Mrs. Fly likes to call things “super.” Whether it’s “super bad” or “super cool”, lo and behold, if given the opportunity to say the word “super”, she is there. If I might interject your daily bowl of oatmeal, I feel this tape is “super bullish” this morning. Considering the fact we should be down 1%+, this is super cool.
Hell, with CDS markets blowing out and the U.S. without leadership, the market is free to fall as far as it likes. But it chose to go up this morning. For that, I am super grateful.
Naturally, for a bounce, commodities is where it’s at. Names like OXY, COP, JOYG and MTW look good. The refiners are lagging. However, they tend to come out of left field with gains. If you really want to throw the dice, look at the finnies. The easiest way to play them is via FAS, RKH or XLF.
I’m not against raising cash here. However, I am very much opposed to selling short into the weekend. The euro people have to bail out Greece. If you want to short, you might as well wait until after that deal is announced and fade it. There will be a short squeeze, as many are leaning that way now.
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Oh great. Philly Fed just ruined it.
SUPER BAD
First we need a good correction.
Regarding the financials- I like the credit card companies more so than the behemoths on the back of the NCO and delinquency data yesterday. DFS is an interesting one especially given their recently announced $1B stock repurchase program.
I just closed out my shorts and went back to 100% …this should guarantee a sharp decline for the rest of the week.
Agreed that it’s best to fade the bailout/result of Gree…it would take “super” balls to stay short into the weekend, but those who do might be well rewarded if we truly implode.
That should be “100% cash” …for the record.
and while we’re at it, that country is “Greece” not “Gree”
WTF is up with the keyboard today?!
Looks like the dips are being bought, for now.
Right now, only dips buy dips, dip. chasing after crumbs, spitting into the wind, hoping instead of thinking,etc etc.
Weiner resigning…. Why did that porn star have a news conference with Gloria Allred? Pelosi behind that?
I reckon China is going to have to do one big ‘super” bailout. They more or less have no choice in way. If Greece and the rest of the PIIGS go it’s all over for the world’s banking system and the $3 trillion they have in the bond markets is basically gonsky. Countries will just reschedule them or fuck them with inflation. So what choice do they have, as the player holding the large pile of cash on the table. As I see it the Chinese have no choice other than to bail out the Europeans or their pile of cash is gone and no one is going to buy their shit anymore, so they cop both sides,
Fuck how I prefer the 80’s and 90’s when all you had to worry about was the US , Western Europe, and Japan. There”s too many players in this shit now.
China will bailout Greece…
By the way… Greece ALWAYS riots, this is nothing new…. It’s their way of life. The government wants to raise retirement age to 63, they riot. the government starts to discuss something, they riot… nothing new to see here, just socialism at work in the heart of Greece.
Yea, but this time the rioters weren’t the usual sludge of public sector unions and those sort of fuckers. There were the young and they didn’t appear to be an appendage of those usual fuckheads. They are anti-austerity and pro-default. This is a little more concerning for the government seeing the unemployment rate in that sector is 45%.
The thing that’s really worrying is that they missed the target of getting to 7.4% deficit and instead are around 10%. The rioting and shit is all about the larger austerity package being proposed by the lenders and the likelihood is the government just can’t do it. Tax receipts collapsed.
This is a pretty good movie for what lies ahead and why I have serious doubts about material austerity packages. Your tax receipts collapse if you hit the breaks too hard.
I think the only solution is to freeze spending and then let the economy grow out of it. But you don’t raise taxes. Just freeze spending and do supply tinkering while cutting long long term deficit projections.
The point I needed to make is the the Greek government really did cut spending and raised taxes. It wasn’t bullshit and they still missed the target. They had the German auditors in looking over their shoulder.
Euros are kissing Chinese ass. They will probably agree to open up their consumer markets to more Chines goods in exchange for financing their debt.
If you’re from or near Oregon, you should move as you give its people a bad name and reputation. I won’t call you an imbecile (not yet).
Instead of XLF I would look at KBE etf (super regionals) and or KRE etf (smaller banks).
JPM is not cooperating.
But, INTC is, notwithstanding a downgrade.
Homies looking great
Unfortunately it appears the market has glaring signs it has fully topped and the bear has begun again.
Possible test of SP 1030 sometime in the next 6 months?
Please ban me.
Thanks in advance
http://www.youtube.com/watch?v=WQOWHmP6P5U
Oh yes I’m super! thanks for asking…