I love how the talking heads on CNBC and everywhere else defend the banking fools, saying: “they have no idea how big the write downs will be.”
Bullshit.
They know how much exposure they have to credit related junk. In my opinion, they are trying to sweep the garbage under the rug, then exclaim: “hey, look how clean our fucking floors are.”
In short, if the damage is half as bad as the bears say, there is no reason to buy LEH, MER, MS, CFC, GS or any other financial stock, until they capitulate.
Naturally, of course, “The Fly” has no evidence to convict the bankers of “hiding their bullshit.” However, this is not the 1920’s, pre-computer era, where all positions were written on small pieces of paper—then stuffed in a filthy filing cabinet until the firm went bankrupt.
Plus, I have a time machine.
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What does it cost to go back into time?
one gallon of plutonium.
A well oiled solar-powered machine.
Nice…how about 2 wooden nickels?
Remember LEH in the mid nighties? Price wise…do you think we’ll see that kind of price action in the industry?
Recap of Blue Words for Fly’s posts today:
Banking,Credit,Bankrupt,Bankers,Stocks,NYSE,
Buy Stocks,Trading,NASDAQ.
I have to admit they are kind of growing on me.
Fly I want a ODD NO? T-shirt.
As always the bears are old retarded fuckers who get thrown down empty elevator shafts. The market today was a hot chick bent over with panties round the ankles waiting for Mr. Bear to stick it in and poor Mr. Bear can’t get it up…
Strange turn around today. I would not have guessed it. I think tomorrow morning will be a big tell. If we do not gap down, we might get back to a rally.
Fly is channeling Fleck
Forgot to mention, the 30 year bonds had been in the tank all day which kept me from shorting. They ended up down 1 11/32 to 114 10/32. They had almost hit 117 Tuesday.
This market is not going to just give up and die. It doesn’t work that way.
Even in 2000-2001 Nasdaq, the market rallied a bit, then sold more. Rinse, repeat.
Watch the trend lines and moving averages. They will be your guides.
That PPI number scared the shit out of smart money. Dumb money didn’t pay any attention.
CPI, if it is high, will scare the shit out of everyone. We’ll see tomorrow. That will be the Fed’s worst nightmare, and Stagflation will be a household name.
Man Bear Pig is serial.
That is some funny shit. Reminds me of the old Dean Witter satire ad on SNL– “The List. “