With oil down and another gigunta MER writedown, asshole dip buyers find it reasonable to buy the banks, apparently. As a matter of fact, yesterday’s entire leg down has been erased in the banks. Go-fucking-figure.
If there is one thing to learn from all this, just know that the market is never right. I know a lot of people out there love to say “the market is always right.” I don’t think so.
The market eventually gets it right. But, for the most part, it is chockfull of brainless chickens, clucking away, buying stocks with impunity.
At these levels, I like [[SKF]] and [[SRS]]. Hell, I even like [[FXP]]. But that doesn’t mean I will be right tomorrow. For all I know, I can be wrong for the next month or two. However, as you well know by now, my God given right is to bank coin in the market. So, one way or another, I’ll figure it out.
At the moment, I am redoubling my shorting efforts in [[TCB]]. This stock, like many other regionals today, is sprinting higher, for no good reason. In my estimation, this fucker should be resting its laurels around $10.
Furthermore, I am taking this spike to sell off some more longs.
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My old buddy fly. Ive missed ya man. still love me? I came to the all knowing fly to see what he indeed knows. Are you familiar with Highland Capital Mgt? They seem to have bought half of MVIS secondary.
http://tinyurl.com/6mbhdl
Goldilocks! Goldilocks!
Where’s the rallying monkey?
401k= cash.
None of the funds are worthwhile.
Set up a SEP iRA and make the max contribution and get hedged.
The rally started at 12am est. Nishiki Takijiro started throwing his filthy currency at the bankrupt dollar. The yodellers joined in about six hours later, knocking down the crude and throwing their francs at the bankrupt dollar. There is money for your rally. Even the Bank of Canada joined the fun. The laws of physics have been changed, by dictat.
whatever happened to your MVIS to 4 shit ? idiot.
If Cramer’s buddy was right about gold, GFI is a nice short here.
Highland is mostly a distressed bank loan shop. The MVIS deal was priced like a typical PIPE deal. Maybe Highland is in the PIPE game, I’m not sure.
Or maybe they just like buying registered stock 22% in the hole with 60% warrant coverage.
Regardless, the banks have zero earnings power going forward. And, the investment community has zero confidence in them.
By the way, the investment banks went to the Fed window in a big way last week.
Forgive my tendency to go long, but I think AMSC is worth a look here. They make electrical components, wiring, and integration systems for wind parks. While they’re not making money yet, they’re doing stupid revenue growth and have $0 in long term debt. But what you will likely find most interesting is the 43% of the float held in short interest. Can you say exsqueeze me ma’am?
Warning Bears, Per CNBC, Martha Stewart is now bullish on the US Consumer.
Dennis Kneale needs to die.
The U.S. market will still be in a bear market for at least 2 more quarters. This is just a rally for suckers to lose money going long for any extended period of time and CNBC journalist to daily ponder, “Is this the bottom”? The only reason to even watch CNBC is Rebecca Jarvis.
Valuation, Trends, and Pullbacks. Identify and profit from them.
poor pisani. sounds like he’s ready to go.
WM?
they should rename that ticker to WTF
Notice also [across the board] borrowing from the Fed window is way down. [data on my blog]
Not a whole lot of (even crappy) assets left to pledge, Duc.
Also, borrowing from the BANK window has dropped quite a bit as well, you may have noticed.
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i am surprised no one has said this yet….
pull up a 2 year chart of $WTIC
its still in an uptrend, hasnt violated it.
looks like $110 is the crucial mark
all this “oil is dead” seems a little premature to me
TEd STevens is beckoning the PPT to follow their leader. Off to the hoosegow, fuckholes.
Bennigan’s and Steak and Ale bankrupt.. rally on.. it’s someone else’s money anyhow. Where the heck is Martay going to eat his prime London Broil now?
I’m cutting you off, Fly.
Put a baseball cap on Bill Griffin and you got Dale Gribble of King of the Hill…
This “rally” is nothing more than end of the month paint taping by the funds. No more-no less. Need those bonuses don’t you know, and who gives a shit about the clients money when reality sets in and the market craps out? That’s ok. Let ’em run it up a little further and then come thursday’s close, short the piss out of them.
Duc:
How will the underlying asset (homes) rise in an environment where the buyer needs to put 30-35% down and will receive a fucked rate of 6.7-8%, depending on credit?
Also, if the inventory of homes are unable to move, how to expect the CDO’s to be worth anything at all, considering the asset is so far under water?
Duc,
You better run on.
Fly…don’t fuck with me.