So the Earth isn’t going to explode. The consumer isn’t entirely tapped out. Stronger retail sales is a good thing right?
Unless of course, you’re a banking asshat who is relying on Cramer to beg the Federal Reserve for more cut rates—like a zombie “politely” asking for “more brains.”
How can the Fed cut rates, while the economy is spitting out better than expected retail sales numbers? We’re just in one of those weird spots (for the markets) when up is down— and down is up. At the end of the day, earnings per share will rule the day. However, until we get to that, the Fed wants to make sure we aren’t getting sucked into a blackhole. Fortunately, we are not.
Right out the open, stocks are surging. However, I anticipate, as the day goes on, they will fade, led by the horse-fucking bank stocks.
Sell [[LEH]]
Developing…
NOTE: Ragin’ Cagin’s favorite sector, solar, is on fucking fire. Nice job.
UPDATE: This ties into what Gunners was saying. By the way, the “Gunners post” may go down as the best ranked post ever— on the PG. It may get framed and put on the kitchen wall.
| 09:53 | Lehman is increasingly concerned about broker-dealer exposure to synthetic CDOs |
| Lehman notes that credit markets were significantly wider over the past week because of weak economic data and heightened concerns around structured credit unwinds. Firm says sell-offs in leveraged loans and CMBS deepened last week, continuing the deleveraging trend throughout fixed income. Firm believes that investors are rightly concerned about negative technicals in the market given unwinds in market-value CLOs, the variety of highly leveraged structured credit products and a large widening of spreads. Actual unwinds are more likely to be driven by fundamental loss expectations rather than automatic unwinds because of spread widening. That said, correlated defaults, particularly in synthetic CDOs could cause a more dramatic unwind, they say. The firm is increasingly concerned about broker-dealer exposure to synthetic CDOs given an active underwriting pipeline over the past few years that may have left inventory on balance sheets. |
Don’t look now, but I just saw Jamie Dimon with a Clydesdale.
I think Jamie was the one who brought the “amorous oats.”
Too hard to go long with resistance at 12,500 and 12,800.
I used to live in Greenwich, Ct. Rented there for years. During the real estate explosion, the genius’s thought they’d turn the apartment complex into condos & sell them for a mill a piece. To make a long story short. They finished building 1 building out of 33 & are eating the loss. Lehman is on the hook there for 250 mill. I am sure the geniui at LEH tried that game all over the place.
The retail was bullshit. People using gift cards at Walmart gas stations. Car sales are up – can not explain that one, but teh GM quarter yesterday should those sales were cutting margin. So were retail.
The douchebags are on a rampage and there is no stopping them. Until these louses are made to deleverage their balance sheets with the CMBO, CDO, private equity notes and the rest of the garbage dump.. the needle fiesta goes straight ahead, pedal to the metal.
if anyone thinks there is any fucking reality here.. chart the diamonds and the eur/jpy cross together.. traveling hand in hand.. complete and utter bullshit.
Fly: what u think about an LM short?
Juice — is that complex in Old Greenwich and right on the water there?
I think I know that project, as I’ve a buddy who rented there at one point.
“Like a zombie politely asking for more brains”
Fucking priceless!
jake, not old greenwich – it was called putnam green & weavers hill … a mile fm the ny border
Retail #s are strong due to all the foreigners raiding the country. This changes nothing, they’ll eventually stop coming when inflation starts to hit goods prices.
Brucie — goes to show they were doing it all over the Greenwich-Old Greenwich-Stamford area.
That’s UBS territory, another nice fat short target.
lm looks good.
Also, I’d fade bwld here.
Retail is up cuz the retards couldn’t process returns from Xmass! Everyone I know that tried to make a return had the givers CC credited. The stores didn’t know how to process exchanges or give out gift cards in lieu of outright credits. After having that happen on 3-4 occasions one just gives up and tells the relative what happened. Then a month later the relative takes you shopping or sends you a check to do likewise. I expected retail #’s to be up based on that alone.
This is pretty good drama with Clemens sitting 3 feet from his steroid accuser.
Roger gave a good speech but this guy is throwing some chin music Clemens way. Call strike!
OUCH!
Strike 2!
Roger will just end up saying he thought it was a B-12 shot. His word vs Mcnamee’s. Good statements by both though.
How farked up is Congress that they are wasting taxpayer dough on this bullshit?
Toss em all out, I say.
Retail is up because down is up.
Take away gasoline price increases and inflation in other goods, and the result is that consumers bought less.
There’s still some catching up to do on the awareness side. Recent survey showed that only 23% of people surveyed believe that their own home has lost market value in the past year.
I remember a survey of southern California homeowners just a few months after what was probably the market price peak for the region. On average, homeowners expected their homes to increase in value by about 20% per year, compounded, over the next decade.
De Nile is a very big river.
Ott — are you in SoCa?
I think UBS opened up the biggest trading floor in the world, in Stamford. Not sure, think I heard that from someone.
Top three phrases of the last six months:
It is what it is.
Don’t Taz me Bro.
My Mother encouraged me to take B-12.
McNamee taking it homo-style (not that theres anything wrong with that … hmm??) from a prosecutor applying the old defamation of character technique .. and quite frankly, he has scored BIG points with the fact that McNamee has lied to the law before.
yeah Jake .. this country has no more pressing matters to attend to at the highest levels of government … wtf !?
Jake – very southern
He needs to ask my favorite:
Were you lying then or are you lying now?
Throw em all out? We’re about to start – Obama. Taxes with your coffee, sir?
The Congress guy has the balls to ask him why would you work every day with somebody who you believe is a liar and you don’t trust. He should have shot back: Senator you do it evey day.
He was smart to keep the gauze-kind of like the Lewinski/Clinton blue dress.
I read something funny – not funny for the Rocket, though
“As I ready for a high noon mindmeld–and listen to the Rocket as he seemingly gets fitted for a different sorta pinstripes”
Ot,
“There’s still some catching up to do on the awareness side. Recent survey showed that only 23% of people surveyed believe that their own home has lost market value in the past year.”
Agree. The average person is always 2-10 years behind the times. That’s why markets can stay irrational for so long.
Trader,
Or the other question,
Are you still taking steroids?
Re politicians – The goal of most is to look like they are doing something (ie drugs in baseball, flag burning, etc), while they do nothing of importance, all the while, Rome burns
Ott — like Carslbad, San Diego area?
I’ve a bro and a godson down there.
From Gunners’s “Real Deal NY Real Estate” site:
Another reason to short LEH.
(as if you needed one…)
not to mention my socal ass
Yeah, Danny, I remember you were out there too.
DECK chair rearrangers:
Prepare to sink the Titanic again if this sucker kisses $120.
But it may not get there.
S.D., home of the Institute for Creation “Research”, and other crazy stuff.
Fly,
You still like that CMO?
I’m thinking about adding to this wonderfully profitable position on a pullback.
I see…insiders buying.
Thanks for your original rec.
Jake:
Ya don’t say? I’ve got a bro there too.
May I please have more brains?
Clear signal!! GO 100% Short!
Our man Cramer saying to go long.
_________________________________________________
Key Indicator Flashes Buy
OK, this is really important, one of my most beloved indicators, the bull-bear ratio, has hit a level that simply means you cannot have a big hit to this market, and that level is the 36% bull level.
I know I am not a chartist, but I have sworn by two technical indicators all my trading life: the S&P Oscillator and the bull-bear ratio.
Any time we get severely oversold, I hold my nose and buy, any time we get the bull cohort below 40%, I have to buy something, and when it gets too close to 35%, you have to cover all shorts and get long.
On the subject of Retail Sales numbers…
Also, LEH is flying. Are you going to add more short, Fly?