MS dropped by 7.7% to dangerous levels. GS dropped 4 and JEF by 6.4%. You have every reason to panic with BAC in the $5’s and European banks going to $00.00. Fitch announced that US banks have exposure to Europe and that might be bad. Well, yes, thanks you for telling us what we already knew.
French yields are above 3.7%. Spanish yields are 6.5% and Italy is near 7%.
Tell me something good.
RMBS anyone?
You though you had a bad day? Due to the unraveling of the refiner trade, CVI fell by 16%. David Tepper’s Appaloosa fund owns 8.5% of the shares. He also owns more than 3% of WNR.
Today was a ball-wrecking day and we have every reason to believe we are about to get our collective faces punched in. However, that would be a logical market move. If we’ve learned anything this year it is to be illogical and buy the blood. Surely there is no way out of this mess. How can the market go up when everything is so bad?
You will see. As sure as I am sitting here the puppeteers will fuck everyone. If your interest is to be agile and trade with the flow, you will be grape-raped. It’s that simple.
In summary, I am expecting a massive move lower tomorrow, but the exact opposite is more likely. This is the ultimate Costanza market and there is nothing to do with it but watch and pray–always a lovely investment strategy.
NOTE: I will be adding to positions when The PPT flags oversold.
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RBCN held strong all day until the last half hour… typical of this fucktarded market. Still looks ripe to rip, though.
It’s comforting to know others are losing their asses more than myself. Thank you Fitch for your mass wisdom, it is obvious these bastards helped their playbook.
On a positive note, MU prevails as does it stock price…locked and loaded.
Its still a market that can’t be predicted. Europe could do something smart, causing a hell of a rally. Europe could implode.
I think we will see the 1000s agaian. Because eurozone austerity should cause a big recession over there, which should last a long time.
Tomorrows predicted BS
ES will stage a no-volume over night drift up .5%
Europe will open, and there will be rumours of a interest rate peg for soverign debt, and the market will rally 2% without any thought as to how that is possible. or perhaps rumours of ECB pledge to provide unlimited support. Or that china/russia/italy/indonesia/the vatican/Warren Buffet is buying Italy
then we’ll get a rumour of something negative, and the market will fall 0.5%, before drifting back up 0.5%. then the rumour will be denied, and we’ll rally 1% on the denial. End result is we’re somehow 1% higher on confirming nothing.
Then we start the low volume thanksgiving rally.
My god I hate this market.
I hate that your probably right…
Nailed it.
Prediction: Drop of 1% to 3% in the first half of the day tomorrow (Thurs). Strong recovery rally into the close. Rally continues through Friday and into next week.
http://stockcharts.com/h-sc/ui?s=$NYMO&p=D&b=5&g=0&id=p64778654896
When the PPT flags oversold will you have any cash to deploy? Last I paid attention, your cash was around 10% and you’ve done some buying since then, no?
I will deploy it all.
Me too …
….AND MORE!
I, too, will deploy all of The Fly’s cash.
Cheers to those who like to Deep Loy(n). May all your Loy(n)’s be Deep.
I just read the AP story of how oil is rising (obvious) and gas prices are dropping (baffling)…
Cost to buy…Cost to refine…
Somebody?….in Engrish even…’splain’
blog ?
Keystone got the kibosh from 0bama due to the environmental “sensitivity” of Kansas. Kansas and sensitive together in the same string of words is enough to make me want to enroll in a basic skills program at my local community college.
My understanding:
Enbridge today purchases pipeline that takes oil from storage facility in Cushing to refiners on the Gulf, which, you gotta love, currently doesn’t flow in that direction. Enbridge and Enterprise agree to make it flow in the sensible (profitable) direction and voila! No more crude sitting in storage, it’s all getting to the refiners.
Equals:
1 – increased crude price (less supply in storage, more extraction in ground – see CNQ, CVE today)
2 – decreased premium on refined product (lower at pumps)
3 – Happy Joe Shmoe
4 – Joe Shmoe can now afford to get his unemployed ass down to liquor store to continue his job as an alcoholic and keep putting money into the economy.
Recession solved!
and don’t forget 1) we may have refined that sands tar for Canada and shipped it offshore rather than use ourselves and 2) that sands tar is so dirty that the pollution alone from refining or using it would far exceed the current pollution from coal … It’s hard to see how the U.S. would have benefited other than those standing to make a profit (Koch Bros?) …..
Keystone thumbs down was a bad bad call.
My only good move this year was DAY (tsx) – that was such a premium we were bought out at. Even if China’s growth is cut in half, they would still have a GDP equal to the U.S. and Canada’s rates combined.
Thx….(all)
So the Keystone XL project takes a turn for the Western shore to go East instead…and when it’s done..it’s done (depleted).
Depleted? These reserves are massive. I will have passed the 47.5 mark by the time they are depleted so it won’t matter to me.
I bought S(tsx) at 3:59 in case we go up tomorrow. I can’t sit around and do nothing when I have to compete against myself to win this year. Each year I strive to beat the market; I don’t focus too much on my gains or losses since I hover at the median of 21 and 47.5. This year however, is a shit dick that squints at me from its threatening eye each month. I am beginning to think that just collecting my dividends from my grandfather stocks and buying stupid shit like exotic turtles and sugar while they are still cheap may have been the better option this year.
Oh well, at least I took a trip to the U.S. in the summer and gained the 5% discount for using my “Monopoly” money.
Everyone wants a return to normality, but I’m beginning to believe this IS the the new normal.
“exotic turtles and sugar while they are still cheap”
Like IPSU?
grape-raped
stop wining
Is RMBS oversold? Sweet feathery Jesus, what a sell-off.
With all this said. The real facts, the troubling facts, is that this means NO PUSSY yet again.
I wonder how many elected officials got even richer off the pipeline trade?
As far as the Keystone XL project?….thought I read somewhere TransCanada spent around a Billion lobbying the deal…
Now the project turns to the West (Asian Markets) and People change their tune:
http://www.omaha.com/article/20111116/NEWS01/711169994
and just look at this chart
TRP
http://www.finviz.com/quote.ashx?t=TRP
I think 1189 looks plausible again so get your buy list ready. You know who’s been knocking the skin off the ball in the PPT is The Wife so hat tip to her.
Gobble, gobble gobble!!!
A Nation of Suckers! http://www.marketwatch.com/story/a-nation-of-suckers-2011-11-16?link=home_carousel
Some interesting commentary and background on the Brent-WTI spread, dating from April:
http://www.econbrowser.com/archives/2011/04/brentwti_spread_1.html