German markets plunged 5%, alongside all other exchanges. We’re knifing lower so fast, so egregiously, people cannot fathom the losses just yet. Long volatility has been the trade of the year thus far (hmm, I wonder where I heard that before?). And, I’ve managed to dig myself a murderhole, filled with WNR, DECK, GSVC and EMN, then swim in it.
As S&P downgrades anything related to the U.S., I ponder to myself: how do we get rid of these people?
You don’t need me to tell you how oversold we are. It would be easy for me to step in here today and go long a bunch of shit, but that would be reactionary. You know how I’ve been spending my day? I haven’t looked at CNBC or stocks for more than 10 minutes. I am watching the old teevee, laughing it up, waiting it out. I am not leveraged, so I am able to ride it out. Typically, riding out stocks is reserved for idiots. However, I refuse to sell into capitulation. Blame it on a character trait defect.
This is a crash through panic. We’ve seen this before and the end result always is the same: we come back.
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I’m first.. bring it haters!
NOOOOOOOOOOOOOOOOOOOOOOOOOOO!
“You can hate me all you want to, but you can’t stop me.”
S&P, and debeers in particular, should be frog-marched down 5th avenue and hung from a stoplight.
LOL, why? it’s not there fault they are trying to distance themselves from Moodys and Fitch which also got subprime just as wrong
“schiff’s Peter”
ROFL
.
Fat chicks blame their scales, too.
Well said!
Brilliant!
Had to sell my boat today!
lol
… glad to see you check in Senor
America’s zombies…
are coming home….
to Roost!
S&P now at Oct 2010 levels. My how quickly they go down.
long gold and prosper
get your popcorn ready
Master Flay has balls!!
Why not follow through with your plan and buy some XIV or VXX puts?
not buying a thing.
I need help…my account is down 75 percent…
silver bitcheZZZZZZ
GL with that!
“We’ve seen this before and the end result always is the same: we come back.”
That’s bulletin board material.
LOL…
I guarantee you that S&P just destroyed their business with this move. They should have been drawn and quartered for their role in the 2008 mortgage scandal…and now they will be held accountable.
They are dead. I can’t believe whoever owns that dump would let them purposely destroy themselves.
they are the most hated company in the world right now
Don’t hate the playa…
they hate to love me
they’ve picked a really bad time to actually start doing their job. but in a way, they are.
its like carange-agee hall, man
Vrrrrrrrooom…I am driving in my Fazmobile. The Mortal Kombat of the G7 went well…NOW I and my little US Dollar has the Clam to battle with tomorrow. China econ data should make me smile tonight….Vroooooom
Fly, any thought on why Moody’s and fitch’s still standing AAA ratings seem to be meaningless? Two out of three ain’t bad right? Mmmm….meatloaf….
Normally it’s the lowest rating among these three which is taken as the base.
fo shizzle dizzl s& pizzle fizzled the shizzle out of stizzles and bizzles
Because fear is a powerful motivator.
http://www.federalreserve.gov/newsevents/press/bcreg/20110805a.htm
“For risk-based capital purposes, the risk weights for Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored entities will not change. ”
This is very good news.
the world will not end now
Super spikes in volatility like this tend to reverse as swiftly as they went up. Waiting for the down slope to define itself before committing capital.
We will probably drop another 4-5% after Obama’s speech.
That dude is gone!!!
dont count on it.
http://www.marketwatch.com/story/insiders-selling-at-unusually-fast-pace-2011-07-28
Rumor Has It: SocGen and UniCredit are About to Kick the Bucket
explain
there are going to be a lot more rumors like that.
It’s being reported on this site……..ibc Financial News Network
throw in bac there. they are done, and obama is gonna give away all those cribs in lue of 40 acres and a mule.
Anyone notice the crack spread has widened out today. I fucking amazing.
where are the arbitragers?
Up next, margin calls at 2:00. The unfortunate thing about leverage is that it can impact you even if you aren’t leveraged. Those leveraged will need to liquidate holdings to cover margin calls, and that can bring down the price of assets for those responsible individuals that are not leveraged.
This can also reduce the rubber band for our pop, since there will be less leverage overall (trillions gone) following the liquidation.
I went all cash this morning after praying that the XIV would go up. This is looking just like 2008 all over. That time I knew it was coming and made some nice cash. This time… not good, not good at all.
I thought Obama was to speak at 1 PM.
He is late.
Don’t be surprised if he shows up wearing his golf shoes.
Why not? And since he is already wearing blinders he might be late because some loyal patriot is implanting a closed zipper on his mouth.
Not bitter, just going broke.
ha…prolly right,
First the Dems and the pubs got into a pissing contest with each other. Now they’re in a pissing contest with S&P. Politicians vs. business people. S&P has the bigger dick.
Luceee! Luceeee! Fly, how are those old I Love Lucy reruns?
Cowboy up and buy some XIV!
I sold my TVIX waaaay too early!
all we need is 14 trillion people to give the US a dollar, problem solved!
I picked up a little CVI and WNR today at a10% discount to Friday’s close. It might be a little early here but WTF! It’s only money!
I am extremely palpable right now
I have never seen Le Fly in a murderhole this deep.
Weep not for Fly but for your women and children.
I’ve been in cash for a year waiting for this. Don’t weep for me or mine.
politics is always “do what you want/have to and find a scape goat if things go wrong… S&P is really just asking for it, what exactly do they accomplish by this downgrade? In 1941 they upgraded US debt during war to AAA which is very strange since historically war debts typically do not get paid without inflation, passing it on to the future, or else default, so the timing of that only made sense if they wanted to raise more money for the US government…. it was more political. So perhaps they are gaining something by this, but I don’t really get the reason behind their actions, can anyone explain other than “distancing themselves from other rating agencies?”
Just moving things along. Going into 2008 they had everyone and their mom rated AAA. It wouldn’t be remotely credible to assume the US can pay back 20+ trillion without debauching the currency. If AAA means > than 95% certainty that this debt will be repaid, and D means >50% certainty that this debt will be defaulted on or inflated away, it is deserving of D. Demographics and the shift toward communism are sealing the fate of things.
Half of Americans don’t pay tax. How many in soup lines? Have you hit 50 million yet (food stamps)?
Breaking News – S&P downgrades the entire alphabet. “From now on, each letter will be replaced with next letter in the alphabet, with a few -‘s appended for good measure”, said S&P Managing Director John Chambers (didn’t he used to work at Cisco?).
Analysts were critical. In an exclusive interview, Bert and Ernie said “This ill-considered move could confuse millions of American schoolchildren and impact our global competitiveness. We were just trying to get Sesame Street back into production, and this could throw the whole production back square 1… or 0…. I think”.
Market reaction was decidedly negative with traders uncertain about the future. “What’s going to happen to ‘Z’ ?” asked one trader, glancing nervously up at the big board.
Let my VXX go.
Bears — you’re dead.
im go to dairy queen, for a double dip. anybody want anything?
Just enlarged my WNR at $13 and a couple pennies.
I expect the price to hold up for the most part – the pennies, anyway.
One of the pennies.
OBAMA’S NEWS CONFERENCE: “IT”S THE TEA PARTY’S FAULT. NOW GET BACK TO WORK, I’M BUSY…”