If you are scratching your head, wondering why the market is weak, take a look at the yen versus dollar, via FXY.
With the yen carry trade unraveling before our eyes, liquidity is getting tighter. This all comes at a time when U.S. banks are crippled, thanks to sub-prime issues and the Fed, foolishly, worrying about inflation, instead of blood in the streets.
I know some of you dumb fuckers believe they (Fed) should stop cutting rates, in order to defend the dollar. However, I’m telling you now, if they fail to “rescue” the banking system, there will be dozens of publicly traded banks filing for bankruptcy.
Basically, the Fed needs to figure out a way to save the economy. Let the Treasury figure the dollar out. How about a dollar buyback?
So, in the meantime, financials, retail, and homebuilders are in recession, while everything else teeters.
Regarding the market:
We will retest the August lows. I’m not buying anything until 12,800.
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Why do you build me up (build me up) Buttercup, baby
Just to let me down (let me down) and mess me around
And then worst of all (worst of all) you never call, baby
When you say you will (say you will) but I love you still
I need you (I need you) more than anyone, darlin’
You know that I have from the start
So build me up (build me up) Buttercup, don’t break my heart
Fuck you.
Haha. Aww…….
Benny B: Listen to The Fly, MFer!! The Fly is God! Listen to Him!!
Fucking fools!!!
Herb Greenberg is fucking annoying.
-DT
This is like watching The Empire Strikes Back, when Luke is fighting Darth Vader.
Whoops. There goes your hand, asshole. I hope your “stock trading robots” can make you new one.
When helicopter Ben Kenobi shows up on CNBC in a desert Jedi robe, chopping the heads off of bearshitters with his lightsaber, I will be waiting.
Right thinking, Mr. Fly.
Fly, why are you shorting? Are you waiting for a bounce? Are you just not selling into hell?
‘Pubs have no shot at the House in ’08 now.
Fucking Fed.
You evah buy Flosty at Wendy’s?
Not much for you dorrar, actuary.
At reast it lear daily, doh.
I own OEX puts. But, I don’t like talking about options, since they are too risky.
….like owning MVIS isn’t risky.
Anyway, I refuse to go heavily short into so much weakness.
Mistah Zombie wolly too much.
You tink dey erect Sociarist in down economy? Did not nineteen tirty tlee, you know.
I tend to agree with you, Broker. It seems that the fed has to act aggressively…and is probably facing significant political pressure given we are in going into an election year.
What’s the trade? Stay net long, and buy significant dips? Basically ride out the storm and add leaders?
I feel that if the bears have not taken this market down…and I mean DOWN… with all this crazy creditcomebankingvizsubprimejogpalladiumSIVCDOHIV stuff…they can’t take it down…
and are using this trend to cover their massive short/put positions.
As you can tell I am totally out of my depth, as if I had a depth to begin with.
Thoughts?
No, we are not scratching our heads…
Fed should cut?
Why should the banks be rescued? They made bad loans — they should pay the price.
Why should I have to take out a loan to fill up my tank and buy some milk for my kids? You’re part of the fucking problem, Fly.
Get your head of of your ass.
Sir Douche:
You’re right. I am the problem.
My apologies.
Viz.
Mistah Douchbahg so zearous to see Amelican banks get deres he is wirring to rop off his reft arm to see it done.
Stupid Douchebag.
Last chance to rally (today) right now. Charts show the possibility.
I want Bernanke to raise rates and stop inflation, ass-stains.
The banks are fucked no matter what. What do you think rate cuts will do?
All the true douchebags who bought overpriced homes in CA are going to foreclose and they can’t refi anyway — the real value of the homes are 40% off and dropping.
At least we don’t have to turn into the Weimar Fucking Republic.
Ben sucks the cocks of corporate America. Save the dollar, man.
They let Mozilo run over middle class Americans. Everyone who owns CFC should pay the price. Not me.
*yawn*
Don’t want to talk politics but I love the phony openness of the Dubai and CNBC people. I understand that if you have an Israeli stamp on you passport that you are denied entry.
Have no fear, I just received my iBankCoin trucker hat, rally forthcoming.
Ragin,
Was it made in China?
-DT
If it was, don’t suck on it… I know sometimes you trailer park types get hungry and will go for just about anything.
Fly, is it clearly labeled “non-edible” or something? You have to watch out for lawsuits coming from poor Southerners.
Just trying to help.
-DT