It looks like the “Chinese lotto fun” has been postponed, indefinitely.
Aside from the spastic dice rolls, quality names are getting lit up, like a synagogue in Baghdad.
Chinese stocks receiving the “homo-hammer” of death, include: CHCG, CHINA, JASO, FMCN, CN, SOLF, STP, CHL, CHU, CTRP, CSR, CHME, KUN, BIDU, SOHU, EFUT, EJ, GA, CTDC, FFHL, YTEC, ACH, AOB, PWRD, GLDN and LFT.
The whole lot of them.
If you didn’t know, you can profit from Chinese misery, via FXP (double inverse China short).
However, before doing that, the question you have to ask yourself is: “Am I feeling lucky, punk?”
My best guess, China misery will be short lived, especially if we rally today.
NOTE: If I wasn’t busy eating sandwiches, I might take a shot at FMCN, CN and LFT (again!), down at these levels.
UPDATE: Market tanking. Get back in the nuclear bomb shelter.
If you enjoy the content at iBankCoin, please follow us on Twitter
All the big tech names, RIMM, AAPL, BIDU are on or getting close to fondling their 50-day MAs… could GOOG drop there today?
-DT
indeed.
Either that, or we get “the bounce.” This area 1455 in the futures has been important all year, going back to February.
-DT
http://www.isecureonline.com/reports/RTD/WRTDHA29/
Look at this latest report for MVIS.
Sadly, it looks as credible as Maxim’s.
Hard to ignore this carnage.
VMW complete and total reversal.
Not ignore.
Shlort.
You!
Swer’n’gin!
Cock-suckah!
Jake has turned evil
Juice, who were you at the old blog?
dry bulkage shippers run into icebergs
life boats sparse … women & children first
titantic part deux
Buying more ETFC.
“E-Trade said that the fair value of its $3 billion asset-backed securities, or ABS, portfolio has continued to decline since the end of the third quarter. CDOs and other securities backed by second-lien mortgages saw the biggest hits, the broker explained.
“We estimate that trying to liquidate E-Trade’s loan and ABS portfolio would result in over $5 billion of losses, more than wiping out tangible equity,” Citi analysts said. They estimated the write-downs and provisions would total about $500 million. ”
Can someone explain why writing of their $3 billion mortgage portfolio would result in losses of over $5 billion ?
Fly leaves blogspot and “the horsemen” get their cocks chopped….wtf???
“E-Trade had roughly $450 million in total exposure to asset-backed CDOs and second-lien securities as of Sept. 30.”
So even if the entire CDO portfolio is written of thats $450 million.
Either I am not reading something correctly or the market is acting irrationally and this is a wonderful buying opportunity .
The analyst on CNBC Louise Yamada is the stupid bitch who said to buy BRCM @ 43.00 before it took a big hit. She don’t care. She draws a huge salary for nothing.
cramer wrote:
The home loan portfolio at E*Trade is about as horrible as I have ever seen. The company has a $12.4 billion home equity loan portfolio, of which 60% does not have full documentation and 60% from 2006-2007 and 25% from Florida and California, with a provision for those loans that is much too low. Plus, 90% was purchased from third parties.
To me, that’s a recipe for a total wipeout. I bet the vast majority of those loans are bad.
I don’t know what to say. This is just a nightmare. Given the commodity nature of the industry’s assets and this report, a run cannot be ruled out at all.
It’s incredible that this portfolio of loans was put together at all, given the fact that E*Trade had a perfectly good online business worth far more than the stock price, ex the portfolio. Plus, with this piece this morning, the online traders are all going to know about the bad part of the business, and I believe many people will take their assets elsewhere.
CapGame- I think they are worried about a run on deposits at the E*trade bank?
Broker A is reborn with the decocking of the four horseflies
CapGame… tip o’ the Iceberg?
Hey, were you WestCoastTrader on the other blog?
__________________
Juice — shorting in a down market is not “evil,” but rather “prudent.”
I don’t know about you, but I’ve got pieholes to feed other than my own.
This Etrade thing reminds me of the Conseco debacle.
They caught the “we can do fucking anything” disease.
Fry: I gotta a suggestion for your closing vid today: guns n roses – welcome to the jungle
Welcome to the jungle
We take it day by day
If you want it you’re gonna bleed
But it’s the price you pay
derivatives nightmare scenario may kick with all this asskicking to previous leaders
watch out for crevasses … they may begin to appear
wow … just got filled on aapl at 155 .. now , do i even want it?!
How about a late day rally?
Look I may have been robbed by the fucking faggots at Dell that bought Equallogic but I will have you know that right here right now you should be buying EMC. This has to do with a new cloning product they are about to start pushing hard. I know this space well and can tell you EMC with VMW will continue to bankcoin. Personally I am buying December 22.50’s cause they seem pretty cheap here.
Love the new blog. I want the trucker hat with emblazoned with “Viz.” Funny stuff.
Who would of guessed these Chinee stocks would fall…with Summer Olympics coming up and all.
Fly whats the American version of FMCN… I see these Outdoor Video ads starting to grow.. I wonder if there is a trend- maybe–Lamar.
LAMR