“I was wrong.” Sell the banks, specifically LEH, MER, MS and GS.
Dick Bove, Egregious Banking Analyst
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Joined Nov 10, 2007
23,445 Blog Posts
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Hey hey, you guys got it wrong. I feel I must issue a correction, regarding my recent alleged statements.
You see, I was widely quoted in the press, as saying “Buy the banks”. However this was not what I said. What I actually said was:
“Buy the [ultra inverse financial ETF in size, and fuck the] banks”
The portion in brackets was garbled, due to CNBC satellite issues. I was told it was due to “microwave interference” and possibly “cosmic rays”. I hope this clears up any confusion.
Just so we’re clear, “fuck the banks”.
Thanks.
Have a nice day.
Fuck the banks.
You egregious mother effer, FUCK!
Holly fucking shit man the banks will not give home loans at all, period. And I am not talking about HELOC’s, I am talking about straight up Asian style home loans. Just talked to a friend of mine who can’t fucking get one for shit, Mr. Mortgage is more right than you think.
Moody’s: What a joke. Computer bug?
The truth will set you free. Maybe not.
Gap —
“Straight up, Asian style” loans?
ROFL!
FYI —
SKiFfles finally above it’s 50% Fibonacci retrace.
Finally.
Shit that was a great game – Man. U v Chelsea. I love when it comes down to PKs.
Anyhow, I was speaking to a Wells Fargo banker. The next show to drop is unsecured business lines of credit. Seriously these bank fuckers were handing out unsecured business loans to anyone who had a business. All you needed to do was incorporate yourself and you got a $50k-$100k unsecured line. Some fuckers would get $50-$100k lines from several banks. So now they had $500k to $1 mil + in unsecured business loans. These were all stated income loans. Nothing was verified other than the fact that you had a business entity. Go figure what happens when all these business lines start defaulting. And the best part is they are all UNSECURED. Atleast with mortgages and HELOCs you have collateral. Shits about to get UGLY.
http://www.slopeofhope.com/ImageProxy?imageid=845
Goldilocks lives~!
LOL
Jake seriously, these fuckers won’t take on shit for risk now. I have a fucking high ass credit score with zero debt and they still want fucking blood samples from me.
You bears are hilarious! This selloff is as bullish as they come. Just another brick in the wall of worry.
Negative Nellies live here. Tsk tsk.
Try looking at the glass 1/2 full for a change.
Old’n bitter bearshitters.
Bulls, revile not the bears. They are a needed entity.
Bears, revile not the bulls. They are the yin to your yang; the zig to your zag; the bull to your shit….
You get the picture.
Truly, I have not come to bring peace, but the sword of knowledge about the power of the spirit, which dwells within the human being, bull & bear alike
I can’t wait to buy $5 gas tomorrow, yes I said tomorrow, its 4.95 here in Chicago already. It runs so much better than that cheap shit.
Dennis – with inflation your glass is only 47.5% full unless its oil then its got a great head of froth and bubbles
Any of you planning to get short oil up here? I would start saying now that its time to get short the market for a hedge on short oil. Should oil continue this market will go to 11,000 in a blink of an eye.
By the way I bought my friend DUG today and also got long TSO, these are my indirect shorts on USO.
Dick Bove — Banking is sound!
http://seekingalpha.com/article/67831-dick-bove-says-banking-is-sound-time-to-buy-financials
Does “Dick” have an opine about oil? Direxion needs to rush their new 3X power Bear ETFs to market – think about it – 233 points down in the DOW becomes 700 points DOWN!
gappingandyapping, Nice work on grabbing DUG today I think you got it at a great spot. I thought about buying LEAP calls on it, but I had already made a bunch on DUG puts, (bullish on energy), and selling all was enough profits that I decided to not get too greedy, and I already planned to short oil via USO. I may enter in DUG later. AFTER it stablizes, I think I like it better than shorting oil directly, once oil starts getting high, you have entreprenuers hopping in, you have people with large enough profit margins to start exploring shale, you have much more drilling permits, and the sector ets over crowded. But it’s not until oil comes back down when all this excess comeptition starts to effect them.
I have begun adding short oil today in the form of Jan 09 put options on USO. I’ve been adding bearish bets this week as well. (LEH, MER, PSA, CAKE, HANS, VLO)
Will add bits of USO at a time at different strike prices until the end of next week, and give it through the first week and a half of June to signal a top, if not, I’m the hell out, and I’m buying USO call options for life.
JUNE and July OTM Puts on VLO is one of my hedges just in case I’m wrong, as continual skyrocketing oil prices could mean the absolute collapsing of refineries.
From my point of view it seems the market hit a brick wall, the banks are busting, the commodities(DBA) are forming a decending triangle top, oil is peaking, etc.
Looks like potentially the early part of a sector rotation. If you think so, sell lots, especially the things that have been doing well, and look to get back in once you can spot what’s hot with QUALITY stocks taking off.
lol Bring on the 10X funds!
Curtain is being pulled… http://www.marketwatch.com/news/story/governments-numbers-racket-about-blow/story.aspx?guid=%7BF91A0843%2D69B4%2D4C0C%2D92CE%2DB835D9907945%7D&dist=TNMostRead