I bought 10,000 [[SRS]] @ $86.82. And, I bought 1,000 [[SKF]] @ $131.25.
UPDATE: I bought another 10,000 SRS at $90.
Disclaimer: If you buy the above stocks because of this post, Doug Kass will actually make an accurate market call. And, you may lose money.
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WOW, thanks for bringing my attention to Bill Miller.
How long until the mess is over and economy grows in classic bullmarket fashion? 2 years? 5 years? 10 years?
Nice Picture 😀
At least I learned something new today. I always thought naked short selling was when one had to remove his (or her) clothes before selling short.
I will now turn my broker over to the SEC as they used web cams and required me to git neekid before I shorted a stock.
I feel so ashamed.
jay, We will know this in the fullness of time.
Short GS & LM — Fly I owe you!
Just repurchased a bunch of MU @ 4.02 to dump soon.
Full on panic into the close? Stops will be triggered at SPX 1170 , then a flush will be heard, round the world.
MS & GS heading to zero, rather quickly.
It’s not easy, being green.
Holy shittola … just covered some MS @ 17. Where does she get a bid?
Yes, this could be the day when people really wake up and realize the severity of the situation. The 3rd wave, for you e-wavers.
As far as a classic bull market? As in buy KO and GE and don’t look at your account statements for 5 or 10 years? That is years away, most likely, IMO.
Looks like John Mack will be working this weekend.
i j/ want to say… fly i <3 u,
One of my main areas of focus over the past several days has been the credit market, specifically the amount of uncertainty being priced into it.
As a reflection of the turmoil, I’ve been writing quite a bit about the Panic Button, an indicator which combines several different measures of concern in credit. Yesterday afternoon it reached the 5.0 level, historically important, before settling back into the close (see yesterday’s note for a chart).
This morning, we’re seeing a tremendous flight into short-term Treasuries, the same thing that happened the last time (in September 1994) that a money market fund “broke the buck”. In addition, Libor rates remain elevated.
That combination has been enough to push the Panic Button to a reading of 8.1 this morning. I don’t have intraday data for historical readings, so we can only compare today with prior closing readings. If we recover again into the close, then we probably won’t see an extreme like we are currently.
But it’s notable that this is a new all-time record high in Panic, dating back to 1953. The only other instances which came close were a reading of 7.9 on August 20th, 1982 and a reading of 7.6 on Black Monday, October 19th, 1987. Both were important historical dates (and very bullish).
So what we must ask ourselves is this: “Is this time different?”. Are we seeing something so totally unique, so many crises coming together at the same time, that we simply have no historical comparison? It’s possible, and if so then we could crash. A 10% or larger down day, to finally wash it out.
The kinds of readings we’re seeing now, and over the past few days, are only comparable to what we’ve seen AFTER past crashes and crises, not immediately before, so we really have no comparison if we see continued weakness. We should be rallying…right now…and not drifting along to the downside. This is not typical, and not healthy.
I’m continuing to bank on the idea that we will mostly conform to historical precedent and see generally rising prices over the next week or so, before a probable re-test of any potential low formed around here. I’m concerned, though, that we are not getting a better reaction.
Hillbilly: Trying to catch bottoms is stupid. And if you are going to buy KO and GE they are old ‘n fat and will be late to the new bull market, no need to worry.
Fly- Did you say GS book is $99.00?
Looks like Morgan Stanley is next. Find a buyer before Monday, or you’re fucking dead!
http://slopeofhope.com/2008/09/irx__good_god.htm
Someone splain what this means?
Based on the egregious MER deal with BAC… Anybody have any thoughts at a possible price that MS could be offered?
Maybe we will get to negative short term rates like Japan had for years. Then instead of a Yen carry trade it will be called a Dollar carry trade.
Kiwin: Trying to catch bottoms is stupid for most people, which will be made obvious over the next few months and years.
I think anyone that understands what is going on here will do much better.
fly, i don’t know how to say this without sounding like a sycophant, but i never would be this short if it weren’t for your blog. i’m making money on this down 350 day, largely thanks to your words.
so thanks mang.
fish
Holy schit… RBS preferreds trading at 26 fucking percent??
What happened to “eff’n ets noot Scottish, ets craaaahp?”
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Fly comment?
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