You’ve been clamoring for this day for years. Over the past week, we’ve undergone a major sell off on extraordinary volume, while the elite were caught offguard on vacation. You could not have planned it better. CDS spreads for the banks are blowing out and BAC is off by 20% today. Whole countries are having issues financing themselves, as yields soar to new highs.
By the time the ruling elite come up with a plan to stem this crisis, the market will be in shambles. As the dicksuckers on CNBC declare “this sell off has been orderly,” nothing orderly is taking place in my portfolios. I’ve never underperformed so bad, in my entire life, than the past week. Just Friday I kicked out positions, raising cash to 70%, only to buy back in later, hoping for a reversal in fortune.
This is the nail in the coffin of the retail investor. He is done.
Having said that, the smartest managers in the world have been tricked by this tape. Do not throw yourself into a lit fireplace for losing money. While it sucks to be on the receiving end of sheer fuckery, it can be recovered. This is a panic. Put your charts away, for they will do you no good. The selling will stop when the last bull (Ned Riley) buys up lots of FAZ.
Taking a look at TVIX, it looks like Carl “fuck you, give me 3 seats on your board” Icahn initiated a hostile bid for the entity. This is fucking madness and I do not appreciate my twitter stream filled with fuckfaces who are elated over perpetual market crashes. If you managed to call this tape correctly, this is not the time to brag or drag people through the mud. Most people are invested in stocks and are enduring massive losses. Some people take losses badly and it can affect their health. All jokes aside, I will try my best to provide as much news and commentary as I can, while trying to maintain my book of business here, in the real world.
Fuck S&P and to hell with this administration’s futile attempts to buoy the economy. We do not need platitudes, but action.
If you enjoy the content at iBankCoin, please follow us on Twitter
Please tell us when you throw in the towel…
Never
Who’s your daddy now? HAHAHA!!!
DevilDog – Fuck you.
Devildog: Not to be unkind, but whose daddy’s portfolio got blown up by his know-it-all son in ’08-’09?
You sure you want to be howling now, DD?
imposteur!
Devildog, we know you blew up your account long ago. Now your driving a yugo due to losing your Viper to a margin call. Take your bullshit 5 figure account overto the Slope of Dope
Heard he traded the yugo for a trabant.
DD, be nice. It’s not cool. really.
Well said.
You are a giant among midgets, even when fortune is not in your favour[sic].
great rant. thank you for sharing the pain
the whole world is out of order,
Even I covered my shorts today. I’m a bear but can’t press the downside too much longer lest I get debanked deballed and decapitated. I don’t want to make any cock sucking bets but I think we will move up from here.
Bad move. I hate pussy bears.
DD – How do you have any money left to be shorting this market ? You were debanked during the great rally of 2009 remember ?
no comment. LOL
Exactly. Anyone claiming victory and they have been perma bears can go fuck themselves. Trading Nymph, I am looking in your direction. You have to move with the market. I am caught in a few longs, but I also hedged a few weeks ago. This may go much lower, but we are a strong economy. Just ask yourself if it is better than 2008. Of course it is, fuckstick.
At this point, the platitudes from the “leadership” are not just doing nothing to help, they are actively hurting the situation. Jackson Hole is the last hope.
Help me Obi-Wan Kenobi…
“There is another.”
Cramer: YOU HAVE NO IDEA! YOU HAVE NO IDEA HOW BAD IT IS OUT THERE!
I’ve taken more abuse for being long UNG. It was up today.
You forgot… “finally.”
You know anything about the copper markets in Chiner (sic)?
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delay between qe1 and qe2 was 7 months and qe2 just ended in june
qe2 needed congressional approval
congress is on vacation until september they will be back after labor day.
there is no doubt there will be some kind of qe now, but all indications point to is that there will be some lag time.
so now all bernanke has is his words to calm the markets and some few bullets recycled from the banks that have repaid their tarp
by that time. yeah. market should be dead
Winship?
When the going gets tough, The Fly posts his best stuff.
I will be shorting the fuck out of this market when we finally do get a bounce. It is over, people. OVER!
How’s that gold short doing, junior?
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lol
I really want to wrap Sharma in Charmin and whipe my ass.
I’m surprised you’re not calling for his arrest, like your compatriot, Michael Moore.
________
Wait a minute. He’s your compatriot too. lol…
StockRider, we need your interpretation:
Dow down 5.55%
S&P down 6.66%
Looks like a message to me, numerologists have used these numbers before and they strengthen with repetition. We had 666 on the S&P as a low if you recall back in 2009.
Genius is nothing more than pattern recognition, it could be random or it could be a signal.
The signal is we’re going back to S&P 666…then MUCH LOWER. I’m your RICH HUCKLEBERRY! HAHAHA!!!
So you are the fuking guy that bets don’t pass on the craps table….Hate you.
Cut him a break, huh? Fucker’s lived in a refrigerator box under a bridge in Fort Worth since mid-2009.
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JakeGint I do have balls to come out and post during the shittiest of times.
I think you meant dingleberry…
You need to get banned…………
Apo,
I don’t dwell in numerology. I dwell in esoteric indicators that have proven to have a meaningful correlation.
Good to see you around here.
Fly, I am glad I am in Cape Cod this week. I remember you speaking of vacation a week ago. Now may be a good time…
go check out the Naked Oyster. Best place there.
Bullshit …. The Naked Oyster sucks!
That was sold and hasn’t been the same since …
The original owner now has a new place on main street, hyannis … Columbo’s
Also for the higher end try the Regatta of Cotuit or 28 Atlantic @ The Wequassett Resort & Golf Club
“Taking a look at TVIX, it looks like Carl “fuck you, give me 3 seats on your board” Icahn initiated a hostile bid for the entity”
A true gem. I guffawed loudly at that.
Thanks for this post. Not many people who lost today would have manned up like this.
Bill Fleckenstein on the Bernanke and QE3
“The market has now shed about 17% in less than a dozen sessions — in essence, it has “crashed.” Thus, it has now put “the Ben Bernank”‘s feet to the fire, as I had suggested a few weeks ago would be necessary to bring on QE3. If he doesn’t promise to reopen the spigot after tomorrow’s FOMC meeting, I expect the crash to worsen and he will then do so on Thursday. He is trapped, as we have known all along.”
Let me tell you working out feels GREAT today.
Fly, do some pushups. Then do some more. You will see.
I did 75 today. It’s like my arms are made from cocaine
Well said. I’m interested to see if Bernanke hints toward fiscal policy taking more, or any, action. We’ve seen the Fed’s bazooka and their swift ability to implement monetary policy, but Congress has proven to be the complete opposite. I want him to pressure them more. S&P fired the first shot across the bow.
Maybe it’s time to break out the tank banner for your blog again Fly.
Love the site. You do a great job. I followed you into WNR last quarter:
http://www.sec.gov/Archives/edgar/data/1006438/000100643811000003/a13f11q2.txt
Picked up 2.8M shares.
Check your PL in a couple minutes, Chief. If you hurry, you can catch the last plane to Jackson Hole: the skiing’s great this time of year.
DOWN another 400 to 600 on the DOW tomorrow. The squeeze on the stupid bullshitters will not end until the 15th – 16th. Keep buying the dips…dipsticks. HAHAHA!!!
While our best brains are drawn to the financial markets our economy is drained of our best minds, therefore our economy does not innovate like it used to.
The most innovation has been on Wall st, we have a financialization of our economy and now look where that has taken us..Banks with fancy debt products, CDS to counteract them and central banks now bailing all that so called innovation out.
Even stocks sites like this, this is the bubble right here, so many people are trading then ever before.
Are you saying we should get back to the Amish countryside?
________
Get back to building and contributing tangible things. I myself am about to make the transition out of being directly productive and solving problems in the real world, to delegating the hard technical details to some other fella while I push around hundreds of millions in investment capital in the oilsands. Waaaaay more lucrative. But there’s a nobility carried by the engineer that designed cool and complex toys for you. The best and brightest used to push the technological edge (and many still do), but financial “innovators” don’t generally provide a lot of benefit to society (more of zero sum game often) compared to real workers. There are a lot more American kids going into “business” degrees than science and engineering.
I’d disagree.
The advent of the LBO revolution, for example, restructured a number of very poorly managed companies in the eighties, and arguably, marked the advent of an 18-year bull.
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TVIX is up another $3 in AH trading. Who is willing to get in front of the speeding train?
“This is the nail in the coffin of the retail investor.”
Actually the retail investor has never come back.
Some 70% of the volume on the exchanges is done by TradeBots (HFTs-High Frequency Traders and that doesn’t account for the dark pools and .the nameless off exchanges going on.
The NYSE has leased space to the HFTs and have destroyed any reason for the retail investor to trust Wall Street.
At least the MIT grads can get jobs.
Yeah, like those motherfloggers were having a tough time of it all along…
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I guess the guy with the Devil Beard and pony tail on Fast Money agrees with me on the HFT.
Who knew?
Yipper, good times are back. OPEN up $.01 after hours. Someone must be booking huge IPO celebration banquets, parties and balls.
Tomorrow we bounce back to at least 1150-1170 and 11200-11500. Good time to sell what you just bought today.
We are already at multi year low $SPY measured in gold $GLD
$AAPL is now at its lowest valuation 10.93 forward P/E and falling. That is cheap for a company growing this fast and on the verge of signing a huge contact with China Mobile who got 600 million subs.
Android is going to rip AAPL’s dick off and shove it down it’s shareholders’ throats.
You don’t have a dry well in your basement or anything, do you son?
__________
Android? You’re joking
No he isnt. Quit being a hipster.
Plenteousness still exists… or will.
Fly. I love you man. (not gay)
@Fly, thanks for the perspective. I truly appreciate it. This is the worst cluster fuck I’ve ever seen, and as you know, I’ve lived through a few. Grave dancers should be banned. If we slide into another recession because of this S&P BS, and the incredibly weak response to our economic problems, then there will be many, many more wasted lives in this country with no hope of a decent living.
You have the causality wrong. It isn’t because of the downgrade, but because of all the factors highlighted and supported by a downgrade (spending vs. income and demographics).
Okay, a Senate Banking panel will probe the S&P downgrade. WTF!! Small wonder the world believes no one in our government is qualified to run a pay toilet let alone this country.
Like I said on the other side, I hope they use a giant probe. Just to make up for the AAA CDO pay for play garbage. And they can use one on Peter “Let’s Crash the Dolla Boyz” Schiff.
Yeah, maybe they could put Barney Frank in charge.
It’d be like putting Beria in charge of the Purges.
_________
Obama’s mid day speech was a complete joke. The problem is the guy thinks he’s Ronald Reagan. But unfortunately BO,its not 1983 and Greenspan’s not there to do a magically 50 bps cut…Dude somebody has to fall on the sword and if you would have announced that Geitner was being “relieved” of his duties today,the market would have stayed above 11000 and you would have looked like you were the President instead of another day of you “phoning it in”
Or Barney Frank in charge of a gerbil shop
The senate banking committee investigating the S&P? For what? Because the S&P is turning the heat up on our worthless politicians by exposing their collective ineptitude? More power to the S&P.
The downgrade (fundamentally meaningless) is merely the straw that broke the camels back. The debt load and the dynamics of dealing with it are the actual tonnage that made the last 10 days of market action possible. Brought to you mainly by policies and programs conceived, born and raised by our US government and now going on display in all their striking maturity.
The market will move up when;
A: it determines this is a flash in the pan or,
B: it feels the debt problem has been addressed or
C: it feels we have a government that is capable of addressing it or
D: it realizes earnings aren’t that damn bad
among other things……….
But seriously, Barney Frankjob investigating S&P. Freakin hilarious!
The man himself, George Carlin, on the American Dream: http://i.imgur.com/SOVSk.jpg
Scary. He has some great comments on other facets of group think.
Gee, weren’t you the guy declaring Friday “the bottom is in”.
No denying that you are good and honest trader but how about eating the humble pie once in awhile?
Good luck
As the Chinese say…”may you live in interesting times!” We’ve had an unprecedented stretch of relative world peace and global economic prosperity since the 1980s, but that is all over now. Prepare for instability, war, riots, and generally tough times. Your children WILL NOT have it nearly as easy as you all did.
Sadly that it probably true
Many many retail investors that I know seem to have their IRAs and 401Ks in the market. It’s just that if they have other savings, they no longer put them in the market, since 2008. I don’t know if they will take their IRAs and 401Ks out now or not. Maybe not, as they are ‘investing for the long term.” If the market rises back up, I guess they will be glad they left them in.
Retail sideline activity can be graphed pretty easily by IAI etf. Its the retail brokers. The sideline money looks far too bearish here, to have us at the doorstep of an actual crash.
I think we’d need to break 10k on the Dow, to inspire people to take the penalty of actually getting out. Not too likely
This is why—-
http://tinyurl.com/3ob9srf
Ratio between the Vix and EEM is at a double bottom with 2010 flash crash lows.
Last time that happened, EEM ended up 30% higher just a few months later. Except this time , the flow into EEM will see money fleeing europe AND US fixed income. So, 40% to 50% up by next spring is not impossible. That will drag the SPY up by the neck, at least 25%
A rising tide of inflation floats all boats. Kind of.
FACT: The stock market is nothing but glorified gambling. “Investors” really are no better than the lushes who visit Vegas casinos.
Good times for me for sure!!!!
The market’s gonna do what the market’s gonna do and it doesn’t give two shits which side you are on.
Fly, how about another blog entry from Samson?
correction, samsonite
Does anyone remember the link to that chart that was floating around a few years ago that had a chart of the current market superimposed over a chart of the 1929 crash, subsequent recovery and then great depression? It was remarkably similar at the time but I haven’t seen it in a while and was wondering if it has been updated?
hi bhh..
d. short maybe?
http://advisorperspectives.com/dshort/charts/markets/bears-nominal-real.html?four-bears.gif
that’s the one, thanks!
Is this it (up on top)?
http://ibankcoin.com/flyblog/2010/08/11/chart-art-yen-master/
OttNott posted that, back in the unpleasantness of ’09.
Could be just a scam to scare people into Treasury notes. 10 Year closed at highs again. veritas vos liberabit.
Yeah, the market tanks on credit worthiness fears. And meanwhile Treasuries rally. Go figure.
Let’s try this again (up on top). The first time it says my comment is awaiting moderation.
I must have been a bad boy today.
http://ibankcoin.com/flyblog/2010/08/11/chart-art-yen-master/
“This is the nail in the coffin of the retail investor. He is done.”
Sadly, I think you might be right about that.
I blame the baby-boomers in congress for this mess…
They got us into the recession, and, consequently, have spent us into another. Fuck you clowns!
They are not responsible stewards of our country’s money, market, or politics.
They’re the original spoiled children who think they “deserve” everything and come up with every excuse and backstabbing reason to get what they want. I also blame them for the litigious society we live in today because they built it to get what they want when they really don’t deserve it. What a bunch of time-wasting, name-calling, finger-pointing fuck sticks they all are.
I hope they do us all a favor after this is over and ceremoniously suicide themselves. It’s the only way for them to regain face after this debacle. If this were the mafia, we’d be making a killing on concrete shoes.
Yes, the boomers did it, those fucking hippy weed smoking idiots.
I also blame them.
I hereby resign from the Baby Boom Generation.
PS Don’t look now.
Coming up behind you is a self absorbed Gen Y and Gen X.
I say bring back the Ward and June Cleaver Generation- they had it all together (except for the racisim part).
It’s Gen X first, then Gen Y. That’s the bulk of this site, I think.
In fact, if I’m not mistaken, this is the first year that even the very last man in the Baby Boom is auto-banned from the site due to “Black Palm Crystal” problems.
You, of course, are the recipient of a special waver.
__________
Run, Logan, Run!
Eggsactly, all you old fuckers better run or you’re going up in the bubble machine.
You can tell I’m getting there because I remember that horrible movie (but had to sneak down in the middle of the night to watch it on cable).
_________
Get in shape, Jake. ‘Coz I don’t have to outrun x & y, just u.
(Three years older than Jake, but athletic)
Jake, I’ve got it on DVD if you want to borrow it…
“…bunch of time-wasting, name-calling, finger-pointing fuck sticks they all are…”
One love there, oneuniverse.
But you’re right.
They also created the “play date”, participation trophies for everyone in Little League, and buy First Class seats for their kids…just ruining this country.
fly, we await your chartology. draw us a pretty picture!
funny. I intend to chart today.
@Fly, The VIX Devil chart needs an update.
http://ibankcoin.com/flyblog/files/2010/03/vix.png
Techboom, Bullshit, Bernanke?
LLNW, lookin at it, not buyin yet,
CNBC had paid programming the entire weekend instead of covering the markets. I don’t know if this was a good thing or a bad thing.
Does anyone know when the Jackson Hole conference and speech is? Thanks in advance.
wed ? 2ish i think
The speech will take place when Larry Somers assists the bearded clam in removing his head from his ass.
Sometime between the fly fishing and the golf outing.
By the way Quint, we tried to tell them on Fri. didn’t we?
Yes, we did TraderCaddy – the kids don’t listen sometimes.
When I asked you to tell us when you throw in the towel and you replied with never, I hope you meant you will never tell us!
Fly, you should be on facebook so I could “like” this entry to all my “friends”. Your commentary (writing) and advice is priceless and thank you, I have followed you for years and this is my first comment.
– Dan.
you can click “like” on the button at top of page. And we have a facebook page. It is advertised on front page bottom.
Be still my beating heart. How fucking patronizing can you get?
Surgical.
And it’s “liked”.
We got one more run up coming till end of September, market always gives that last chance. Prepare for the final Axing in October. PLEASE BE AWARE
i wonder if germany feels like there buyin the brooklyn bridge?
It’s always the little fuck that gets the real beat down on a relative basis.
Ben–fully supported by the Wall Street elite have been stealing from your children’s future through manipulating market activity (QE 1, 2, 3?). And for the fundies in the BIZ…well they gotta pay for the house in the Hamptons right? You gotta rely on that 401k for retirement right? So jump on board and sell Ben’s gravy train if your a wall streeter…and buy it if your a main streeter…
If QE never happpened the only one that wouldn’t be better off is Wall Street….Put that in your pipe and smoke it..Or just keep smoking what you you’ve been smoking. Either way, it’s fucked up you probably are too…………………..
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