What the fuck? SOLF is sprinting higher on egregiously good earnings.
Someone give that man (Cajun) a box of chocolates or a basket of heart shaped grenades.
Nicely done.
UPDATE: If you notice, the market data and embedded quotes have vanished from the site. Apparently, our IT guy, Jeremy, is on vacation in Jamaica. In his place is the backup guy, Vincenzo. In an amazing twist of events, Vincenzo spilled an entire bowl of meatballs and “gravy” all over the iBC servers, effectively throwing the site into flux.
Fuck you, Vincenzo, fuck you.
If you enjoy the content at iBankCoin, please follow us on Twitter
Never bet against the sun. Although, rumor has it that Cajun prefers “the moon.”
-DT
hat tip to some guy in Mish’s comment section
you have got to be fucking kidding me
=================================
Moody’s Probes Ratings on Report. Computer Bug Caused Aaa Grades
May 21 (Bloomberg) — Moody’s Investors Service said it’s conducting “a thorough review” after the Financial Times reported that a computer error was responsible for Aaa ratings being assigned to complex debt securities that slumped in value.
Some senior staff at Moody’s were aware in early 2007 that CPDOs rated Aaa the previous year should have been ranked as many as four levels lower, the FT reported today, citing internal Moody’s documents
http://www.bloomberg.com/apps/news?pid=20601087&sid=atxKM4_PXZVM&refer=home
Position UPDATE: SRS
Plunge in US commercial property – FT
FT reports commercial property prices in the US in February saw their sharpest decline since records began nearly 15 years ago as sources of finance for deals has dried up, according to data from Standard & Poor’s out yesterday. The value of commercial buildings fell 1.03% between January and February, the largest monthly decline since at least 1993, when the industry was just emerging from a deep slump. Sales of commercial properties were down 71% in Q1 compared with a year earlier, according to data from Real Capital Analytics. Y/Y, property prices are still up by a relatively healthy 5.5%, but the pace of growth is slowing.
LOL, maybe Cajun is the reason for all the preearnings volume… Some insiders going to fucking get busted for leaking info… I mean look at the fucking volume… 40 million preearnings?
you gotta love it…
rc kicks ass.
fly-
i am assuming you saw mish’s article that mentions the FT article above (and also references a WSJ article).
never have i been so sure about a position in my life (SRS)
it may take a awhile, but SRS is going to see 150 again, no doubt
Aye Fly mon!
Actually it worse den dat, mon. Jeremy, him ask to send me oop to fix him “servers,” mon.
I taught him talkin’ bout dem cute waitress down at Rosie’s Soul Kitchen on One Sixteent Straight, mon! Beeg mix-up!
Me tinken’ dat you and dat crazy mon, Goppy, need to roll a fat one whilst I try en figger dese bootons out, mon!
Jah! Rastafari! Eye! Eye!
Aye! Me got you some “Solah fun” rrrright here in this’n here bahhggie, mon!
_
I hereby present Ragin with some chocolates:
The Chocolate Anus (for real)
http://www.edibleanus.com/
Whatzamattah fo’ you, Fly?
Why-ah you given’ me tha merda because ah you servers essere fottuto??
I down here at Rosie’s on One-Sixteen all day a fixin’ tha coal fired ah pizza oven, culo!
So Fly, eh? Non mi scazzare i coglioni!
MVIS up 9%?
Boomer… asshat pre-market buyers. it was on 200 shares traded. only up 1.6% now
Wow…Fed is RIPPING IT!!!
What the fuck!?
When do you short FED?
By the way, nice call on AUY, I am coining money in that biatch. But why the fuck is FXP getting its balls cracked in half?
Gun-
You still Hot on SRS?….thinking of picking some up this morning.
i’m honestly not so hot on SRS anymore. i have a massive 19 shares! haha, i had an order that didn’t completely fill and i got left with 19.
The CMBS market is cooking right now (well, compared to a couple months ago it is), lending is loosening up across the board. Sales volume looks to be increasing during the second half of the year. If these CMBS shops can come back into the market, it will help level out the declining values. sentiment is as good as its been all year in Commercial Real Estate.
but then again, maybe that means it’s time to short!
super NOVa anyone?
Big Mike —
Just looking at FED’s disclosure today… it is end of month (April) numbers. Looks like they doubled production of new loans for this month vs. last year this time, and that they are “holding” rather than selling, and there percentage of adjustables is down slightly, but otherwise, balance sheet still deteriorating.
Let me crunch some #’s and get back to you…
I would advise to wait on NOV…that is buy on the dip; unless you were “lucky” (that’s right), like the Fly who bought a while back.
Oil is going to pullback a bit and consolidate before breaking out of $130. Just like RIG; Had an amazing buying opportunity at 140’s.
Jake, I’m thinking about playing FED through options (July $12.50 puts to exact). Are you shorting it through stock?
TMR “ripping.” Get on this crack cocaine fueled ’77 Cadillac El Dorado before it smashes into a brick wall again.
Mike — on FED, I have July ITM’s from a while back ($25’s) and some Sept’s from when I posted my last Peeg post ($17.50’s).
Mike, here’s my “major points” take on FED’s disclosure this morning, which is now looking like today’s open was a good short fill opportunity:
1) Net Earnings spread (ie, interest and investment yield vs. cost of money) has shrunk an amazing 87 basis pts — or almost 24% since this time last year.
2) Loan repayments are down considerably (38.2%) from this time last year (although they are up from last month about 20.5%, month to month), which can mean that either the pace of refinancing has slowed or that they are increasingly stuck with “immovable” loans that are destined for destruction. The third option is that these loans are good profitable loans that are staying on the books. Try saying that one in the mirror with a straight face.
3) Their percentage of ARM loan originations are down a gigantic amount. From 57% of total loans originated this time last year to 4% of loans originated at the end of this month. Total ARMs as a percentage of total loans in the portfolio has also dropped, from an astonishing 97% last year to about 84% at last month’s end. This may be where the market is getting some of it’s “hope” — but 84% adjustable is still pretty damn scary — especially when such a large portion is going to adjust from “precarious” to “jumping off the cliff.”
Moreover, the lack of NEW ARM loans tells me that there are a heck of a lot of people with old ARMs who now have NO ABILITY to refinance at “trigger.” We already know how many ARM’s FED has in its portfolio, so take your own assumptions there.
4) Non accruing loans are up another 10.7% from last month and 989% year over year. Loans 30-59 days over have dropped this month by 22.4% month over month, but non accruing loans 60-90 days over increased again by 11.6% month over month. Perhaps the market is gaining hope from the decrease in 30-59 day NA’s, but one month cannot be a signal “all is well,” imo. Not in this environment.
5) Total deposits are down 2.56% in an increasingly competitive deposit environment. This can also be seen as a sign that people are less reluctant to leave their money in FED, and indicative of a higher reliance on FHLB and other sources for reserve capital.
That’s about all I’ve got on a the first pass through.
Gapping, per the strategy, FXP was a sell this morning.
must be tim knight because his shorts are on fire
must be tim knight because his shorts are on fire