UBS AG (USA) [[UBS]] just posted a huge loss (358 mill chf), plus record outflows of over 17 billion for the quarter. And, the CFO got the ax too, for good measure.
If the banks go higher tomorrow, “The Fly” will never blog again.
Developing…
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VeraSun Energy beats by $0.14, beats on revs (7.03 )
Reports Q2 (Jun) earnings of $0.16 per share, excluding restructuring expenses, $0.14 better than the First Call consensus of $0.02; revenues rose 498.7% year/year to $1.02 bln vs the $0.92 bln consensus. Net sales from ethanol increased $710.4 mln, or 499.4%, to $852.7 mln.
if you’re going to miss, you may as well miss big.
Hey fucker, careful. You’re track record with your “if the market does x, I’ll do y,” has not worked out very well for you lately.
So, you better retract that about not blogging again. Maybe say I “think” I’ll quit blogging.
Wait, I don’t get it anymore. Is this good news or bad news for the market?
I’m giving myself a resolution as well — if this shit gaps up tomorrow on this, I’m just going to hand over all my trading to computer rules/triggers.
I will quit, never to be seen again.
iBC will belong to the wonderful mind of Woodshedder.
That will be terrible.
Must retract your statement.
Ok, this is upsetting. I learned to adjust to the new polite Fly, but I won’t be able to take it if you stop blogging because of some Costanza move by the market. I might have to stop trading.
Fly, you can’t quit, you have a fiduciary duty to sell this heap of greatness for 20m to marketwatch thereby living up to your titular admonition to “bank coin”.
Plus, you must hand the keys to me, not Shed, bc Shed doesn’t have the time to monetize the site and you know it. I have the gumption and the internal bloodthirsty disquietude required. And I’m cool with Vincenzo to boot, who, rumor has it, hates Shed bc he insists on spelling his name with several ‘k’s, which Shed insists are “silents consonants”
Shed and boca, you guys need to grow up and act your age.
Don’t make me scold you again.
Monetize? You mean, this site could make money?
Young man, I’m plenty grown up, whereas if you don’t finish your milk and cookies you’ll be in big trouble.
I just always found Fly’s take no prisoners approach quite refreshing, and I would sorely miss it.
Shed I dream of the piles of coin that could be banked merely by charging for admission to the IBC Chatroom moderated by yours truly. I would receive an appropriate monetary cut of course.
Of course, Boca.
By the way, where is the guy who was bringing us the tryptopham?
Yeah I want to try the tryptophan too, hopefully I’ll get some tomorrow. I’m wideawake after sleeping only 2 hours.
after causing havoc, Fly is probably sleeping like a baby
See Boca, I could arrange that type of thing, webcam included (you don’t have to show your face, just, umm, the area above the stomach and below the neck.) You could just sit there and moderate all day.
But that’s not sexist. No. No Ma’am. That’s respect for your privacy. Because that’s how we roll at iBC.
We would bank. And you would be paid your princely sums.
Shed, if TIM can make 45gs in a month, then I’m crying in my stella about our revenue.
That would be one of the many perks.
Boca all day, free candy, open bar, great stock trades.
A heretofore unseen amalgamation of awesomeness and greatness. Not unlike the famed guns-porno-firework-puppy dog store of Simpsons repute.
There is money to be made and we must make it, Danny!
Then it has to be done.
Also, FYI, Fly never sleeps.
It’s called Premium Content.
just know, i should have held my BAC puts overnight.
I am excited for what the new day brings.
You guys need to sign up with a credit card processor and start banking coin.
I know. I’m pretty sure it only costs a few hundred dollars to be secured by verisign and paypal.
I wish I was sober.
See how this place brings a smile to your face and puts you in a happy mood? It’s money.
With that thought in mind I think I will go study one of my trading books, it should put me right to sleep. nite Danny.
I’m sure if we stoop to the level of TIMdouchebaggery that is exhibited on that site, 6 figures could easily be made.
and that’s the quandary. But really, iBC can be monetized sans douchebagness.
Fly:
UBS AG (USA) (UBS: 21.69 0.00%) just posted a huge loss (358 mill chf),
are you crazy?
Second quarter Group net loss attributable to shareholders of CHF 358 million
That’s hardly a huge loss dude. Stop getting married to your position willya.
Ron Paul calls the ill named Housing Bill that just passed in the Senate, what it is: ” The Big Banking Bailout at Taxpayer Expense Act”
http://www.house.gov/apps/blog/tx14_paul/
I was hoping VSE would sell off so I could get back in 🙁
UBS is up at the moment. Will the Fly stop blogging?
When iBC is monetized, The Fly could afford to buy a New Blue Radio.
Perhaps The Fly should seek “angels” for iBC 2.0. Uncle Howard could help set that up in about 10 minutes.
Count me in for $100.00.
Hopefully The Fly will consider doing a newsletter. This market is just a joke. Futures tried to sell off @ 3:30 then someone came in to prop them up. Un fuckin real.
TIM takes it to the Fly: Score 1 – 1 to be continued …
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August 6th, 2008 at 6:26 pm
Fly, the thing here is: I wasn’t a successful hedge fund manager! … learn before you post and your blog could be better ya lil son of a bitch
Looks like we are set for yet another higher start today with oil going to zero.
Take a look at the world markets and you can see that clearly the money flow is into the US markets pushing them higher.
http://preview.tinyurl.com/6b6vwg
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http://stockcharts.com/charts/candleglance.php?EWA,EWO,EWK,EWC,EWQ,EWG,EWH,EWI,EWJ,EWM,EWW,EWN,EWS,EWP,EWD,EWL,EWU
Everyone is buying the USD like it is 50 cent’s latest Shoe. Its like a gold rush out there.
But looking at all the world indexes, the only two that appear to be forming an uptrend is the Netherlands and Switzerland.
I am not sure about the Netherlands, but the Swiss index is being pushed up by Nestle, Novartis and UBS most days. Even though UBS blows. Re-confirmed by The Fly.
Disclosure: I hate UBS with a passion, much like Woodshedder hates his beloved BAC. Which bank do you hate ?
BAC to zero, or 25, or whichever comes first!
FlY – I do need my septic lines cleaned,why don’t you put in a bid after you shutter IBC…got some leaves to be raked too.
Good morning, Gapping and Gregory. Good luck trading today.
Both gold and oil trading down this morning, should bring interesting moves in the market today.
Short oil – it is STRONG to the downside – “they” will take it down down down! Michael Price is short C and WB and long SOV. Hey Fly – don’t go!
So who will speak at the funeral for iBC?
I would personally like to see Sahib Bilderbergs Personal Attendant and maybe the fucking weatherman.
http://www.reuters.com/article/ousiv/idUSN1027386920080811
Spanky’s hanging up his spikes come Jan 09. Don’t know about yous, but I’m gonna miss the market manipulator/interventionist/bailer-outer.
I am going to be simple no fucktarded numbers etc. If GOLD breaks below 791 it will trend down until after the elections. This is a bear market trying to out think it is just what mother market loves. After you pay for hedges puts and taxes. The average safe profet is 5%. It would be smart to save some cash for when the bear market ends. Most money is made three months after the bottom is in for real. So you don’t have to time the bottom. You just have to have some cash. Cash is King get some!!!!
Juice-
Translation: I’m looking for new and exciting ventures to consult* on.
*and by consult, I mean fuck up.
jauncho … or he knows there is no saving this mess & no way he comes out smelling like a rose
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http://www.minyanville.com/articles/MER-lehman-C-citigroup-bank-of/index/a/18450
“All of this could drain earnings per share of the S&P 500 even further and makes me more confident in my long term goal of S&P 500 of 650-900. Even if the short-term emotional, short squeeze rally in the S&P 500 extends to 1300-1350 on a cash basis.”
bought TJX at open.
http://www.nypost.com/seven/08122008/business/sec_plots_proposal_to_deter_short_seller_124069.htm
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Mr Practical
08:45:00 AM
No positions in stocks mentioned.
Lower Oil’s Harsh Reality
Lower oil is giving hope to the bulls. Once again let’s look under the hood.
The reason for lower oil right now is that China’s imports have fallen drastically since the beginning of the Olympics. Perhaps it stock piled beforehand, or more ominously, perhaps its economy is rapidly slowing and oil demand is falling permanently. But oil is falling as economic weakness is taking hold in Asia and thus, the dollar is strengthening. As I pointed out, the dollar strength at this point in the cycle (secular change) is not a positive. Whatever pick-up in exports occurred as a result of a lower dollar will not happen. Oil must fall a long, long way to offset deteriorating economic weakness due to the huge debt that is being written off.
The credit crunch first hit financial companies. As they curtail lending this hits the consumer who can no longer lever up and substitute increasing debt for income. This is reflected in the jump in the savings rate for the first time in decades from zero (negative) to a positive 2.5%. As the consumer buys less, companies start to feel the pinch. They can’t pass on cost increases. The relationship between PPI input prices and PPI finished goods (margins) has deteriorated to the point that profits are being hit hard… first in financials and then next in consumer discretionary. This is where lower oil prices might help, but the ratio has deteriorated so much it will take a major break in oil to have any material effect.
From my perspective we are now just starting to see the credit crunch affect cyclical companies. This will be the next leg of deflation.
Risk is high.
This may have been reported already, but — as if I needed another knife to the sack — UB (one of my “Pasadena Pooftahs”) received a buyout offer from Admiral Yamamato this morning.
Off to commit “sepuku.”
Banzaaiiiiiii!!!
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