You asshole traders make “The Fly” sick, always trying to time tops or bottoms. Quite frankly, the sooner you realise [sic] how stupid and gay you are, the quicker I’ll stop getting sick from your “low-rank” banter.
In other news, U.S. subprime is now melting down Chinese banks.
HONG KONG (AFP) — Bank of China (BOC) may report lower profits or even a loss when it announces its 2007 results in April due to writedowns on struggling subprime investments, a report in Hong Kong said Monday.
The bank may announce a significant writedown on its 7.95 billion US dollars of investments in securities linked to US subprime mortgages, the South China Morning Post reported Monday, citing unnamed mainland banking sources.
Senior banking regulators had already warned the mainland leadership that BOC, as well as the Industrial and Commercial Bank of China and China Construction Bank, would have to make provisions for all their subprime-linked assets.
BOC, which has the biggest reported subprime exposure among Chinese banks, posted a 45.5 billion yuan (6.3 billion US) net profit for the first nine months of 2007, 40 percent more than a year before.
In September, China’s second-biggest bank said its portfolio of investments linked to the subprime market had been cut from 7.95 billion dollars from 9.65 billion dollars in August.
It set aside 322 million dollars to account for possible losses related to the assets.
However, subprime securities took a further hit in the fourth quarter, forcing several top US banks to post record losses for the period.
Goodbye Bank of China. Nice never knowing you. May you die with the dogs at [[LEH]].
Oh yeah, it looks like a grand time to “buy bank stocks recklessly, ” as future asshat of the week award winner, Doug Kass, said on Friday.
NOTE: [[FXP]] longs will be happy to know Ping An Insurance (FXP component) just filed a monster A shares offering. As a result, the stock is getting mushroom clouded.
UPDATE: China is getting knee-capped, down more than 5%.
If you enjoy the content at iBankCoin, please follow us on Twitter
Yippe aye eh
FXP+
DUG+
SMN+
Kass’s “inside information” on Fed cutting, and Friday’s “buy the banks” – get cute, lose your legs sounds good here too!
oops
Foreign markets all down. Tuesday should be interesting.
Like I said, feel free to call me cute . I’m nearly 100% short & I’ll be flipping it around tomorrow.
Perfect scenario, as far as I’m concerned.
disclaimer. I reserve the right to change my mind but thats my game plan at the moment.
Do you think its a high odds bet to be shorting into a crash scenario after a 15-20% slide in the indices?
And Fly, if current conditions hold to the open, you are gonna be up 30% in 3 short weeks. Don’t look a gift horse in the face. You don’t have to go long but you oughta nail down a few profits.
Oh, and Boomer, I had a dream. That my fuckface friend who was shooting his mouth off just before New Years about AAPL & stocks & how fucking smart he was; in this dream he was telling me what stocks are shorts.
funny how the US celebrates a day when their government assassinated a civil rights leader. Today, MLK would be considered a terrorist of sorts….what ever happened to the Weathermen? LOL
How do you figure MLK would be considered a terrorist?
nevermind
creating civil unrest – at the very least he would be called a left wing liberal – which is almost as bad as terrorist. He would be considered a terrorist “of sorts” – not like those smelly muslims, but still an enemy of the state no doubt.
No doubt he was classified as an enemy of the state, even back then, in certain quarters. Otherwise why, as you say, would our government have had him killed? I’m sure conspiracy theorists have had a field day with him as they read conspiracy into much lesser events. They need someone to blame for the world not going their way & not getting what they want out of it. Not that corrupt opposing forces don’t exist, just saying.
More gay, cheery news: Its raining men
On the lighter side, Sort of.
Fly,
How about setting up a “welfare” tab on this site? There, asshats who have failed to listen to your sage advice might enter some sort of competition to win an assortment of canned goods in order to feed their starving families.
Sound good?
-DT
Juice, i’m going to be taking some profits tomorrow, but am not sure what the catalyst of a bounce is going to be. I don’t think there’s going to be a huge rush to buy tomorrow… well, I guess i’ll watch how bad MO gets beat up and dabble with that if anything…
Dow 9500 coming to a town near you……On a side note the guy living next to me is building a bomb shelter. odd no.. I don’t how someone could drive a car back there…….
It sounds fair to me. China takes away our jobs, sends us toxic toys and food while we send them subprime sludge.
Where can i find detailed info on the holdings of ETFs? Etrade sucks balls for this.
wow, agree .. that was my gameplan, but I’ll be reassessing as events unfold. I think we’re heading down below SPX 1100, sooner or later, where I’d definitely be a buyer. We are so freaking oversold, the long side does intrigue me. Just have to be very selective. Maybe not worth the effort, but I’m looking.
Anyone who bought along with Kass is gonna be down a quick 10% & margin call action will be in play so it could take longer to play out.
Fly – are you taking a long winter’s nap?
DUG
FXP
SMN
What’s the best short here? SKF?
TC,
Excellent!
I started to do a little “research” for tomorrow but now I kind of think it’s a waste of time… just have to watch and see how things play out I guess and react.
-DT
That Kass call (not to mention the “inside info” he had) clearly rockets him into the asshat leaderboard… why on earth would you make those calls BEFORE most earnings had been announced… everyone trying WAY too hard to call the bottoms after 3 weeks here…
I will still unload about 75% of my shorts during the day and might open a few longs in the defensive names, but I just got a feeling that we sell all day tomorrow, sell some more Wed… If there’s no bounce towards the day’s end, Wed might be a good time to go small in some more of the growth names for a small bounceback… but i’m really not expecting much of a bounce.
Kass had been bearish for the better part of the last 4 years. He gets a couple weeks in the sun with his shorts on & flips like a pancake. He couldn’t ride out his thesis that was finally coming to fruition.
Unlike Monsieur Fly, who up till now, was a permabulltard, and completely flipped the switch to Papa Grizzly, and is minting coin.
Kass may deserve special asshat of the last 5 years.
Kass have special gene, make him natulally “wax off” apploaching cash.
No way they can win the Lombardi Trophy without me.
Not with my evil protege on the other sideline, at least.
Hell, I say. We were on our own frozen tundra, in our own screaming house, and heck — I’ll admit it now, what’s done is done — I even possessed a couple of zebras briefly throughout the game…
And they still beat us!
Heh, heh… you’re not the only one who’s been dabbling in “possession,” Vince.
Who do you really think threw that last ball right into Corey Webster’s arms?
(D’ja see the blank look on his face? In and out, they don’t even know you were there!)
Alls I know is I got a half key here, looking for some homie’s septum.
Where Strahan at, now that he a bachelor?
You got to go out there like a pack o’ crazed dawgs!!
Like I even give a damn?
You see what I’m tapping this week?
Shit, I won’t even return Jessica Simpson’s text messages!
wyRqtd