iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,344 Blog Posts

Should Be a Fine Week of Financial Rigging

My brother in law got COVID-19. In NYC, apparently, they do not look at you unless you need a ventilator. He remained home, enduring 105 degree temperatures, for 8 consecutive days. I found that hard to believe — but it’s true. They didn’t give him any meds, just Tylenol. Doesn’t seem promising.

The head of the NIH, Fauci, said we should expect 100k-200k deaths in America before this is all done with. I find this virus to be the most incredible thing I’ve ever seen. My friends in Brooklyn tell tales of youngsters throwing giant house parties, dubbed “QUARANTINE PARTIES”, and others are holed up with thousand of dollars worth of food and materials. I cannot find papered towels and was lucky enough to find a hidden resource of toilet paper in NC, otherwise I’d be hard pressed for it.

Food is scarce, with roaming bands of hoarding animals sopping up all protein inventory within hours of being restocked. There is a barrier between customers and cashiers now, with a little hand sanitizer pump just adjacent for everyone’s safety. People walk around casually with masks and I walk around with my plastic black cooking gloves.

Neighbors wave at you, but not in an inviting way — more like “hi there, keep your distance you COVID-19 having bastard.”

How does this all play out? By the time GDP recovers in Q4, will it be time for COVID-20? Is the world completely BOGGED? What is this thing mutates?

IS IT A NATURAL OCCURRING VIRUS OR WAS THIS SHIT CREATED? Out of nowhere, this fucking bat out of hell escapes China and blankets the entire globe — even the most remote areas of the world?! How?

I guess those questions are pointless, since it solves nothing. But one thing is for certain, this shit isn’t done wreaking havoc on global economies. Italy announced for the second day in a row, dissipation in the amount of deaths caused by the virus. I suspect markets will want to trade higher on Monday. I suspect many of you will hate markets trading higher because “it makes no sense.”

That’s how it works.

Until we get another downside catalyst, markets will be rigged higher. Once that catalyst presents itself — WATCH OUT — the rope will be cut and the elevator smashed at the bottom of floor.

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61 comments

  1. narcist

    “We are running out of fucking ventilators.” Doctor bud at Emory earlier today.

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  2. narcist

    When you have a fake-billionaire ass clown who thought he could twit COVID an NDA to settle the matter, the mass destruction intensifies by the hour.

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  3. narcist

    *a fake-billionaire ass clown “POTUS”

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  4. tradercaddy

    Sorry to hear about your Brother In Law.
    This will pass in due time and we all will be moving on.
    In my lifetime I have been through:
    The Polio scare of the 1950’s (we all lined up for vaccine laced sugar cubes)
    The duck and cover drill in schools when the Ruskies were going to nuke the USA
    The Rubella scare of the mid-60’s
    The Vietnam Draft/War
    Cuban Missile Crisis with troops on the beaches of South Fl.
    Hong Kong flu (1,000,000+ dead)
    Measles, Whooping Cough outbreak, this flu and that flu, etc.
    This too shall pass.

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    • narcist

      True. How did the sugar cubes taste like?

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      • tradercaddy

        Like sugar cubes (was actually one cube in a little paper cup).
        To this day I recall lining up with my brother at the local library with all of the other kids on a Sat. I’m pretty sure my brother was wearing a Davy Crockett hat. My Dad drove us in his brown 1950’s Plymouth sedan.

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        • narcist

          I usually ask for the “red” flavor when given a choice. 🙂

          I would have had to stand in another line back then if I was around.

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  5. itsgold

    City mayor just announced we may be stuck at home until August.

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  6. heckler

    When does the 800 billion we spent on the army last year start helping with the fucking virus???

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    • edge

      Tank-driving viruses will be fried.

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    • peaches

      That money was probably already paid out in bonuses to Lockheed Martin and Northrop Grumman execs.

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    • numbersgame

      Last I checked, the giant bailout bill had more money for the DoD than for FEMA.

      Question: how much does it cost to sanitize an entire aircraft carrier?
      Asking for a friend.

      Best answer: let it sit in the f***ing dock for a week and the virus will die.
      Most liekly answer: “I’ll let you know and bill you for it” (from contractors)

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    • ericbakerbruce

      Go smoke a joint. You’ll be happy we spent it when the chinks try to invade

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  7. edge

    If the warmer weather doesn’t help out 200000 could be way low. Even if this stuff doesn’t kill it still fucks you up. I guess your brother in law made it? Hope so.
    We have a record disaster being offset by record interventions…some, including myself, believe that such a massive intervention in the last crisis would have put us on a path to solid growth. A half-assed rescue attempt, aimed only at the minimum, is going to produce a failure prone economy. We’ve gone this far and it had better be done right, I’m nut sure that we have resources for another. lot of ifs, especially how much government debt the bond market can absorb.
    There isn’t anything to compare this to so we’re kind of guessing although the technicals are behaving better. That should help. I’ll be watching the shorter timeframes since traders will dominate.
    I read a lot about Fed interventions this weekend and it looks like the fed repos bailed ought some highly levered hedge funds and such, if fact, they were the primary beneficiaries. I think that the credit markets are reasonably stable for the moment.
    Just my opinion but I think repo money made the difference last week. Will that keep coming in or will it be pulled? Damned if I know.
    I’m going to watch bonds, technicals, and plain ole’ market direction.

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    • Orson

      “Putting us on a path to solid growth”.
      Only in a free market can this action occur. What was done 12 years ago lends credence that geopolitical calamities shall happen more frequently.

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      • edge

        Yeah that free market thing…hard to make a bailout work when the billionaires are gaming them. Jail time would help.

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        • flea

          Why do we let this happen?

          What Senator led the section in the CARES act that sends $500B to Wall Street laundered by the Fed and where the Sunshine Act is WAIVED?

          What FUCK did that?

          I don’t care which party! I want names.

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    • flea

      Repo? Repo has gone to zero. Why borrow for cash (paying 0.25) when you can sell for cash and receive a nice vig. Plenty of collateral coming down the pike.

      The entire stimulus will be printed.

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  8. narcist

    Welp, I closed my ES short position from Thursday about 30 seconds into the open. I sense fear fatigue.

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    • tjnyt

      Stick to your convictions, I am, with all the earth-shaking around me, wife telling me to stop making home visits.
      I am a New Yorker, and no one I know likes the POTUS except my drivers, retired cops.

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    • edge

      Fear fatigue, could be for a week or two. If the next three weeks are like the last three we will see about one million cases. The three weeks after that, ugh.
      That should scare ’em.

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  9. purdy

    Certainly Fauci knows more than I do …but he is a politician. We’ll hit his range of death in the next two freakin’ weeks! And unless they start changing their request of what Americans do to prevent the spread, the total deaths will only be mitigated by herd immunity after perhaps a million plus Americans die.

    On an inflation-adjusted basis, we will certainly be looking up at the recent lows from far below …unless the orange used car salesman’s FEELING that a treatment is at hand magically comes true.

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    • edge

      I lean in that direction but the promise to deliver all the money it takes appears to be credible. Might work. The bond market could revolt, too. I won’t be going counter-trend.

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  10. purdy

    As beauty salon workers shelter in place, who is treating Trump’s roots?

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  11. tjnyt

    I hope your brother in law is well, probably a wise decision. If I am stricken I will not opt for a respirator.
    Giving simple IV is not that simple in the elderly, with all body systems running on empty. Give more fluids that cause pulmonary edema, give less, leads to kidney shutdown. A respirator adds a magnitude of complexity. where are you going to find all that fine talent to train and manage all these new respirators that our government is generously providing?
    Respirators in my opinion only make millionaires of pulmonologists.

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  12. asteroids

    If you were China, and wanted to drag everyone down to your 3rd world level. What would you do? Why a virus, or course.

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  13. tjnyt

    DJT: “Look what’s going on in Sweden”.

    STOCKHOLM — The streets of Stockholm are quiet but not deserted. People still sit at outdoor cafes in the center of Sweden’s capital. Vendors still sell flowers. Teenagers still chat in groups in parks. Some still greet each other with hugs and handshakes.

    After a long, dark Scandinavian winter, the coronavirus pandemic is not keeping Swedes at home even while citizens in many parts of the world are sheltering in place and won’t find shops or restaurants open on the few occasions they are permitted to venture out.

    Swedish authorities have advised the public to practice social distancing and to work from home, if possible, and urged those over age 70 to self-isolate as a precaution. Yet compared to the lockdowns imposed elsewhere in the world, the government’s response to the virus allows a liberal amount of personal freedom.

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  14. numbersgame

    Hope your brother-in-law does well, Fly.

    Also, maybe you should get your temperature checked yourself. I think you have a fever:

    “I suspect markets will want to trade higher on Monday.”

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    • edge

      Could happen. Money? “Any amount necessary”. They seem to mean it.
      I’m sure that the well connected know more than us. I held little after the close…I’m flexible.

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  15. i_am_nemo

    Hope your b.i.l gets better. Books can make good toilet paper. I’ve got a worthless book that’s at least a couple of hundred years old I’m tearing pages out of. It’s about some dude named Don and his horse.

    Easter startup is horseshit. This is going to last many more weeks at the shortest.

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  16. numbersgame

    Paul Matzko, some idiot from the right-wing media – who have been SO helpful so far – has an idea on how to solve the medical equipment shortage:

    “(the FDA) should waive its surgical mask/respirator regulations for the duration.”

    I would be all for his idea on 2 conditions:
    1) The unregulated masks are only issued to right-wing medical personnel
    2) The unregualted repirators are only used on right-wing patitents

    I think that *would* solve a lot of problems…

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  17. fluxcapacitor

    Now we see how shitty the healthcare systems really are in blue states.

    All those taxes and sky-high health insurance premiums for what?

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  18. edge

    It’s a hoax!
    It will disappear magically.
    Easter, beautiful.
    June!
    I don’t know if I should laugh or cry.

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  19. emedtrader

    I’m an ER doctor in NYC area and beginning to see this close up, I’m fucking crispy, I see death and mayhem every shift, I’m not easily scared, but the past few shifts have me shaken. I can pronounce someone dead then go eat a sandwich while I fill out the death packet, now I’m getting palpitations before my shifts. I’ve never seen so many, so young and so sick. People just stop breathing and die. This is the real deal. I opened the largest short of my life on Friday and I would advise everyone else to consider a big hedge. We will test the lows, the headlines will get bad when this gets out. If the last two weeks didn’t stem things shit is about to get really bad.

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    • tjnyt

      What county are you working, my elderly homebound patients in Brooklyn have been doing ok so far.

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    • narcist

      Hey I hear you my man. I’ve seen the leaked footages from China and heard the same things in happening down here. We already know it will get really bad.

      It’s a near certainty there will be more new lows in treasury yields and stock indices in the next few weeks.

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    • Po Pimp

      Re-testing the lows is not the end of the fucking world.

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    • edge

      Dr. Birx of White house staff said a few minutes ago that one or two hundred thousand is a best case scenario.
      I guess Trump will fire her now.
      I saw a picture of a group of hospital workers after a shift, 1000 yard stare.

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      • numbersgame

        Trump actually said the same thing on Sunday, whcih make me think that the actual count will be WAYYYY higher.

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    • ericbakerbruce

      With that attitude you should quit being a doctor and instead fail at being a trader.

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      • numbersgame

        Fuck off, ebb.

        ER doctors see death all the time. If they get emotioanlly attached to their patients, then they would quit in a year. As long as he still does his best to save the victims and isn’t callous to victim’s families, that is what matters.

        Thanks for your efforts in the warzone, emedtrader.

        And if you think he’s lying, you shoudl ask yourself why NY hospitals are renting refrierated semi-trailers.

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