There is no fucking way the protectionists in Switzerland will allow HSBC to buy [[UBS]]. No-fucking-way.
First off, foreign acquisitions are very rare in Switzerland, especially within their prized banking sector. In addition to protectionism, they have a myriad of tax laws that will make such a deal, very prohibitive.
UBS is a fucking icon. It will not be bought by HSBC. Write it down.
With the market bouncing here, I covered a lot of shorts, namely in [[CSE]], [[EWBC]] and [[FED]]. However, at the same time, I added to a few shorts, namely [[FMBI]] and [[WFSL]], while initiating an erroneous position in [[EEV]].
Basically, I couldn’t help myself. I felt the market would bounce, as you know via the previous article; but, I shorted stock anyway.
Fucking moron.
The market is bouncing here, led by the financials; but oil is down. Go figure.
Into this weakness, I want to buy [[RIG]], [[PCZ]] and [[FTK]]. Also, I want to sell short the bank, after a 5-10% run.
As you know, the banks are being buoyed by UBS, [[BCS]], [[WFC]], [[WB]], [[COF]], [[AXP]] and [[GS]].
For now, it’s a bounce—nothing more—nothing less.
Until proven otherwise, this rally is to be met with egregious sell tickets.
Top pick: short FMBI
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ya know, i think i was right … the MM’s knew a rally was lined up & tried to scare people premarket, and it worked … there was more panic than they bargained for…. but here is the bounce they were looking for
that could have been enough capitulation for that last leg down … maybe there will be a respite for a few weeks
Bennet Sedacca
10:09:36 AM
No positions in stocks mentioned.
Are we there yet? Quite possibly.
Where? The point at which deals can’t get done.
I mentioned yesterday that Prudential Financial (PRU) was out with a 9% preferred deal. I just saw ’em offered at $24.70 in the grey market. I saw similar action in Fifth Third (FITB), Keycorp (KEY) and National City (NCC) before its disastrous results.
We now take aim at the insurance companies. That’s the next wave or problems, methinks.
08:54:59 AM
How do we know who has no balance sheet?
I asked for a bid on a whopping $2,000,000 in well structured CMO’s. I usually use seven-eight firms on these types of trades.
Note that we’re at quarter-end so some folks with the worst balance sheets can’t/don’t bid.
The two that didn’t bid?
Citigroup (C) and Merrill Lynch (MER). Anecdotally, this is bad news for them. Also note the close in Lehman (LEH) yesterday. Yuk.
Isn’t that “technical trading”… buying uptrending stocks on dips and selling downtrending stocks on rips?
Just because you don’t identify specific points based on volume and trendlines, doesn’t mean you’re not trying to do the same thing as a “chart chomper”, no?
lol/der is right … The Fly does what chart chompers do, instinctively
us mere mortals must resort to fancy lines
Brucie “I’m no Lefty” Juice sez:
more straw man bs from jake – if it wasn’t for the straw man, Jake would have no man at all, to bash that is.
Listen assface, you were the one who’s bashing me. Take your serving of shit if you’re going to ladle it. Otherwise, STFU, whiner.
BTW — Are you saying that you are NOT going to vote for the Obamessiah in November?
to wit:
1. you well know my main man is Ron Paul, not Obama, as you falsely accuse
(Bullshit, you equated Ron Paul with the Obamessiah, when they couldn’t be on farther ideological poles. You don’t even have a fucking clue what Ron Paul stands for, as your collectivist comments in the past have easily shown.)
2. your concocted neocon talking point of Obama being a Messiah, so you can bash your own false accusation.
This is how I know you are not a real conservative, or even a libertarian. Only retarded Leftists use terms like “neocon” and other Huffington post talking point keywords. You give yourself away with your commie language Brucie. Try to mask the hippy talk a little better if you want to try to fool people.
No worries, I completely understand your need to concoct falsities, else you’d have no wars to fight and you’d have to face your real problems, much like your Bush/Cheney regime of choice….. as above, so below.
What are you saying Brucie? You liked Kerry in ’04? That’s what I thought. No further questions, your Honor.
What one can take away from that whole seal episode: Obama learns from mistakes and is man enough to own up to them; unlike the current primate in the White House, who takes orders from voices in his head, he deludedly labels as ‘God the Father’.
Wow, can’t tell from the above that you aren’t reading from the Kos Kids playbook, can we? Brucie, remember this — by your immature leftist jibing, they shall know ye.
Why don’t you go “whole hog,” and throw a “Chimpy McBushitler” or two in there for added spice, Mr. “Libertarian?” LOFL.
Now get back to the Obamessiah’s Marxist playbook, and start pushing the leaflets at the Post Office, there are additional dumb people left to dupe!
http://www.msnbc.msn.com/id/25290355/
Interactive foreclosure map.
They are really bidding up TSO calls. I grabbed some Aug 25 this morn and they have almost doubled already. Sure would be nice if oil plummeted.
Oil may be in for a sharper sell-off in the short term than expected.
This will be the impetus for a relief rally before a stronger washout.
I think the bank shorts are still “holdable” here, no matter what.
Massive squeeze in my Home Boy KBH
The Swissies are not of course in the EU and march to the beat of their own drummer. SKFie is giving me whiplash this morning. The “bank Bounce” will fade, I think. If I were adroit, I would ave sold SKF and bought WFC.
PACW looks all “bounced out.” I guess their basketball is lined with deceased cat.
Shorting more at $16.
__
Update: Shorting FMBI (for the first time) at a hoped for $20.45.
__
Jake, I have no interest in replying to your efforts at bringing everyone over to your point of view, proving that you are more intelligent, more right, others wrong, others stupid, others commie, left, right, black, purple or spanish.
Since you are a God fearing man of some Christian sect, perhaps a few words from the man himself would suffice.
“And when you pray, you shall not be like the hypocrites, who enjoy standing and praying in the synagogues and on the corners of the streets, because they pray only for the sake of their selfishness and the impression they have upon the people.”
“When you pray, you shall call upon the omnipotence of the spirit and not babble misleading nonsense like the idol worshippers, the ignorant and the selfish, because they think they are heard when they use many words.”
I say we put Juice and JakeGint in the Octagon and bank coin on pay per view.
Watch yourself talking about oil having a “sell-off”. Fly is right about people putting money into what has been working, just to save face. Money is still flowing into crude left and right. Listen, there will still be violence in the middle east for some time (Israel/Pakistan). Iran is not backing down and Israel is having test runs of an attack. There are only minor cut backs in demand domestically for oil. Has anyone even mentioned that hurricane season has started and there will eventually be rumblings out in the gulf? Let’s assume that we are at $130 when the first signs of a hurricane are put up on CNBC/Foxnews/and Drudge. We will rip through $150. Did I mention that with the weak dollar it is cheaper to wipe your ass with $1s than to drive to the store and and buy toilet paper?
Long: Crude Broker
Short: Politics
Jake, I have no interest in replying to your efforts at bringing everyone over to your point of view, proving that you are more intelligent, more right, others wrong, others stupid, others commie, left, right, black, purple or spanish.
Obviously you are full of shit, vis a vis, the first line, or you wouldn’t have prepared this massive reply.
As for what you do say above, all I can say is
“typical commie.” Since I don’t agree with your leftist bullshit talking points, therefore, I must be a member of the Klan. Fuck you and your insinuations. You have been taught well in the insidious ways of the Left.
Since you are a God fearing man of some Christian sect, perhaps a few words from the man himself would suffice… (insert irrelevant misquote here)
Again, with the commie atheism? Save it, for the dummies at HuffPo. What you know about Holy Writ might fool the Raelians, but you are battling 12 years of Catholic school, ovah heah.
Your gigantic nonsensical obfuscations aside, I am not “praying” for shit here, I’m merely showing your gigantic hypocrisy, as you are the ONLY one to defend the Obamessiah whilst declaring “Ron Paul is my man” and somehow acting like Bush is running for office again.
Typical leftie, fighting the last war, and stupidly.
_
whatever Jake .. go get some anger management therapy, go to the gym, whatever, to work off the stress
Boca,
Politics is important. Whether you believe or not, it was actually pretty important that Ronald Reagan beat Jimmy Carter and then Walter Mondale.
Even though John McCain is not the best candidate in the world, it’s also going to be pretty important to our national economy that he beats the Fluffmeister here, as well. And it’s not going to be easy.
For the record, I’d take Ron Paul over both of them, even as I have serious reservations about Paul’s neo-isolationism.
_
Brucie,
You don’t get it bud. Your passive agressiveness is far worse for your BP.
Your friend, the Klan member.
i usually don’t discuss politics, but imo this election is the most important since 1980. obama is dangerous, must not win, will not win. that’s it for me. said my peace.
Jake: I started a short on FMBI as well at 20.05 today
Bennet Sedacca
12:50:28 PM
No positions in stocks mentioned.
A Tale of Two Markets
The credit markets are saying one thing, while the stock market is saying something differently, particularly in the financial space today.
I see bid list after bid list by forced sellers (CDO liquidations). This is rational behavior. I also see most hybrids and preferreds trading in the 8 3/4-9 1/4% area. yet stocks rally. What gives?
I would offer this up after Toddo’s comment about trading versus investing in these names.
BKX 60 was a logical spot and everyone knew it, particularly that enormous buyer of E-Mini’s that showed up at 60.20 BKX. This is no coincidence.
But many folks are stuck ‘shorting into the hole’ in the stocks while the credit markets reflect the true fundamentals. This action should come as no surprise as the stock market is a much more emotional market than the credit markets, which see absolutely no improvement in actual fundamentals, which are NOT improving and not likely to anytime soon. So while I respect the move in the banks, and I suppose BKX could rally to 70-73, but I remain steadfastly negative on credit, which is where I spend the bulk of my time.
In the end, BKX 60, will become resistance.
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