of last year, said late Wednesday that it had received a corrective order from its regulator, the Illinois Director of Insurance, limiting its payout on claims to 60 percent. The remaining 40 percent of a claim will essentially take the form of an IOU, or a deferred payment obligation (DPO), meaning the lender/investor will not recover the full amount of its claim.
This is going to result in insane severity increases on losses taken by Fannie, Freddie, and anyone else in the mortgage business that has wraps (PMI) written by Triad (think BAC, WFC, etc)
If this spreads then it of course gets even worse.
Worse, policyholders will still be required to make full premium payments!
How would you like to make a full premium payment on your house insurance and then get paid only 60 cents, with the other 40 cents being an “IOU” of dubious value?
This is going to get ugly – imminently.
FHLB will be the next body to float to the surface.
Dumped TNA and SSO.
Short RIMM riverboat gamblers!!!!!
loaded up on Financials shorts.
I’m guilty of tickertardary on FAZ. ERGH!
fly is developing diaherria
BOOOM and the RALLY continues with RIMM absolutely killing any hope the bear had that the consumer is dead. THE AMERICAN CONSUMER IS UNSTOPPABLE BABY. RALLY ON
So I herd —
FAZ getting the slap-chop in AH.
_________
Boom….i’m an idiot everyone!!!!!!!!
RIMM killed it on earnings. revs were more or less in line, but they figured out how not to waste money on bullshit like the storm.
Over the last hour of trading, I bought blocks of CIEN, ISIL, ERX, TLAB, TQNT and a little more of my illiquid fav EZCH.
ERX?? Whut tha…??
MAH N–GAH!!
Get in the back of the jeep, I got half an eight ball and three hookers waitin’ for ya.
Then, as things started to weaken, I averaged in on more FAZ and SRS.
More FAZ???
What tha —
Maaannn, get the fuck out mah jeep.
___________
I liked cien in the teens (before the plunge) It is one of those that got away from me but I knew would come back. WE have been married for about 9 months now.
Lots of cash, nice p/s currently maybe I will double up and get above water and get a divorce.
I agree with you on the mark to market scam…read your Japanese history books, their banks are still hiding toxic debt 15 yrs. after there housing bubble burst.
Got my napkin ticked into my collar. Waiting for the bull roast to begin. The grill is loaded with SRS.
Just hope the beer doesn’t get cold in the meantime. So I shoot the shit here and munch on wavy potato chips.
hey, jake, i have ERX. can i ride in the jeep?!?!
no FAZ chicks, plz.
spent time and money smokin the FAZcrack today. Hopefully I’ll wake up by Monday to find it was all good. I mean, come on, “turning point” ??? give me a break…..ohh and some mo FAZ….please……
FAZ is -.07 AH, from what I can see.
Of course, my cost basis on this chainsaw-wielding psychopath from hell has left a little arterial blood in my eyes, so I could be wrong.
Let’s Party… Where is the cocaine?
http://www.youtube.com/watch?v=m5LX16zia2k
i don’t think the FAS/FAZ action is anything other than typical a/h shenanigans. the spreads alone are good for .20, it seems.
Unfortunately, we FAZ holders are treated like Charlie Murphy at the party.
http://www.youtube.com/watch?v=mKT3-FdOLYM
you’ve been out of sync for awhile stick with your CD’S chief
lol anton. i love the rick james clip. hahaha
Lets Party!
Location: Cartagena,Colombia.
Coke: $30 eight ball.
Beach condo: $300 month
Beer: .50 happy hour.
Pussy: Free. They love Americans.
JakeGint: yeah, activity in financials at the close looks like individual traders (non-institutional) either short-covering or piling in long, which may mean the shorts have an itchy trigger-finger. if financials slide down in the morning, I’ll be looking to get out a little earlier than normal (midday to late-midday). I ignore anything after 15 mins AH.
FAS – FAZ will cross at 9.80….SRS to crash like a failed space shuttle mission before rising from the ashes. Mark to mkt change is horseshit..but i will play for awhile. Longer term we are all fucked
When do the banks all burn to a crisp?
How long will it take for everyone to figure out we are FUBAR!??
“At the end of the day, both will die.”
They are/have already. Insolvent Indeud!!
Thanks Master Fly.
Regarding your SRS, ERX, FAZ;
“It takes a man a long time to learn all the lessons of his mistakes.”
Good thing I went to CVS and picked up some extra heavy flow tampax on Monday. The past two days have been severe to the point where my vagina was expanded like a parking garage. I filled the hole with 6 tampons and decided to cross my fingers in hopes of not bleeding too death.
wOOP wOOP
Sooo… let me get this straight. Everyone is dumping on Fly because they say we’re going up in the short run and he’s hedging on the short side. Ever wonder why he doesn’t follow the crowd?
apparently a possible cause of gold’s assrape today was Gordon Brown saying in the G20 meeting today that IMF may need to sell off some of its gold reserves to provide funding for poor countries.
It appears there is a great deal of confusion about what the FASB did today.
It appears where impaired assets losses are concerned, FASB has caved in and is not requiring immediate write offs.
It appears that where valuation of portfolios is concerned, the rule REMAINS fair market value.
This is the present condition according to FASB.
The assumption in the market today was that FASB had caved in on Fair Market Value which they have not. This is good news for whatever ethics there is left in this degraded system.
(taken from Jsmineset)
mudkips thats one explanation for the gold drop.
Heres another, more interesting possibility:
http://seekingalpha.com/article/129128-did-the-ecb-save-comex-from-gold-default
On Some Bullshit http://link.brightcove.com/services/player/bcpid2150407001?bclid=2045332001&bctid=2150979001
@crude_oil its $15 in peru ($5/g), at least for non-gringos
can probably get you a beach house cheaper than that too shit
All the headlines are turning positive including this gem on CNBC: “March Job Loss May Signal That Worst Is Finally Over”
Bottom line its time to get out your cocaine bag and start buying stocks according to all the “commentators”. Get in front of this crazy train and you might get hit by a DPRK missile or even worse Obama’s budget. Trade crazy.
Hey, Cheese,
Check your Flymail, about dat ting.
__________
carlos, I just love that Colombian pussy.
I really didn’t mind paying gringo prices.
I stayed for 3 months and wanted to stay longer
but they wouldn’t extend my visa again.
U S Customs had a field day on my ass in Miami.
No fucking way this could be true, this has to be a fucking joke. Oh my god.
http://www.detnews.com/article/20090402/METRO08/904020395/To+urban+hunter++next+meal+is+scampering+by
WOW! I just don’t know what to fucking say.
You think that’s bad?!
Try this on for size:
http://www.kcra.com/news/19076173/detail.html
Gee…I wish I was smart enough like “the Fly is God” to buy more SRS as it makes a new all time low and also add more FAZ against the obvious intermediate term trend that has at least 30 more days to run minimum and probably 60 days. Maybe he’ll man up and buy some GLD and SLV tomorrow. SRS in the $30s soon just like I said. Gold to $600. Odd no? If anyone wants to make some money buy MON. Today was a head fake by the BIG MONEY to get in cheap which is why I bought more at $79 today. MON may make new all time highs this year. Watch and learn boys.
Ain’t that America
Little pink houses for me and you, baby.
Gapping…that is hilarious.
D.Dog good to see you back, I think. Might buy some MONster in the AM. What do you think of Brobama, Banks etc… you still an armageddon bear?
mrkcbill Says:
Gapping…that is hilarious.
D.Dog good to see you back, I think. Might buy some MONster in the AM. What do you think of Brobama, Banks etc… you still an armageddon bear?
April 2nd, 2009 at 8:44 pm Vote: Add rating 0 Subtract rating 0
mrkcbill, yes I’m still a permabear and I’m still in the multiyear Depression and S&P 150 camp. However, I learned not to get trapped in these bear market rallies and I NAILED THIS ONE and I’m banking huge coin to SHORT with when it’s over and we go down to new lows. Sometimes it’s best for a BEAR to blend in with the cows and make them feel safe. Then rip their throats out and eat them medium rare. I love steak.
I don’t know DevilDog…when the market absorbs the fact that KIM did a 70 million share offering after hours, which way do you think SRS will be heading mañana?
http://finance.yahoo.com/news/Kimco-Realty-announces-common-apf-14835846.html
Obviously, SRS will do a fib retracement to some degree, however, it’s still going down into the $30s. BTW, KIM is not even a top ten holding in SRS.
CIEN? 9.50 Tops on that POS. Then its back to 5.
anyone who grew up in NY w/like this:
http://www.youtube.com/watch?gl=IL&hl=en&v=tC3M2WNu23U
Banks paying back..is it good news??
DEVILDOG – I love the attitude. How long does this rally go ? I figure we will probably drift along here till OPEX probably in a Dow 7600-8200 range and S&P 780-850 range. We’ve rallied hard the last 18 days. I figure it weakens in the coming days perhaps one more hard spike up tomorrow or early next week and then a gradual drift downwards. I see a top in early May at the 200MA perhaps at S&P 920 and Dow 8750.
Why are the bears convinced that this is not the bottom and there is more downside ahead ? Last I heard, money market accounts where at record levels like around 50% of total stock market capitalization. Thats much higher than any other time in history. That money drifts in to the market and we could be at Dow 10000 in no time. Plus there is signs the economy is improving. The market is looking out 6-9 months. This could be a double dip recession where we recover in late 2009 before falling back into recession in mid 2010. So there is a chance we rally hard till October November with the occasional dip.
DevilDog, good to see you back and banking coin.
Goldie-
I remember when CIENA was the darling of the internet bubble, as a fiber play.
I think the P/E was like 800 or so, and the 29 year-old CEO was on CNBC, saying how the new fiber optic infrastructure build-out would never end.
CIEN?? c’mon!
gappingandy… funniest video of the year. thanks… i needed a good laugh.
Which way is the magic G-20 8-Ball going to take us tomorrow?
I bought FFIV instead of CIEN. Small-cap, same sector, better fundamentals…but hasn’t moved much yet.
P.S. The best play in the entire market is outright shorting the Ultra-shorts/scams for the long-term. Given their construction they eventually all go to single digits.
like the post title. down we go indeed