Banks are getting pummeled two days in a row, thanks to foreclosuregate. I really don’t have time to explain what it means in detail; go do some research you lazy bastards.
Investing is not about systems or charts or random acts of excellence. It’s about consistency, asset allocation, risk management and intelligence. Be smart about your positions and think them through. Do not cheapen yourselves by simply relying on a few indicators. That’s for the rookies. In due time, you will develop multiple weapons for your arsenal, providing you put in the effort. You should be able to recognize nearly every ticker symbol and know what that company does.
Having said that, I sold short COF, in the high 38’s. Why?
Well, it’s complicated. But, the dumb/short answer is: people don’t like banks anymore.
Today’s reversal, so far, is ugly and pervasive. Without a doubt, the dip buyers will make a late day effort. You can count on that. But remember, this tape is filled with rookies, idiots and people who got hot for the first time in their pathetic lives. They will fold quickly, at the first sign of danger.
A great man once said: “You might be hot right now; but I’m gonna be rich forever.”
If you enjoy the content at iBankCoin, please follow us on Twitter
fig
Be your own God.
That doesn’t work for me.
Agreed. The Fly is the only God we need.
Bite your tongue off, you blaspheming reprobate. There is only one true God, and it’s not Le Fly and his hoard of VXX either.
In terms of eternity, Le FLy was wetting his bed five seconds ago.
HA! Are you serious?
Who is the “true God”?
Jesus didn’t even exist and look how many idiots worship him.
How much $$$ has your true God made you?
I rest my case.
The Fly is God.
Jesus most certainly did walk this Earth. He’s still alive, too.
Boys Boys. Stop the bickering. Let’s just say I have chosen the one you call Fly to spread the word of Broad and Wall to the masses. And, by the way, that includes the Hebrews known as Goldman Sachs. So let’s all get along. I have other matters to tend to now, such as making sure the Dummycrats don’t win in November.
Fair enough.
I’m sorry if I went too far.
The Fly is God.
Eat shit and die.
Typical idiot religious zealot. OH HOW BLASPHEMOUS!!
ahh dont worry zomb.if it were typical,it would have spelled it PROPHET. lol…………………fig mother fuckers
HA! True.
Agreed.. going down.
Who wants to own banks going into the weekend with another unquantified loss potential on their books…hello, Bear Stearns?
Thank you Mr. West
Banks are gonna be ripe for buying soon. They will not go away, if they do our whole economy is in the crapper much worse than now. For the moment they are still dropping but l’m looking for a bottom to make some buys. We still need banks and the good ones will come out of this better than ever. So when things look the blackest, buy some bank.
Or they will muddle along on life support for 10 years.
I’d expect FAZ to be much higher before banks are ripe for buying.
The banks are the antichrist and make that Iranian guy look like winnie the pooh
October 17 1987 redux,,,a day late…hmmm…mbs market could implode…
Bought some JPM in today slaughter. What is my reason? I believe in US manipulation.
JPM and WFC are at very dangerous crossroads. Further downside will rock the market, wasting the last 12-16 months of so called confidence.
Fly, the market may go down, but until something changes……….It won’t STAY down!
After all the selling is done, computers come back in and start bidding it back up.
UNCH for the day…..again!
No. Shortly after the Nov elections, Fly will be swearing again.
Dip buyers right on cue.
I put my hand up on your hip
when i dip you dip we dip
you put your hand up on my hip
when you dip i dip we dip
I put my hand up on your hip
when i dip you dip we dip
you put yours and i put mine
and we can dip down low and roll and grind
Freaky nasty….
Would not be suprising if the banks finshed up big today and some stupid announcement that all underwater homeowners will get an instant $250K from Obama and Pelosi will smoke everyone’s pole just before the closing bell
I hate this market, but I made a little money. The FED telegraphed that there would be fuckery today so I took advantage. Bought TZA after the open and made some money. Waited for it to top and bought TNA and made a little more. I’m done for today.
What a out buying some metals?
Mtl?
Elevator down – I have pressed the button and waiting…
Mood changing. Bank mess not going away
In honor of the Bearded Clam I will be having a lunch in his honor.
I will be eating mussels in a tomato and garlic butter sauce over a bed of linguine with a drizzle of extra virgin olive oil and some fresh grated parmesan on top.
Carry on.
Mmmmm. Bottle of Riesling to wash it down?
Afraid not.
But I do have a crusty loaf of French bread to soak up the tomato and garlic butter sauce.
Nice. I made cioppino a few weeks ago with mussels, clams, king crab, scallops, striped bass, and the other accoutrements. Actually, one of the most annoying things to do is de-bearding the mussels; a task with which Ben clearly struggles.
Sounds tasty.
It has been years since I made cioppino and the striped bass sounds like a nice touch.
Been married 31 years and I have cooked all of the meals (including lunches for the kids and their lunches for school).
Maybe in my next life I can open up a semi classy diner with a combination of homestyle food and some sophisticated meals.
My wife gets mad at me when I turn on Diners,Drive Ins and Dives on Friday nights.
too funny TC i like that show also.and living with a sicilian woman for 16 years,sometimes we are at odds with who cooks what the best.too funny. in my other life i used too make all the kids sammys for school to. their favorite, my hoagies..lol…..linguine and steamers,w/garlic,parsley onion. and lemon sauce and the ex virgin….i cant touch that……….
Cut it out! You guys are making me hungry!
Nice chatter from the Tuscanistas. I’ll just stop at the favorite local and try for a bearded taco.
Indeud.
Trickle Up Poverty
Not a freakin’ chance, since the CEO’s decide what other CEO’s pay should be.
Very few long money ideas exist now since cyclicals have surged over the past weeks and months. If people are not long by now, they should wait for a pullback. We should get our correction before November election.
By early November, we will have the bulk of earnings reported and the Bearded Clam’s QE2 talk and the election will have passed. This should set the stage for a potential “sell the news” reaction.
But, lest you bulls be discouraged, the more important BIG PICTURE investment theme is that a 4-year cycle bottom appears to be in place and an upside rally through 2011 is likely to develop. It will also be the 3rd year of the Presidential Election Cycle.
With this bullish longer-term picture developing, gentleman investors will need to thread the investment needle and buy pullbacks, to further build expose themselves to cyclicals like industrials, metals, chemicals, energy and consumer stocks.
Yes, the current tailwinds in currencies are filling the sails behind stocks and commodities, but also consider that there are just too many market indexes overseas (Korea, EEM, TSX) and individual stocks (Industrials, Materials, Consumer, Energy) emerging from longer term consolidations, that are pointing to further upside through 2011.
This much I know to be evident, but I could be mistaken.
Cheers.
And the banks? We don’t get a rally without them.
You just read OEW … he’s been preaching that for months?
No doubt, the banks would concern me. We’ve had rallies in the past where several sectors have not participated (like tech), including this one with the banks underperforming.
The U.S. banking sector appears to have already been discounted with this rally. A year ago, this market would be melting down on the bank action today, but we live in a different world now.
….a QE2 world.
What’s the deal with 10:30am. Markets always seem to reverse on a dime at or around 10:30am!! Is that when POMO occurs or the robot traders come online?
Just when one sells shorts and goes long, the market pullsback. I’m in cash, because this market is a two edge sword to the face.
This market won’t stop hitting me over the back of the face with a two-by-twice
A great man once said: “You might be hot right now; but I’m gonna be rich forever.”
-King Tut
http://news.yahoo.com/s/ap/20101015/ap_on_re_af/af_kenya_obama_s_brother_1
Obama’s 52 year old polygamist brother just married a teenager as his 3rd wife. Seriously.
I’m impressed. Not bad for an old man. That’s one offshoot of islam I wouldn’t mind seeing adopted over here. My wife wouldn’t like it much however.
52 is the new 69.
In other news, I just saw Dick Bove making out with the Clam – be careful out there.
very nasty visual.
Tan Man settles with SEC that should be good for a coupla thousand DOW points
Hey Fly,
Do you still own CSIQ?
Wouldn’t the ultimate mind fuck for bears be for the Dollar to rally and for stocks to NOT sell-off?
Unanimous coventional wisdom is that the rally is entirely artificial and solely due to BEARDED CLAM pumping and Dollar debasing. So, naturally stocks “should” succumb to gravity if the Dollar were to find bottom. That’s why the ultimate mind fuck would be for stocks and the Dollar to rally together at least for long enough to get every last bear to throw in the towel. That would have Timmay and his ilk pulling their hair our their heads so I would love to see it happen LOL!
That’s great. Indeud.
Expiration will keep things from moving too much in the last hour…you’ll get the real read on Monday after the first hour of trading.