In light of the stupid stress test non-results, I am taking off some risk here, selling ALU, JDSU, amongst others.
Clarification: I am taking profits on some names, while buying others. In other words, I sold ALU/JDSU, but bought some ATHR ($16.68). I own a lot of small caps and need to eventually unwind them, in order to preserve gains/not give any back and get back to normal stocks aka stocks with market caps worth more than 2 billion.
UPDATE: I bought 5,000 CECO @ $21.59, 5,000 ATHR @ $16.68 and 10,000 PCX @ $5.01.
UPDATE II: One more small crap buy, 30,000 LVLT @ $1.07.
UPDATE III: I sold out of ASX.
UPDATE IV: I bought 10,000 ATHR @ $16.90
–Done for the day.
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Smart move.
The stress test will be massaged to fit the outcome the Gov’t desires. Long term we’re still fucked.
Have some balls man. The party just started!
According to a government statement, the methodology used in conducting the government’s bank stress tests was not intended to be a worst case scenario, and large banks need to hold additional capital, according to Dow Jones.
According to Reuters, Fed officials are looking for substantial capital buffers over capital ratios. Dow Jones stated, though, that a focus on common equity does not imply a new capital standard.
I thought I heard CNBC say the Vikram Pandit was waterboarded by Dick Cheney and that Obama will release the results of said waterboarding (as part of the stress test results) notwithstanding the objections of past Citi CEOs.
Whoa! WTF? An air pocket? FAZ holders had a hope there for a little move. Go into sleepy time mode into the close and call it a wrap.
Angelo Mozillo new Secretary of Treasury…will refi everything, no down,no docs..your good to go…except Lenny Dykstra…he is too stupid to live…
The Cobra Kai used mrkcbill as a heavy bag.
With suspension of mark-to-market, capital has become “capital”.
Anybody can have enough “capital” as long as the cash holds out. The cash will hold out indefinitely as long as the Treasury and Fed are willing to “lend” liquid treasuries to banks in return for illiquid “collateral”.
As a result, the bank stress test results could have been determined by a 30-second procedure consisting of answering 2 questions on a 1-page form:
(1) Would failure of your bank result in large losses by GS, JPM, C, BAC, MS, or PIMCO? ___ Yes ___ No
(2) Is your bank too big to be eated by the FDIC?
___ Yes ___ No
If you answered “Yes” to at least one of the questions above, congratulations. You pass the stress test.
LOLOL DevilDog was bragging about buying FAZ earlier today.
hehe ottnott, very nice.
Jed looks up to Jim Goldman
Boom! Head shot baby. Shorts take it in the head.
Shit-for-brains Dog – told ya so.
Ottnott 🙂
RIP DD
funny how the worst places to be, credit cards is up the most today? who the fuck are these morons buying AXP and COF and jacking them up 22% and 15%? when they just had terrible earnings a few days ago and everyone sold them down. O- so all is better in 3 days? yeh right….
the fucking losers that haven’t paid their cards off last week are still not going to pay them off next week, or the week after that.
this looks like a great opportunity to short AXP way back up here at 25.00 to ride it back to where it belongs, at 7.50.
and by the way, who is buying LVS?
FAS and FAZ are beautiful. Just last week that crossed in the mid 9’s, now it is in the low 8’s. Does anyone else think that FAS and FAZ are being manipulated down so only the shorts will win???
DD is getting FAZZZZZ FUCKED. Get it, like “Assss fucked”?? Gosh, I’m so clever.
DEVILDOG you are getting your ass smoked.
DevilDog one week from now will look smart
Insiders are getting out while the gettins good.
http://www.bloomberg.com/apps/news?pid=20601087&sid=au8cyqeJFifg
Pete Sampras posted on these fucking boards bro.
fasten your seatbelts for the next fall coming on monday!
And AAPL, “the greatest company EVAR!!!” Is hitting new lows for the day?
@j0sh1ngU Says:
DevilDog one week from now will look smart
that may be true some day but by that time, with the time decay, he’ll still be underwater. Even if the market craps out, FAZ rockets to say? 30? if that now.
3xiETFs are truly the devils work!
j0sh1ngU: You and your ass pirate DEVILDOG were hammering Fly all week, you clowns both look like idiots and will continue looking like bozos. I think you owe Fly an apology for leaving your trail of ignorance here.
Indeud.
DEvil DOg maybe with the apology but I don’t remember j0sh1ngU being rude… just a difference side of the trade.
I knew DVAX squared out this week and I was thinking I was wrong… BUT all is not lost with 40 mins to go it’s catching pep. It can confirm with a close over $1
DVAX!
something stinks here…i think its the financials…ooopppss you do need more capital..BaHahahahah…switching to FAZ
DevilDog one week from now will look smart.
Yeah, sorta like a starting graduate assistant PhD at CalTech…
Smart, and broke.
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True, Josh was not a jerk about it.
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Odd how this fucker dissapears when he’s getting smoked. Really peacefull around here right now, I hope it happens more often.
Heh. From Dave’s link, we have a stock analyst telling us that corporate executives are being too pessimistic about their companies:
With corporate America stuck in its seventh straight quarter of earnings decreases, the longest in seven decades, executives may have become too cautious, said Penn Capital Management’s Eric Green.
Investors are looking to the final quarter of the year, when S&P 500 companies will increase operating income by 74 percent, according to analyst estimates compiled by Bloomberg. They forecast profits will fall 32 percent in the second quarter and 19 percent in the third.
“Things are a lot better than they were,” said Green, director of research at Penn Capital, which oversees $3 billion in Cherry Hill, New Jersey. Recent history also shows that “insiders have been wrong,” he said.
Recent history also shows that Green pivots with the breeze. Ten days ago, when the market had a down day, Green was telling us that the rally had gotten ahead of itself and the crappy economy:
“The problem with the market is that we’ve had such a big move and the excitement may have gotten ahead of itself,” said Eric Green, director of research at Penn Capital Management, which oversees $3 billion in Cherry Hill, New Jersey. “The economy is certainly not in good shape.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adCZ1eS0OeFM
Concerning above comment about FAS/FAZ crossing at $9 – then at $8 —
Leveraged ETFs on the short and long side, tend to $0 over the long run, on account of simple math.
Check the dailyoptions dot com web site for details. He’s explained it about 100 times.
There will probably be some fuckery to “adjust” ETF behavior, now that even the special needs grade 3 students have figured out the whut-whut.
I bought SKF @ 54.62 and sold it like 30 seconds later for 54.89.
How do you people hold this stuff for more than a minute.
I am taking this and the other leveraged etfs off my screen so I am not tempted again.
Plus I felt like puking for those thirty seconds.
Pete Sampras posted on these fucking boards bro.
Quote of the Week, bro.
😉
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I have news for you, as fucking raging bullish as I am right now I have to be honest and tell you the job market from what I watch is getting worse. I talk to a lot of desks that track this as well as CDW and they are all telling me the layoffs are holding steady and very high while new openings for jobs are decreasing even further. I know nobody wants to look at it and I am the same but that’s what I am seeing out there in my area.
From what I heard and saw yesterday in a meeting, manufacturing is about to take a swan dive. Somewhat anecdotal but my clients tend to plan things far more in advance than things like house, car and iPhone purchases.
If there is a reason to be bullish that doesn’t involve drawing lines on charts, I haven’t heard it.
And, if you do like drawing lines on charts, check out this great analysis that Ritholtz linked to:
http://www.hussmanfunds.com/rsi/rallyvolume.htm
It compares bull market starts to bear market rallies. The basic takeaway is that, unless we start seeing a lot more volume on this current move, it is either a bear market rally or a bull market uniquely different from previous bull market starts.
We know for sure industrial output will be way down for at least two months given the GM plant shutdowns. Reality doesn’t matter though; the market goes higher.
RE: “Plus I felt like puking for those thirty seconds.”
Tradercaddy, I am sure you have seen this, but it fits the anxious nausea I get too every time I purchase a leveraged ETF(until I unload the sucker)
http://www.youtube.com/watch?v=6vW9gUmooFg
Otts — how short are you?
And has anyone seen Anton? I sure hope he didn’t get in an accidental tussle with his air punch.
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my brother-in-law is an industrial gas engineer (but has not been laid off…yet) and he has been traveling to the mid west for years and he says he has never seen anything like it.
And has seen NO uptick in orders, etc. He laughs every time I ask him that. (but not in a good way)
I can’t believe this market but I can’t believe this fuckery either.
Time for a beer.
Meanwhile, back here on Bizarro World, my entire screen is green except for three, crappy little companies:
Apple.
Johnson & Johnson
and Pfizer.
Clazy, man.
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initiate some position in SRS, but only getting more F than FAZ. it will hit $15 in days.
Obama was in Mexico City on Apr 16th, did he possibly know about this flu? If not, then he should have fired his travel staff, imho.
http://www.alertnet.org/thenews/newsdesk/24443479.htm
Yes Goin’Fawr
That video describes it perfectly.
Go ahead and laugh at the bears. We will be back soon. Yes I have been getting my teeth kicked in for 7 weeks now on most of my holdings and have taken some losses. I am still up 9% for the year. Thats following a year that I was up 123%. I am in it to win the war. This is one bad ass bear market rally built on Obama’s view and the hope of his dumbs followers that the government is the only thing that can fix the broken system. However the government has never been able to fix anything.
If they would have let the bad banks fail in Nov. and the good banks take up the slack we would probably better off by now. Nothing has changed. The banks are simply using shadow accounting, proposed by the government, to fool the public.
DevilDog,DevilDog,
Does whatever a trader can.
Buys some stock,
Overpriced,
If he was Inuit,
He’d buy ice.
Look out:
Here comes the DevilDog.
Devildog,Devildog
Smarmy neighbourhood Devildog.
Wealth and fame?
He’s ignored.
Losing coin is his reward.
Look out:
There goes the Devildog.
In the chill of the night
At the scene of gold mines,
Like a streaking wight,
His calls are wrong,
and badly timed.
Devildog,Devildog,
Unfriendly neighbourhood Devildog.
Take a look, overhead,
His neck is swinging,
From a thread
Look out: there goes the devildog.
Wherever there’s a stock down,
And the wise have left town,
You’ll find the DEeevilll Daaaawg!
Everyone get ready to laugh
Here are T MOE’s holdings
40% cash
40% short
20% long
Short SPY at 86.50
Short MS at 24.30
SRS average cost basis 38.20
FAZ average cost basis 11.86
TBT average cost basis 44.43
TWM average cost basis 60.02
A few longs that I hold
HYG average cost 69.30
UNH average cost 21.50
VR average cost 20.02
TMOE-
Don’t worry bro, as soon as Devildawg gets off your bus, you’ll see things turnaround.
I think he must’ve sold my MON yesterday, finally.
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Devildog is a huge jinx; Jake is into something. Although a great contrarian indicator. Way ahead of RSI and Stochastics.
Can we start a pool as to when he will go bankrupt and blow his daddy’s account? I say give him until June?
I don’t know what you are on about.
My post was originally in response to Cuervo.
Only the failure of technology (which I now realize was an ibc failure and not a C’berry problem) introduced Lazy’s pre-emptory response.
I suggest you have that looked into.
Your support, however, is noted.
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