On top of that, [[LEH]] is ready to fold up tent. [[PZN]], [[FED]], [[SOV]], [[SFI]] and [[RF]] too.
I swear to you, we live in interesting times. Everything I see is horrid. I try to think of a way where we can get out of this mess intact; but then I get distracted by the ice cream truck outside.
However, “The Fly” is not on fire, at the moment. As a matter of fact, those fucking engineers from [[JEC]] are giving me the business, thanks to a dastardly Goldman upgrade this morning. I can’t believe it. That other stock, [[MXB]], never goes down—despite its ridiculous valuation.
In short, I have a problem. I need to take control of these losses and execute a few good trades.
In general, the market is trying to bottom, like it did with the BSC collapse. However, it cannot.
Oil is pile driving guys like “Donny,” and major financial institutions are on the precipice of failure. Do not try to catch a bottom. Trying to catch a bottom in this market is equal to stepping up to Mike Tyson and punching him in the face. Not a good idea.
Top pick: [[FXP]]
UPDATE: My short exposure includes: long FXP, long [[REW]], long [[TWM]], long [[SMN]], long [[DUG]], short [[PACW]], short [[CAT]], short [[TEX]], short [[VMC]], short [[JEC]], short [[MXB]], short [[HRB]] and short [[CATY]].
Some of my longs include: [[AIZ]], [[RIG]], [[ARD]], [[PCZ]], [[CLNE]], [[DGP]], [[FTK]], and [[BAP]] If you enjoy the content at iBankCoin, please follow us on Twitter
Unless your name is James ‘Buster’ Douglas. One of the greatest fights of all time and don’t let anyone tell you otherwise. Up there with Ali Frazier.
At least PACW looks like its gonna follow.
Market down 2 hundo and I haven’t even had my mid-day wank yet. Better have it now.
Jumping in CHK after their latest offering has rewarded me handsomely the past 2 days!!
I don’t want to know what “wank” means.
Hey, any of you tea bags pick up some DOY, on its way to zero?
Where the fuck is chivas?
Fly: I’ll post a slow-motion video… just for you.
Oh yeah, DOY looks great. I hope it is run by the same wankers that jimmy rigged DCR.
Calvino- I liked the Sonny Liston-Floyd Patterson fight. I listened to it on my transistor radio (look it up youngsters) under my covers when I was a kid.
SMH will be a daytrade buy (Spitzer in and out) when the DIA breaks 11,000 in a waterfall fashion.
http://obadiah1317.files.wordpress.com/2007/06/bailing-animated.gif
What, you don’t trust the government and take them for their word?????? Paulson just said there will be no bailout. The government has never lied to us before, so why doubt them now, right?
This is one messed up market right now. Half my screen is green and a lot of shorts aren’t working. I don’t know why.
I find myself just looking worthy of my best intentions
Ignoring any kinda pause I might receive at all
And all the others seem to find myself a satisfaction
I find a ridicule that isn’t cool for me at all
FUCK JEC and CLF!
Fly, don’t feel bad about not being on fire in a market like today -200 – I would let you handle my portfolio any time!
10773 is the 50% line
I have new stocks worth betting against.
Pending….
Check out WABC. Wow.
Fly, what do you think Angelo Mozilo is doing right now? Today would be a great day for a story about him, or someone just as retarded.
clf has gapped down the last two days and then pushed to highs. They are stroking computers programs. I smell a Marsico or some other momo rat in there.
The foregoing is just an opinion, and not a libelous statemement of fact.
+++++++++++ News Flash ++++++++++++
All US Equities will be priced at $9.99 for Blow-Out Labor Day Sale.
I just saw Angelo Mozilo. He and our well tanned Governor Charlie Crist were heading to the beach for some serious tanning. They had the top down on the convertible to catch the rays.
FUCK HeRB!
Buy FNM, FRE, banks and ibanks. I’m so smart!
Is RIG one of them?
__
CHK still working like a charm!
clf has gapped down the last two days and then pushed to highs. They are stroking computers programs. I smell a Marsico or some other momo rat in there.
The foregoing is just an opinion, and not a libelous statemement of fact.
btw.. there was an analyst an hour ago on bubble tv and lickle tits pushed him off as soon as he said the 90 bil off books assets that Chaime the Demon is hididng at jpm should not be touched.
Dylan raddigan just yanked the Paisan’s chain hard. lol = it is quanitfiable
Corn futures look ready to break 700.
I used to work at WABC before I joined WKRP in Cincinnati.
Respect the yellow line.
How come nobody told me about those no income no interest loans? I would have borrowed millions.
Les Nessman- Jennifer was my favorite.
Calling bullshit on that one Caddy. I will wager a bottle that you have your house paid for.
Fuck you Jake. Rig will eat your liver.
Angelo is probably somewhere in Sicily right now, eating some raw clams with a beer.
The good life.
Am I the only one that feels sorry for Paulson. What a pile shit this guy walked in to.
Holy Fuck, we’re FUCKED!
Do we really need the peanut gallery…it should be renamed the yahoo message boards…constant flow of stupid market calls
The Fly eats peanut gallery bitches for breakfast
And Donny, I am the only one who feels sorry for you.
Funny shit about Angelo. Tell a story, they’re the best.
I thought you where also long MVIS
In the value add (sarcasm on) department :
Citigroup actually comes out and says Freddie Mac (FRE) and Fannie Mae (FNM) are oversold
In the value add dept (sarc off)
http://www.minyanville.com/articles/Paulson-Bernanke-america-Fed-central-bank/index/a/17975
WMT about to die .. toppy toppy .. too many people hiding there
“I try to think of a way where we can get out of this mess intact; but then I get distracted by the ice cream truck outside.”
That is a great Line!
And the market burns, burns, burns
the ring of fire
the ring of fire
Where are those guys that were “calling a bottom?”
10 handle DJIA. Wow. Unfucking real.
Crude Broker
Trust me, I’m doing very well. If you want to feel sorry for somebody, start with Fly’s buddy, Alpha, who pimped Fannie Mae, and bought “lots of it” the day before Armageddon.
OUCH!
Are grown men (Bill Seidman) crying on CNBC today? It looks like they all own a ton of FNM & FRE
BBH (biotech etf) looking okay on a relative basis.
As are banks FITB and HCBK. STI will move up on any market pop.
I can’t wait to get on TeeVee today !!!!!!
Thanks Gods I dont have to put money where my freakin mouth is!
All I have to do is talk ! say damn near anything I want .. you fucktards follow my advice, wtf do I care?! I still have a yob … maybe not for long
my latest advice – when I get fired, go loooong !
cover the clf short for the trade
DECK decked.
DECK back on the menu?
This is just a temporary oversold condition – just ask my friend Larry Krudlow
Now taking JPM out to the woodshed (no offense to Woodshedder). It’s like a rotating guillotine.
Seriously, for some of you more seasoned players out there – is this what capitulation looks like? – not ready to go long yet – too many shorts still working and the omni present vix is still below 30
It is ALL the democrats fault. Everything.
I just fell off the wagon again and that is the democrats fault also.
I need another pint of Jimmy Beam
For what it’s worth, XLF has support @ $18.45 going back to 2002’s low.
bob
if you are talking about going l-o-n-g (holding for more than 6 months) you should wait till late 2009-ish
playing the upcoming bounce is a different story tho
…assuming there will be a bounce, of course
I don’t think we’re quite there (capitulation). I’m still waiting for 1-a high profile bankruptcy caused by economic conditions or 2-something so drastically positive that it changes the housing market (thinking accounting rule changes that allow firms to not write down paper losses for the ST or something)
Capitulation is when we have waterfall declines and traders (the ones that are long) are vomiting at their desk. The declines thus far are too orderly.
Thanks Null – I meant the bounce – starting to think the PPT will pull something out its ass this weekend and knee cap the shorts again – we’ve seen parts of this playbook before –
QCOM looks like it could have a nice run. It’s trading well today despite everything else.
TraderCaddy:
Maybe you get a short term bump on STI but have a look at their loans. They are fucked! I’ve been loading up on the Oct 20 puts.
Yup, STI has a bunch of problems here in Florida. I am daytrading it only. I have made two round trips on it today. South Florida condo construction and end loans are a huge problem and Orlando is only a little better, although, Orlando housing sales have gotten a bump up this month and price declines have seemed to stabilize.
One interesting tidbit about STI is that I believe they still hold their original investment in KO from the original offering a century or two ago. It’s gotta be worth a ton.
TraderCaddy, we need more vomit. However, we are getting very close to something tradable. In one of my last posts before I quit, I made a case for 10,750 being a likely place for a tradeable bounce to occur.
STI began selling the KO stuff. Still have some, but they are liquidating.
2175ish for nasdaq may see a bounce
look at the weeklies of spx and djia hitting support but we might pierce it and turn back god knows
“Oil is pile driving guys like “Donny,” and major financial institutions are on the precipice of failure.”
DUG 4.17%
RIG -3.90%
This is no time to get motherfuckin’ cute … not even for The Fly. AND, don’t equate me with “major financial institutions”! STOMP-STOMP!
Good return Donny.
However, you forget, I am long DUG too.
“The Fly” wins all the time, even when he appears to be losing.
I suppose all capitualtions are somewhat different. To me, this is what I want to see:
1) I want to see stocks open down huge;
2) I want to see at least 90% of all stocks traded continue to decline through midday;
3) on huge volume;
4) I want to see VIX spike to at least the mid 30s, if not 40;
5) I want to see stocks reverse INTRADAY with just as much vigor as they were sold in the morning, with 90% of all stocks trading up off the bottom.
6) I don’t necessarily need to see stocks finish postive on the day, but that would be ideal.