Okay, news is coming fast, but it appears the EFSF deal has been reached. As expected, it will be 1.4 trilly, by using 400-500% leverage on cash. Haircuts on Greek debt will be 50% and that does NOT include ECB holdings. In other words, they are openly committing accounting fraud. The fund must be set up by next month and Italy swears on a stack of King James bibles they will get their shit together. Lastly, like TARP, Euro banks will be funded with 30 billion for recapitalization. No word on how many banks and which banks need the funding. My guess they reside in Germany and France.
What does this mean?
Well, it means gold and silver will soar. On this repeated news, stocks should not go higher. However, they’re going higher anyway. People want a reason to go long and this puts visions of QE3 in the minds of people. Ultimately, the debasement of the money supply will lead to artificial inflation, readily seen in oil, copper, gold, silver etc.
Under normal circumstances, we should sell off on this news. You know, buy the rumor, sell the news sort of thing. But it’s too early to judge, especially with futures up 14.
Either way, I will be getting my JAKEGINT on tomorrow via additional purchases of EXK and AG.
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fig
First. Just happened to be browsing. Will this move be faded?
Longs can bitch and moan how much ever they want on kicking can down road etc. At the end of the day, markets like it – SPX has a bull flag and is going to shaft that up shorts tomorrow.
ES futures are quite close to breaking above Tuesday highs.
Boo ya skeee daddy!!
We got those bitches.
We sure did. Next stop 14,000
Listening to pessimists burned me big time during this rally and especially tonight.. Should have known they were simply GOING to find any way possible to please, and kick this down the rd.. Common fucking sense!!!!!!!
Hum bug. If it was so common, you would have known about it.
A trade is a trade is a trade. Move on and get them next time.
I have a piece of paper on my computer screen it reads as follows: “DO NOT CHASE LOST GAINS!”
Before you jump in thinking we are going to rally to the fucking moon, you might want to take a step back and think about it for a second.
If TZA hits a 52 week low tomorrow it just might be a great entry point!
no
those shorts!
Shorts have an appointment with the devil tomorrow. GDP will be 3%+….
Think 1265 possible tomorrow.
oh yeah, on the EFSF news, the GDP should come in at 4%.
S&P 1,300
4%!? Quite a bear arent ya?
We are growing 14%. Which is why Futures up 200 points.
still loading the fuck up on TZA
Tell you what, and I’m just a piker and a plebe on this site, but the financial ETFs look ready to break out of their trading range – they have lagged every rally this whole year. I was close to buying some SKF today but held off because I just think the inverses, as cheap as they look, can get cheaper.
Indeud.
will touch 200 dma and then fade
I’ll take 200 dma…
I’m wondering, Fly, would you add to your long bond ETF here on further weakness? I’m staying away from the inverses and would rather buy a bond ETF instead.
The shorts have already penning their eulogy…
Thanks to Zerohedge.
http://t.co/SCTJUjhF
so wait, what ever happened with China in this deal? rumor has it they negotiated a 100% monopoly of futures, or ‘futs’, of Lafite for the next 1.4T years in exchange for some euro ‘backing’. what does it all mean?
Check out streetsleuth’s blog in the new Peanut Gallery – he has a story about it and some of it explains China’s involvement.
Is getting your JakeGint on a similar move to doing the Hugh?
I love how we’re headed into Oct. 29 with this euroshit.
Can the market crash on a saturday? if its really really big?
It will crash on Monday …
Greece haircut? John Travolta just got his haircut and he only took a quarter of an inch off.
On a related note today I buy stocks, tomorrow I will give advice.
Where’s the thumbs up when you need it?
Everyone gets a haircut but ECB. So, in other words, it’s only a 28% haircut.
Of course you do know this is recycled news?
Recycled tastes just like new to the market and it’s quirky ways.
Not only is it recycled news, it’s recycled, recycled news!
Let’s see if anyone thinks about possibly taking some profits tomorrow.
good riddance.
… hardly, ASS CLOWN !!!
You pikers crack me up !!!
.
Long 100% TVIX… So should I shoot myself now or later?
now please, do you have a skype account
what for, so you can watch? lol you sick fuck
You got it
i remeber you getting in at 65. see you later, amigo
True, But I got in initially June 30th at 18.
http://ibankcoin.com/flyblog/2011/06/30/bull-vs-bear-4/
Unfortunately I wasn’t all in then and I took profits way too early
TVIX probably open at 45 or so, definitely not good …
there is a big gap from 40 to 45, I think it will be filled and it would be a buy under 40 …
Personally, after the events of the past three months I think TVIX is a stay-the-fuck-away-from it at whatever retarded screaming into a bullhorn price it manages to land at
dude, you just have to trade small and on the right side of the trade …
USD-CAD at .99999.
The Nymph to comment please.
Herman Cain is a prophet!
oh wait, that was his smoking buddy.
Herman Cain is a “Motivational Speaker” … posing as a “Candidate” … for the sole purpose of a book deal and increased speaker fees !
That’s it !!!
You “Cain Idiots” have all been duped !
Write this down … there will be a book deal … there will be a reality TV show … there will be a show on FOX Noise … Herman Cain will be laughing all the way to the bank !
—
You have ALL been “punked” … by Herman Cain !!!
.
alf, U’re beginning to sound coherent.
Now back to your confusing rants.
Actually his purpose is to “mainstream” radical reformation of the tax code into the national political discourse. He has already achieved his purpose, in fact.
ROFLMFAO !!!
“9-9-9” … or, is it … “9-0-9” ?
Who knows ?
Who tha fuck gives a shit ?
Uhhh … NO ONE !!!
He has read the Palin / Huckabee / Sharpton / Buchanan blueprint !
Run for POTUS … Git a book deal … Git on the “lecture circuit” … Git a TV show … Laugh All The Way To The Bank !!!
It is amazing to me that the idiots in this country fall for it every fuckin’ time !
.
… for GOD’S sake … we now have “Joe The Fuckin’ Plumber”‘… runnin’ for Congress !!!
Pardon me if I insulted any “actual” Plumbers out there !
—
The political system in this country has turned into “Professional Wrestling” !
It is a FARCE !!!
It is … “Theatre Of The Absurd !!!”
.
Sub, Thank you for the question. USD/CAD has killer resistance at 1.0000 and with the dovish talk out of the BoC and the leaving of the rate alone it doesn’t have much firepower. But, as you know, the USD/CAD is a proxy for Oil, we do have the Monthly Oil Payments coming into the Canada Govt tomorrow which is normally bullish, plus the EU Herding Cats strongarmed everyone to have a deal, so bullish for Oil, you would think. But, so far USD/CAD is pulling down on the news…along with the French Oat, this is so strange. For tomorrow we have the GDP first look out of USA, but strange, if it is inline or a beat we could see a rally in the dollar which will lead to selling of the Lonnie. Support is .9800 of course.
the nympth is dead. or not. preaching idiot as far as the wind blows. trades are generational. fuckin irrelevant retarded.
Not Dead.
Nymph, are you doing okay ???
Hard hit, but I am use to it.
Fantastic. Maybe my house price will finally increase in value and all my unemployed Las Vegas friends will get jobs now. The Greeks seems so overworked. Send them on paid vacation to Las Vegas paid for by the Germans with free all you can eat buffets. #RETARDED
So ultimately the blaze is put out but the fire is not extinguished…
smothering the flame with fabric appeared to work initially so they have dumped a million jackets onto the fire in hopes of smothering it.
Posted earlier today in 12631:
Vegastrader
Europe invented soccer. They also master the art of kicking cans and curve balls. They will find a way to kick Greece a few yards down the road. So I expect a retard rally that will bring us back up to O/B giving a new short opportunity before the can shows back up again. It actually a beatiful thing for a trader.
03:27:30pm EST on Wed, Oct 26, 2011
My shorts will get fucked, no doubt about that …
Not necessarily. Like Fly said, it is too early to judge. The futures do a lot of stuff at night, and then the next day may be the same, or it may be different. No telling.
Like Richard Russell always says “The market can do anything.”
So Jeff Skilling is still in jail? After creating a masterpiece so influential that the Europeans will use it to save their union? Irony indeed.
Are you looking for EXK/AG right at opening, or waiting for it to settle in?
not sure
Jakegint already started getting his Jakegint on early today… with the help of his faithful bitch, Midas.
________
Seasonality favors EGO and SLW as well as EXK and AG. http://ibankcoin.com/bryanttran/2011/10/26/seasonality-and-the-epic-win-trade/
9:43am. What the fuck is wrong with you?
Utter lunacy.
Will be adding to shorts tomorrow on any bounce.
This is like watching a slow motion trainwreck.
Sounds like another kick the can down the road plan. Save the banks and fuck everyone else. The NEXT time around, say 14 months, it ALL implodes. Future generations will certainly curse us.
You are right Fly, my apologies..
no apologies. Tricky news to trade.
If futures are way up tomorrow morning, say over 200 points, then I will be tempted to take a little bit off the table.
They are working hard on getting them up there. Dow +=130 S&P +14.60
Austerity, such a nice word. If I didn’t know better, I would think it meant something good.
Good Evening Mr. Fly,
I miss the days when you were long for these moves.
Sincerely,
a LONG time reader.
I am not all that short. I will be fine.
I have 10% of assets in EXK, 5% in GSVC, 10% in TLT, 5% in WNR with VXX and short EXH.
holy fuck, I put on the wrong trade, I am long EXH and short EXK, fuck, fuck, fuck
The gameplan is very simple folks:
Step 1: Bailout Greece
Step 2: Rev up the printing presses for another round of QE3 (the ECB will also be lowering interest rates to help the PIIGS)
Step 3: Cocaine-fueld 4th Quarter Rally. New highs by Christmas.
I like it all, except I can’t do the blow no mo. Damn it.
All the more for you guys!
Don’t fight the central banks folks. You will always lose.
The market fought the CB’s regarding Greece and won big.
Why not fight the CB’s at this point? They are backed into a corner and drowning in debt.
I plan on punching Bernanke and Geithner in the face as I take on the CB’s with both bear paws.
This news won’t even get us to 1300.
Mark my words.
Marked. Now mark mine, above 1350 by early December.
I don’t know how high it goes. But I do know it comes back down.
The mathematics just doesn’t work
Will you go so far as to pledge to cut off your balls at the Mandalay Bay if we do break 1300?
Because that’s already been done so you’ll have to step it up a couple of notches.
Where as I previously felt only disdain towards Europeans before…now I f*cking hate them. Oh, and I’m going to be losing a shit lot of money tomorrow a.m.
QE3 is next: Top QE3 plays = SLV, OIH, KOL, XME
This brings back a fond memory of when I thought to myself, “Hey I bet when the govt steps in and plays hero and comes to a debt agreement to avoid default at the very last minute, the market will react with a buying frenzy.”
Then later I realized I should have switched the word “buying” to “selling.”
Got it backwards again.
The best part: GDP comes in at 4.2%, then get revised down in 6 months to 2.5%
<>
I guess it’s maybe not accounting fraud, if you put it that way.
The cut and paste deal doesn’t work so well– http://www.bloomberg.com/news/2011-10-26/euro-drops-versus-dollar-yen-after-banks-say-no-eu-deal-on-greek-debt-yet.html
maybe a link will work.
Okay. Now the futures look like they will go to their lock-limit.
It’s still early on the West Coast.
Dow +157/S&P +19
I’m thinking fade the open/early move and stay long PM’s. Not much to see here, move along. The weakest Spanish/Itallian banks will surely be pressured by our open. I’d guess Italy bonds will stay above 5.5. Austerity is still in the air.
If we open up 3% like Euroland appears to be doing, then all bets are off. Hedges too.
Europe up big, DAX 3.8% , CAC 3.6%
Banks eg DBK.de up 8.9% http://finance.yahoo.com/q?s=DBK.DE
Resources eg BTL.L up 3.9%
http://finance.yahoo.com/q?s=BLT.L
And we have yet to see the fine print.
Shouldn’t I be seeing some red for the holders of the Greek bonds and now worthless CDS?
Yet, the French Oat is dropping? 3.02% right now, this is a divergence between the indices and Euro…wonder which one will win?
You like these comments! You know they are meaningless, right? When you ask a rhetorical question like that in order for it to have meaning you need to supply facts. I swear nothing would alter your “reality”. There could be a guy on the street with a pile of money to the moon giving it away and a food stamp blows by and you would say something like this:
“Hmmm … that food stamp is a divergence from this money give away, I wonder which will win?”
I have a proposal. Trading_Nymph should be banned from posting until anything she has said has value.
Harsh, but true. She is a borderline ra-tard. My 18th month old makes more sense with his baby babble.
Can we get back to some old stock picking instead of this seasonality crap??? Watching Fly play defense is akin to watching A-rod in the post season. You used to be quite the stock picker….
I like HPQ breaking out.
Looks like Europe’s newest export around the world will be misery (inflation). Bullish for peasant riots.
Looks like TZA will hit a 52 week low today, precious metals aren’t doing very much. DAX and CAC up over 5%!
Not to be picky, but would the Italian’s be swearing on King James bibles?
TVIX at around 42, ouch
The French Oat!
Done for the AM (I think).
Shorted a ton of XLP etf (saw a misprice).
Made 1% in about 3 minutes with low risk etf.
Watching a short of SMH.
great site 🙂