and again, and again, and again. And again…
Had it not been for my foray into ATPG, I played this decline rather flawlessly. With more than 50% cash, 50,000 shares long FAZ and more than 15% of assets long VXX, “The Fly” outstrips you. It is not important for you to understand his methods, for it is on another level, a whole new paradigm of winship. Let it be known to all of the children of the world, the shares of MET shall suffer greatly, thanks in large part of euro-trash exposure and rising CDS spreads.
Poetically, I am in position to purchase your margin liquidations shortly. I know many oil men are hurting now, under mountainous losses, thanks to the retarded bitches at BP. Let it be known, “The Fly” spits on such men, from short and long distances.
Enjoy the rest of your pathetic evenings and remember the wholesale, clear as day truth: The PPT warned you to sell, yet you did nothing.
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Nothing is over…
I’m seeing a lot of reports of layoffs again. Disconcerting…
ATPG down 18% APC down 19%
Oil names just massacred
there were lots of warnings to sell, PPT being one, my breadth indicator being another, and R.W.’s return being the third
Fly, I mimicked you and loaded up heavy on VXX last Friday and even more today. VXX should be in the high 30s come Friday after a miss on the outrageously high estimate on the Labor numbers. And not to mention Ben Stein flat out slapped a SELL rating on VXX last Saturday.
Joined the ranks of the PPT during the pre-dawn hours this morning (do I get a digital monocle and top hat for being distinguished?) ..
Three cheers for The Fly.
Any thoughts on an EJ short. China is experiencing a collapse in housing sales.
from fundmymutualfund.com :
* Property sales in Beijing, Shanghai and Shenzhen fell as much as 70 percent in May as developers delay sales following government tightening measures.
* In China’s capital Beijing property signings slumped nearly 70 percent to 3,357 in May from April, the Shanghai Securities News reported, citing data from bjfdc.gov.cn. In Shanghai, the nation’s financial center, transactions may have dropped about 70 percent to 2,550 signings, the paper reported, and in the industrial city of Shenzhen, sales fell 62 percent.
* China has restricted pre-sales by developers, curbed loans for third-home purchases, raised minimum mortgage rates and tightened down-payment requirements for second-home purchases.
* China’s property market problems are worse than in the U.S. or U.K. before the financial crisis, the Financial Times said today, citing an interview with Li Daokui, a member of the Chinese central bank’s monetary policy committee. The country’s housing market problems combine a possible bubble with the risk of social discontent, he said.
* Shi Weijian, an analyst at Jianghai Securities, said Shanghai’s government may announce a property tax as early as this month, which will likely be implemented at the end of the year. Shanghai home prices may fall between 25 percent and 30 percent from the introduction, he said.
old news….been watching it for months…the property tax issue last night had direct govt and I think I posted here or twitter on it.
FWIW, A CNBC pundit said the Chinese RE bubble will be contained for 2 reasons:
-Only the highest SES (Soc Ec Strata) are involved in flipping- didn’t hit the middle class; and
-There were never the NINJA loans fuckery there. Mostly 40-50 Down on resdntl RE.
This market is going much lower, much much lower. I wish it were not true. You better pray 6547 holds. and yes, The Fly did call this.
For those who ignored the sub-prime risk with wool over eyes and then saw the aftermath, imagine what happens when countries run out of money versus low income housing US citizens?
Not a chance. We will print money till it is piled up to the sky. The CORRECT strategy.
Where is that money going to go EXCEPT into the stock market?
21st century mattress…cash is king. I will be proven right soon enough. Get out your surf boards, there will be so many tears you can surf to WalMart to beg for a job because you were long.
Well played, good Sir.
Capital preservations and/or selling short rallies will be the MO for many years for the world economy has now become akin to Japan. We’re in the early stages of a full-blown global depression.
Phil,
Is that how they see it at the BoB?
BoB?
Whatever the central bank is down there.
The bank remains bullish on Brazil but is very tepid about the global picture. In the few months, the bank has stepped up purchases of US dollars in a big way — to increase dollar reserves in anticipation of a more difficult sovereign picture.
Thanks, Phil – good luck to you!
There is no way in hell this market is crashing here. I cant find a hedge fund, analyst, trader who isnt either bearish and scared last few weeks. Either everyone in the world just received a 50 point IQ boost, or were about to rally straight to dow 12k. We can’t all be this right, at once.
The herd is in full mania mode, as the world stampedes into US Dollars. But, its a giant fantasy. There is no way we see a rate increase before 2012–Real continuing unemployment is near 18%
It is impossible for everyone on earth to want to be able to exit stocks at the same time. There’s nowhere else to go–with coordinated low interest rates worldwide.
What keeps coming back to me is what this old fuck they keep wheeling out day after day said on teevee this morning about mutual funds being all in and any further depression on the market here will force liquidations in order to raise cash. Would love to hear what some of the big money guys think about this claim.
Every rally we’ve seen has been on divergent volume. It may not be the mutual fund robots, but, the big money has missed out on the last 5 bounces.
They are still going to be forced to chase stocks if we get an inflationary rocket upwards
http://i659.photobucket.com/albums/uu317/panamaorange/rally111.jpg
LOL, love the chart
I seem to remember your USD shorts working out really well. 1.25 eh?
LOL love the chart!
The right hand side of it though, looks nothing but bearish. If its not mutual funds, well, someone sure is shit is selling.
I just don’t see any meaningful bounce, anytime soon. I think the more likely scenario is a war in the Middle East (honestly how long do we expect Israel to put off complete and total destruction at the hands of Iran and neighbors, this little issue with Turkey, is how wars begin) and complete and total Shit, hitting the fan. I think the markets have been riding a wave of optimism for the last year, but reality is about to smack us right in the face.
Call me crazy, but I have this feeling we are one car bombing in NYC away from the Market doing a total nose dive once again.
Cash may keep me from reaping any upside benefits at this point, but its a risk I’m willing to take because I think upside from here is minimal at best.
Bearishness is at unbelievable extremes, even the Fly is getting 3 piece burlap suits made and putting up ‘I told you fuckers we were going to die’ posts that Devil Dog himself would be proud of.
There are no sellers, there’s just no buyers either so trading robots are pretty much pushing this market around on no liquidity. The gap on 5/20 needed to get filled and we’re almost there but otherwise we’ve been in this basing pattern for the last 6 days now going nowhere.
Mutual funds have record low cash. Know ur shit, asshat
Days like this really blow.
Enjoy the rest of your pathetic evenings and remember the wholesale, clear as day truth: The PPT warned you to sell, yet you did nothing.
its not that i did nothing!!!! its the fact that ameritrade is hiding my stock that i want to sell…i know where it is they know where it is…they know i know… but the fuckers are playing games…i will continue my true story sometime today..i was hopeing they would make my acct right before the closing bell…they didnt..and i was told maybe tomorrow….i dont think im going to put up with this kind of nonsense..especially if they are borrowing my stocks to short the fucker…and to be brutally honest thats a scenario with undertones
archadamus
i beleave in your quatrains you had mentioned that the stock market will close…you gave no reason for this occasion to come to pass…would the lost quatrains of archadamus and the fact that your stock has become the lost stock of archadamus be the beginning of the end for the stock market as we know it ???? even though we both hear the harmonic songs of the 12 dimension i do not have the gift of sight
i dont hear the songs, what i hear is the harmonic chorus and from within the choir the messages are sent—
archadamus
how can i see things when i can only hear??
you all ready know the answer so keep asking, be careful what you ask for
You idiot.
Who told you the market had to go up because we print money?
Milton Friedman?
Joe Kernen- World Wide News.
“Worthington’s Law” told me so.
http://www.youtube.com/watch?v=aF8wLg5Asgo#t=0m17s
american public is not going be supporting further public spending, stimulus package and quantitative easing. the next leg down will have to be done with the administration telling the clueless public that now is time for: AUSTERITY MEASURES.
pay down your debts cause the margin call is coming your way!
funny thing (well i find it funny) there’s a study that came out about a month ago saying that joe public INCREASED its debt (credit card, line of credit, second mortgage) throughout the last year. instead of reducing its spending and standard of living.
just like our governments. i guess.
you want me to reduce my spending? fuck you! life ain’t about slowing down, dude… it’s about living it! LIVING IT to the FULLLLEST!
..then die.
You misunderestimate the craven-ness of our politicians, I’m afraid.
Fat & Happy Amelica is not going to do any “austerity.”
Prepare ye the printing presses, Gridley.
________
We’ve been running away from Andrew Mellon’s bitter medicine for 80 years. His ghost isn’t too far behind us, with a spoon in hand. We’ll have to swallow it eventually. But the Greeks will have to swallow it first.
My opinion- Americans will not tolerate austerity, and they elected a Congress that understands this.
If the reality hits, most of the population will go into a RAGE.
Give a typical American deeply in debt a new fresh credit card, and most would immediately go out to eat followed by energetic shopping .
I hate to be such a sourpuss, but unfortunately we have gone fat, lazy and spoiled, but with a well developed sense of entitlement.
PXP got taken to the woodshed today too. Maybe I’ll short MMR as well if it gets a dead cat bounce tomorrow.
I dont mean to sound to
Much like a newb. But what exactly is the point of making a web page and apps offering a service of finacial advise. While constantly gloating and telling people how stupid they are and how much better then them you are?
Im just asking because i have yet to see a post that doesn’t include anything along the lines of bearshitters and a random occurance of a curse word. I suppose in a sense im trying to figure out this front. Love your site though.
The gloating and insults are entertaining, which attracts visitors. Some percentage of those visitors join the pay site, so the more visitors, the more subscribers. What’s the confusion?
This is easily the comment of the month.
We like the abuse. Please kick me harder Fly.
This site is a front. Inside the PPT has none of this gloating and insulting banter. Only gentlemen reside inside the PPT and they conduct themselves as such. The advice and guidance inside the PPT is reserved for members. These tidbits on iBankCoin are designed to whet the appetite. Dave is right. It is entertaining and attracts visitors. Enjoy the banter but when you are ready to play for real, join the PPT. I am better off for joining.
oh shit, you mean the fly doesn’t insult people inside the PPT? fuck, I’m a glutton for punishment
To be fair, I do remember seeing a few choice curse words thrown in ATPG’s general direction recently. 🙂
Fuckin’ a right you saw it. Bastards keepin’ me from gettin’ my swerve on.
Hail to you Lord Fly!
“The economic position is only flourishing on the surface. Germany is in fact dancing on a volcano. If the short-term credits are called in, a large section of our economy would collapse.”
-Stresemann shortly before dying in 1929. The wallstreet crash of 1929 in america caused the US to issue ultimatum to Germany. Pay up in 90 days.
No other world power had the money to give Germany cash injections. The result was ultimately hyperinflation.
I know we’re in a deflationary spiral. But so was Germany before it lost it’s credit and it was overburden on debt. Aren’t we dependent upon China in the same way? Explain to me why we’re different…
Because we got 5,000+ nuclear warheads that say so?
Given the fact that China has them also, I would say that argument is self canceling. So back to the question. To put it very succinctly, I do believe that day will come. What will come of it is entirely open to debate but I doubt the outcome will positive for all involved….. namely, the human race.
Has China mentioned how many nukes they have? I bet it is somewhat less than 5,000 but this could be one of those “kill the world 20X or just 10X” deals.
Good to have you on the Fazmobile
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