I know everyone hates the banks, due to their criminal ways, especially when they destroy trillion dollar economies via bad investments. However, I think it’s fair to say “banks are cool too.” For the love of dead cows, we get to stuff all of our money into their vaults, saving us from neighborly burglaries and sudden knife point demands. In exchange for our paper, we get kick-ass cards, with all sorts of numbers and shit on them, which allows us to tap our savings, at anytime—anywhere.
With the markets weak today, banks are bucking the trend higher, putting the FAZtards in a very arduous situation. Stocks like JPMorgan Chase & Co. [[JPM]] , KeyCorp [[KEY]] , Comerica Incorporated [[CMA]] , Wells Fargo & Company [[WFC]] and Bank of America Corporation [[BAC]] are shooting higher, thanks in large part to green shoots and black flags. Truth be told, no one is a bigger fan of the banks, despite having zero dollars invested in them, than “The Fly.” For Christ’s sake, I have my entire life savings in those fucking vaults, minus a little emergency Armageddon pocket change lying around the house.
The current sell off is taking place in former leadership sectors: commodities, tech and commercial real estate. For some oddball reason, the banks were able to pull a Houdini on the Faztarded bears. Either this is an anomaly or some sort of bat-signal that will trigger a fresh round of buying, by dark/secretive government agencies, who want nothing more than to see [[FAS]] go higher.
As for me, I am very tempted to take all of my cash and go shopping in a variety of inverse etf’s and individual short sales. I am eyeballing [[MWN]] , [[SCO]] , [[SMN]] and [[FXP]] , but have yet to take any action. Sometimes inaction is the best course of action to take.
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FIG
Rumors of bank mergers in the small and medium sized regionals?
Just buy KRE etf and take a drink and a cigar.
GOLDMAN SACHS KILLED MICHAEL JACKSON.
News at 11.
Actually I heard it was Jacko who was trying to destroy GS with the help of Al Sharpton and Jesse Jackson, two well known rabbis.
And for that Jacko paid the ultimate price.
Fly, so you’re saying go short or buy banks?
TraderCaddy…KRE is a nice suggestion..I concur.
or rkh
The reason I would go with KRE is that it is made up of smaller regionals.
For example RKH’s two top holdings are JPM and WFC for a total of 45% whereas KRE’s top holdings are First Niagra and TCF Financial for a total of 6% of weighting.
KRE is littered with smaller banks.
Still own Bac. Owned it from 5 ish. Won’t let it go unless it hits the stop set at the entry level.
Yep, they’ll take a hit this 1/4 and the next however their profits in the cap markets and the other shit should see them through.
They trade at book value when historically they’ve traded at even 3.5 times book, I’m looking for 30 bucks again.
Here’s how I see i see it.
My bet is that they can contain the losses this year by the operating profit and next year they start making money. the real money should start coming in 2012 when I think they could actually make 30 to 40 billion for the year. Then put a 10 times multiple on them and they could be worth 40 bucks a share.
Talking about banks anyone seen T Moe?
Where is the dude?
What just happened with UNG?
dumb money got harvested
oh you mean the intraday. yeah, that’s weird shit. dead trade zone, volume spikes. end of day super spike. weird.
new google finance design, I like it
Anyone have a read on refiners..They seem to be oversold , but then again perhaps the integrated oils are a better option
opening my ligour cabinet with my KEY, and grabbing a FITB while leveraging it all with a garnish of FAS…the financial costanza trade….carry on.
Fly, you may want to double check the site coding. It’s dropping your second to last post from the “prior posts” grouping on the main page. They’re all present under “The Fly” tab however. Just figured it was a nuissance you might like to know about.
Look at C. Large numbers on the Bid side.
If the support brakes on C is just another one in the hole; just like DFS (down +9%)
Personally, I think you can kiss goodbye the banks. Too fast the move up, time to make them really cheap
DD
wow right on 88.8 on SPY! I guess you bulltard has not given up yet, defending their pathetic 888-885. Let me tell you bulltards, bottom are not made by defending it… bottom are made when you bulltards are all scare out of your long positions… The only way this bottom form is because of our criminal FED and government is using all the borrowed money from the tax vault and all the treasury they just sold…
you’re an idiot and don’t make any sense. We’re going to rally like a rabid , just you wait and see. The Fly will not be wrong for he called it yestermorrow! So fuck off!
ya, ok look who is the idiot, you MONKEY! Look US of A is a nation compose of losers, lazy ass, and criminals. All they want is easy money via borrowing or stealing (as we’ve seen on Wall Street and government’s doing). US of A is a BIG FUCKING F.A. I. L. nation. What we got? You tell me?! All the job has been exported outside. A service base economy? What the fuck you going to do? Service me by sucking my dick off hard everyday? Ya that’ll do it! Service economy is no growth ok? What we going to do service each other to death? Ya high tech shit is going to save us and that’s what’s left of our nation. But who is manufacturing the high tech shit?! Certainly not American. They are manufactured in China, Korea, Taiwan you dumb mother fucker! So tell me, what’s left of our nation? Yes that’s right! That’s why there’s only borrowing and stealing left!
blues, you have issue you fucking immigrant. Then why the fuck are you residing here in US and A you fucking loser. GTFO you homo! Your loser family came here for a reason. Stop with your useless bullshit and post something that makes sense. We’re going to rally like a rabid monkey!
Why is it that you sputtering refugees who can’t speak English still yabber away using epithets that communicate more clearly your station in life than any point you struggle so comically to make?
Rhetorical question, pea-brain.
Thanks for the laugh and don’t forget to bag up the grass and lawn trimmings before you leave.
Sharpton:
To MJ’s kids: “There was nothing weird about your father. He only had to deal with weird stuff.”
NEWS: $400 PS3 MGS4/Killzone 2 bundle confirmed, now on sale at Best Buy – http://gamespot.com/6213036
basically a $300 PS3 and 2 kickass $50 games
still own ftk? another bloody meatloaf to the head today
I think Andy Swan has a good feeling how Karma works now. FTK nosedived after his flaming post.
Deutsche Bank is out today saying U.S. banks may need to raise another $300 billion.
4 months ago lots of people said the banks should be nationalized. Out of nowhere, the bank stocks rallied hard and rather than be nationalized, they issued mountains of stock to fill holes in their balance sheet.
It worked so well 4 months ago, I guess they’re going to try it again.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUfTEANzaIFQ
FTK getting crushed due to fall of Aug oil futures.
why is Cramer still alive…seriously he should be sharing a shit sandwich with Madoff
amen,,, cng… pass the gray poupon..not!
…And the breakdown
it’s about to get ugly.
Indeud.
Feeling the neckline being broken here into the close. Just a caveman instinct so who knows. Of course I am biased because I am for the most part short on the market since the last few weeks.
kinda weird, three comments nearly simultaneously seeing the same thing.
ohh..run…sell everything..whatever …if you think mkt tanks take appropriate action..it you dont trade accordingly..so many horseshit random predicitions thrown around here…
Look who’s cryin’ the Blues?
Fitting, isn’t it?
________
Merkets are tanking because people see Shella Jasson Lee talking at MJs memorial.
Praise the Lord and pass me the murderhole?
one of the kids micheal banged is selling the futures with his settlement..
firstadopter 1, FLY 0 today.
I’m one of those people FLY talked about. I wasn’t up nearly as much as him, but went ahead and held despite my better instincts thinking “I can’t lose with FLY”…now I’m officially back to FLAT on the year after being up as much as 15%. Damn.
eric….thought…try thinking for yourself dipshit
I finally figured it out. The people who label everything a “conspiracy theory” in order to sweep things under the carpet, and who are quick to identify tin foil hats, are the people most likely to end up under the wheels of a semi-truck, squirming like a decapitated chicken begging for release from its stupid body.
Back to your regularly scheduled programming…
Trannies go down hard.
I’m one of those guys that went ALL IN on commodities when oil hit 147 last year LOL
You guys might want to watch CLF and STLD. They sold stock in secondaries at $21 and $13.50 a couple of months ago. If either breaks price, I’m getting short the name.
people will wish they bought UNG today when the first hurricane of the season piledrives the gulf next month…..
carry on.
by the way….housing is getting worse not better. selling a used “existing” home only benifits the real-estate agent and the current home owner….the people that work to build “new” homes because that is their job and means of income are broke, sitting at home until the bank comes and takes theirs since they haven’t been on a job site for 13 months and counting……. beware of this.
not that I care about people like Toll Bros or Pulte Homes etc, because it is these assholes that overbuilt in the first place because of their greed and so forth, but, the subcontractors in the new house market are loosing their asses now and have nothing to do and are going bankrupt. A modular home builder in NC here just filed for bankruptcy, lumber yards are laying off thousands of people and a friend of mine owns a roof truss company (among other things) and he just idled it completely…… so no green shoots, so believe the bullshit lies on the financial TV shows like that acid puke show CNBC that all you people love to watch and be poisoned by their drivel if you want……
Case Shiller data suggests housing declines going well into 2010, and the earliest “bounce” (read: sideways market) will be July 2010, though several top analysts believe it will be a few YEARS out (2013?) till the bounce, which would put about 90% of all mortgage owners underwater on their loan.
Artist…well stated mate…at least ammo is no longer in short supply.!!
yes, but the good ammo is not available and the cheap Russian or Korean ammo is available (PMC etc.) but still very highly priced…… ammo around here is about on average up 400% price wise from just 2-3 years ago which was level in pricing for the last 10 years……
sucks…..I love shooting targets with my long range sniper rifles but at 1.50 to 2.00 bucks per bullet, those days are over, I now just shoot my .22LR rifles at closer range for fun……if the cost of bullets keeps going up I’ll be reserved down to the BB gun…..(ha ha ha)
Try J&G Gun Sales online. Their prices are still reasonable.
GLW is uncool. WTF is going on? Drop on good news?
What happened was the good news was well-known in advance and already priced in.
Still shouldn’t drop this much
Welcome to the world of technical analysis. I knew this drop was coming, didn’t you?
Fly,
Where are the Beach Boys?
What? No Frankie Avalon?
Looking back, the “top” was in when FLY banned J0SH. Ironic, isn’t it?
Fly, will you be making any bold and monumental moves today, into the closing ? Just curious.
Sold BSX 10,000 @10.13 …..$2,200 profit
I PPt’ed IOC and will be buying more in the mid 25 range…..
Bought AKS 3,000 shares @ 16.95
Banks…stock tards…can you watch a tape and glean anything on your own…? or do you all just wait for someone to tell you what to buy…great recipe for a new series..Idiots gone wild on wall street
Fuck da Banks….May you choke QUIETLY on your next rib eye !
GW..thank you..i appreciate the honesty…same to you.
Transferring Fly’s money to my bank account has never been so easy.
CNG,
you seem to be contradicting yourself. You come here telling ppl what you’re trading, etc, hoping to catch/generate volume on them ? Just a fairly obvious and shallow observation.
Cash -N- Guns,
Armageddon is the only path to real change…..so fuck you, the banks, & weak politicians who succumbed to campaign financing and palm greasing !
Free Trader..please..your piker volume has no effect or interest to me…hence go sell FAS…i will buy…Barney is on soon. or some other cartoon..perhaps you should go there
GW..i would agree with the politics of the banks..however this is just about a trade.
Gw..and by the way…fuck you as well. Good day.
LOL…you have a good day too !
GW…all good- hopefully we both make $$
I just saw the Golden Cross!!!
On second thought it was just Jacko’s Golden casket.
I have a godly move…short ENTR and FTK for when FLY gets his margin call. I’m j/k, my attempt at humor on this very unhumorous day.
I see dead people!!!!!!!!
Un-fucking-believable:
Associated Press Writer –
NEW YORK – American International Group Inc. has lost a round in its court battle against former CEO Maurice “Hank” Greenberg.
In an advisory decision Tuesday, a federal jury found that an investment firm controlled by Greenberg did not have to reimburse AIG for shares taken from a company retirement bonus fund. The jury in U.S. District Court in Manhattan made its finding just hours after getting the case.
Shorts PBR, EMN, and COF are benefiting as the market crosses the stygian threshold.
CNG is a 15 year old on summer vacation using his mother’s computer to play on the internet while he masturbates to Miley Cyrus videos
bil miller is slowly loosing 48% percent gain back to the market
Tyler…stop playing with your dogs dick. Your mom will be home soon…she is getting cleaned up.
making $ has been tough these past few weeks ! Good luck to all !
Fly,
Was yesterdays ERX trade based on PPT or technical analysis?
ppt flagged buys in ery
FLY, you called me a “dipsh$t” earlier today when I was nice enough to give you a warning that when you change what you do because you are “up a lot” it’s usually bad news.
Who is the idiot NOW?
you still are
ROFL.
Talk about a low hanging curve ball over the middle of the plate…
anyone thing that a buy of ERX and URE after hours in hopes of a pop in the morning is a decent idea?
Hall of Shame: 12 of the Worst Financial Gurus
Can you guess who is #1?? And don’t miss my personal fav #7.
http://www.billshrink.com/blog/worst-financial-gurus/
Hi Fly !!
You should be used by now ………all this negative……shitt !!!. You know it’ s like anything else. There are good americans and there are………… bad ones. So forget about the bad ones.
But to help you out. on this bank issue, here is my two cents worth !!!!.
Ever since this great U.S. gov’ t completely screwed up the real and honest rules of free enterprise, and made a real mish-mash of banks balance sheets, let me tell you my friend that i will have lost my p….. power before i get back to buying American Banks. Hey for once we should advise them….maybe to buy Canadian Banks. Now………….. let’ s see how many are going to flip their lids over this.
take care … fly
Mo the Weisel