We gave back about half of yesterday’s gains, coinciding with my daily performance. I have some exposure here, with 70% of my book long, 30% cash. The reversal was sharp, following my “GET ON THE FUCKING MAGIC CARPET” post. Obviously, investors, worldwide, saw that as the tipping point that caused a domino, a cascade of sorts, type of selling.
Bob Pisani is downplaying today’s sell off as “nothing more than a jog in the sewer.” However, I think today sucked dick.
Should 0bama propose a large ($400billy) stimulus plan, the bulls will rip the faces off the bears tomorrow, in hilarious clown-like fashion. On the other hand, should he go all teleprompter on us, we’re gonna fucking crash through the floor boards, wiping out my COCAINE, RICK ROSS, GORILLA account inside of 15 minutes.
Nevertheless, my big chips are riding WNR (no homo). Today’s 1.6% decline is nothing more than a pebble amongst crashing boulders. Let’s not get too dramatic over this situation. Instead, let’s focus on how we can dispatch Alf to hades.
NOTE: For PPT members only, tomorrow will be the last day to get a free trial for 12631. If you’ve been on the fence, this is your last chance to get a free look. We do not give trials often and will not be doing another one for at least 6 months.
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Heads up people…Wave 3 may have started today on Euro.
I have a surf board.
Big seller at 1.38. Lot’s of buyers on the way down though. It’ll be hard to sink the Euro, barring any fucked up nonsense coming out of the EU.
“wave 3 has started…”
Which means?
Fuck wave 3, wave 2, wave 5, pick one. It’s all supply and demand.
Make sure he gets enough coin for the fucking boatman.
Pretty sure he can propose whatever he wants. The fact is, he’ll likely get none of it.
When has the “Big O” ever given the markets one?
poundin sand
This market is in full retard mode.
True. You can’t hold stocks longer than 2 days.
What are you?
A long term investor?
Every attempt I make at a short squeeze I end up caught in the bear trap myself laying upside down as I see the bear laboring slowly towards me about to eat my liver.
Lesson I have learned for the last time today: Do not chase the short squeeze.
…a cascade of sorts…
EMBRACE THE CASCADE!,Roberta Flackas!
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(That’s my big ass bowl at the bottom)
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very clever. love it
If Bernanke couldn’t move us higher with “we will be discussing stimulus at next meegting” and “rest assured, the fed will do whatever it takes to get the economy growing”, then Obama has no chance of moving us higher. The 400 billy has already been floated in the press. Old news already.
“Let’s not get too dramatic over this situation” hey dude your therapy/Prosac must be kicking in….new words from source
The video for this post should have been Tupac’s “All eyez on me”.
But you get Big Points for your Demo remarks last night, Big Points
Thanks for sharing with us. The Fly is blog king of the world. What will the Fly say or do next? Must read.
Why wouldnt the market discount anything the ‘Big O’ says as wishful thinking. Nothing is attainable in congress until 2012 it seems.
Those morons had their backs against the wall with the debt ceiling and still barely passed legislation. Why would they pass anything out of the kindness of their heart?
Passing stuff out of kindness is what got us into this mess.
Because their jobs depend on it?
Obama speech vs Seinfeld re-runs
Not a fair contest.
Whattabout the NFL pre-game show?
True story… I have a crocktail party tonight for a charity function that I know will have a lot of Obes supporters attending… I want to see how many cut out to find a screen to watch the speech.
I’m going to bet not a whole lot.
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True, I’d even listen to Jaw’s endless babbling vs the Big O.
…let’s see how many get confused by the Jaw’s mention?
You mean Jaworski? Oy, they need to cut about three people from that fraggin’ MNF booth. It’s like a sewing circle full of yentas. You’d never know a game was going on!
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Lol, definitely Seinfeld, hopefully it is the episode about the stock tip…
I hope it’s the Soup Nazi episode.
No more soup kitchens in NYC!
The B’berg Soup Nazi got rid of the transfats and that was that.
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If 0bama can get the “Quorum of the Twelve” behind his plan, then the new uber congress can push through his plan even if the rest of the government spending goes to zero. So there could be an impact on the markets (no Teleprompter)
Trust me…if spending were to go to zero, the economy would be fucked. And, immediately after the speech, republicans will pounce on “more spending” and how that isn’t good. It’s an abyss and Obama’s dramatic speech isn’t going to slow the gravitational pull.
The last thing on earth you want is for government spending to go to zero. Where do you think dollars in the private sector come from? We just print them out on our personal laserjet’s when we need them? C’mon.
LOL. So the gov’t spending provides our dollars now?
The longer I’m on these boards, the more interesting the monetary discussions get.
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Unless you want to spend 20 years in federal prison they do.
Reserve accounting and private/public accounting are polar opposites, but i’m all ears if you’d like to enlighten me.
The US Govt is the monopoly supplier of currecy, no? As the monopoly supplier of currency money can only come from the monopoly supplier (unless your a mexican cartel printing fakes). Banks don’t lend their deposits out as mortgages, car loans, etc. They leverage their deposits 10x with the reserve. They loan $ they get from the reserve and mark up the interest to make a profit. Stop me if i’m wrong here…
I wonder if O-man will drag out “private jets” and “getting the wealthy to pay their fair share” tonight?
That reminds me, what are the rules for the obligatory drinking game tonight?
One shot for every “millionaires” and two shots for every “billionaires.”
Chug a pint on every “Cut to Hillary” camera shot.
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Effin’ love it!
One line of coke for each mention of “inherited”
An extra chug for every booger hanging from Henry Waxman’s nostril(s).
A complete six pack if Barney Frank starts to play with his WNR.
Do “gear shifts” count?
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Every time Obama smiles at Immelt, you have to throw up in your mouth and then drink it back down.
How’s that for a game?
I’ve played that game many times before.
A strange game. The only way to win is not to play.
If he does he might as well head off to the bathtub and imitate a famous French Revolutionary painting…regarding Monsieur Marat.
Some back story….
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“Yes he can.” And yes he did.
400b should be 2t
.
… “let’s focus on how we can dispatch Alf to hades …
—
Man … the hatred here is palpable !!!
And, unwarranted I might add !!!
🙂
.
Silence, cursed son of Devildog!
You brought it on yourself with your disparaging remarks towards others!
“disparaging remarks toward others” ???
—
Are you REALLY fuckin’ serious ?
Have you actually READ the garbage that has been directed at ME ?
Go back and read … you ridiculous asshat !!!
.
See?
LOL on no republican response. Why bother?
i must say……..i love that….. fuck’em all
It is confirmed, 400 billy, i am waitin for the army of clowns now
1. 1945 to 1970 was great because we were the only industrialized nation left unscathed by WWII. Absent that, growth would have been much slower
2. After 1970 and the reconstruction of Europe and Japan, production began to shift to lower cost producers in other countries. First Japan, then Mexico, then China.
3. We took the 1945 to 1970 growth for granted and planned a society/economy based on unrealistic/unsustainable growth expectations both economically and demographically.
4. Based on 3, Politicians made promises they can’t possibly keep now e.g. Social Security, Medicare/Medicaid,other entitlement spending and a far too big federal employment (both civilian and military) footprint.
5. However we get there, we will achieve global wage parity at some point. Maybe we meet in the middle or maybe our standard of living keeps trending down as production shifts from China to other east asian counties and then on to Africa over the next 30-50 years.
Exactly
100%
Co-rrect!
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There are some macro factors at work that will prove challenging. But I wouldn’t write off the US just yet. It was just a decade ago that people said Canada was fucked and should abandon their dollar in favor of the US. Some leadership and fiscal responsibility would go a long way towards putting America back on track.
OEW Recap:
“The market opened lower today, but turned around and rallied right into the short term resistance zone. As soon as it hit it, with an extremely overbought condition, the market started to pullback. This recent rally was 64 SPX points (1140-1204), and similar to the 70 point rally from SPX 1121-1191. We’re counting today’s high as Intermediate wave ‘a’ of the three wave abC Major wave C. We posted the label in green pending further confirmation by the market. Should this be the case, we could now get a pullback into the 1168 pivot range, over the next day or so, to complete Intermediate wave b. Then an Intermediate wave C rally to new highs for the entire rally from the SPX 1121 low in mid-August. Short term support is at the 1176 and 1168 pivot ranges, then the mid-1150?s. Short term resistance is at the 1187 pivot range, the mid-1200?s, and then the 1222 pivot range.”
Obama’s speech gets the usual sell off in the morn … buy the dip for the final wave up to the next lower high [1260?] and prepare to sell longs and buy shorts on Monday or Tues for the next leg down which could be a long one …
hair of the dog tonight…yaaaaaaaaawn. Mental masturbation for the political/chattering class. I’ll root for a market pop but the 1.0 multiplier (being optimistic here), will accomplish nothing long term.
President Obama is about to make Rick Perry look like Mister Rogers. How do I know? He just sent me an email. How cool is that?
Not.
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It’s time to put partisan politics behind us and get on with the business of the people who elected us. Now, we all know what the problem is: too many jobless people watching their WNRs go up and down. And we all know what we need to do. We need to restructure home loans so no couch potato loses a dime, whether you’re a McDonald’s worker in a two million dollar McMansion, or a 7-Eleven clerk in a penthouse apartment you bought with no money down. The American people feel your pain and want to give you a free ride on your mortgage. So tonight I’m announcing a total amnesty from all mortgage payments. But you renters got to keep paying. We tried to stimulate you to buy a house but you didn’t, so take that smartypants! As for how we’ll pay for this bold new plan, well we’ll need to print more money. But printing costs are pretty cheap these days with the new printing presses they have. In the weeks and months ahead, we’ll be announcing other bold new initiatives for kicking the can down the road and stimulusing couch potatoes and Chinese solar power factories. Thank you, and good night.
Excellent speech! Chris Matthews felt a tingle down his leg.
And now for the real news.
Wikileaks states that King Abdullah at 92 years old is popping Viagra.
Now I know why Hillary loves shuttle diplomacy in the Mideast so much.
http://nextgenfmradio.com/2011/09/08/wikileaks-reveals-king-abdullah-was-popping-viagra-at-92/
Between the O and Immelt, it is tough to guess who is sucking whose dick.
The best thing that can happen tonight – the O says fuck it. Don’t expect shit. He then proceeds to be naturally charming, cracks jokes ala Bush II style, and delivers way differently than his usual shitty preacherish style oration. At least people will start thinking he is human. And this is coming from someone who is not even right winged.
If you can stand to read the political comments on this board, you are a Right Winger.
Why did I choose to play take a shot for every “pass this bill today”.
Not sure I’ll make it to work tomorrow.
This speech should of taken place day one of office….honestly ! It would be like me coming to your house and listing your home, and a few day before it expires, I try and sell you on a relist.
Ned. No Homo
Too funny! Right up there with Ozero’s new plans, promises, chutzpah and campaign mode rhetoric.
035mg estrogen pill down to an ultra low dose 0