This is breaking and very insightful newz [sic].
via CNBC:
Since The Washington Post dedicated an entire front page to the economy, in today’s news paper, the market had bottomed.
You-cannot-make-this-stuff-up.
Off to drink some coffee, chainsaw some trees and kill a few birds, much to DT’s chagrin.
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I’m putting on my gay neon jumpsuit and calling a bottom.
fuckery all around
Fed to auction off another $75 billion from TSLF, but accepting riskier collateral. Banks out of the good “stuff”?
http://www.newyorkfed.org/markets/tslf/termseclending.cfm
We spend entirely too much time and energy on the blathering fools of CNBC! The news “readers (anyone think they are analysts?) are there for entertainment. None of them (Santelli excepted) has a clue about how markets work. Cramer is a clown, but that’s ok, because it’s what they are paid to do.
Real market info is available at Bloomberg, but it’s too boring to watch all day.
We exist in a world similar to that of a fighter pilot- hours of total boredom puctuated by the occasional ten minute period of utter fear and exhiliration!
Turn off your TVs, folks and you will make more money… I can almost guarantee that.
Come on, we all now once the Dow hits 30% down EXACTLY, everybody will call a bottom; Book it…
You can just picture Vince Farrell: “Blah blah blah, the average bear market bottoms at 30%…”
Off to my men’s group meeting.
Today, we discuss our relationships with our fathers… again.
I’ll also work off some anger regarding this post.
-DT
Ah, DT has father issues, now that explains a lot.
Luke, I’m you fazher!
Tales from the Tanned One (he was buying off judges…who would have thunk it?):
In January 2004, Richard Aldrich, a California state appeals court judge, decided to refinance his 8,200-square-foot house next to a Jack Nicklaus-designed golf course at the Sherwood Country Club in Westlake Village. He turned to a prominent Sherwood member: Countrywide Financial chief executive Angelo Mozilo.
Aldrich’s application was assigned to a loan officer named Robert Feinberg; the judge was seeking a $1 million loan and a $900,000 line of credit. By email, Feinberg alerted Mozilo that the credit line was “above what guidelines allow.” Mozilo responded, “Go ahead and approve the loan, and close it as soon as possible. Don’t worry about this deal, it’s golden.” Countrywide further waived half a point, or $5,000 on the million-dollar loan. (Homebuyers can reduce their interest rates by paying points, which are equal to 1 percent of the value of a loan.)
That wasn’t Aldrich’s only contact with Countrywide. At the time he refinanced, a class action lawsuit against Countrywide was pending before the appellate court, brought by borrowers contending that the company offered an inadequate payment to settle allegations that it charged excessive fees for credit reports. That August, Aldrich was part of a three-judge panel that unanimously rejected the borrowers’ appeal.
http://www.portfolio.com/news-markets/national-news/portfolio/2008/07/16/Countrywide-Deals-Exposed
tonight on pay per view
leave the birds alone…may a flycatcher have its way with you….:-)
I sure hope I was not the only idiot shorting SKF in the 200’s. What a ride down!!!
hey, i am the other idiot but i shorted it this morning too 190…haha
I note with mixed feelings that any trade I would have placed today would have been ultimate asshat fuckery, as I would have been screw-the-pooch, you-did-what?, Sussquehanna Hat Company wrong. Tomorrow, back in the game wiser and no poorer.
I promise to adhere to the “up-dick” rule from now on, and I am definitely into calling a bottom or two!!! Yeeeee haaaaah!!
Doug (K)Ass is banking coin today or lets hope he is(It would be ironic if he sold all his bank longs before yesterdays close and went all into SKF).
Gemini, you’re no richer either.
Dino Trader, I’m your father!
NOOOOOOOOOOOOOOOOOOOOOOO!!!!
-DT