I bought 3,000 Peabody Energy Corporation [[BTU]] @ $60.05.
UPDATE: I bought 5,000 Walter Industries, Inc. [[WLT]] @ $69.
Disclaimer: If you buy BTU or BTU because of this post, the next time you go fishing, you will catch a great white shark. And, you may lose money,
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Not bad.
I like the cheapness and short squeeziness of DRYS myself right now…
Could be rip roaring goodness end of day.
FUCK YOU BULLS! YOU’RE DEAD!!!
No kidding around:
“The Libor problem continued today with three-month Libor set at 3.135% today, just 1.25 basis points lower than on Friday, which was when Libor-to-funds was at its widest since 1987. In the agency market, yield spreads are wider today. The yield spread between Fannie’s 10-year and 10-year Treasuries is up about a basis point to 65 basis points, and Freddie’s 10-year is also 1 basis point higher at 68.5 basis points. Both spreads are a only a tad down from last week’s high.”
Plus high oil, and anybody has been watching the DOLLAR? It’s getting WHACKED (bullish for commodities)!
How are those financials working for you? Shouldn’t have changed your stripes on the fucked up sector. Kinda outsmarted yourself. Should have bought DXO like I’ve said for a week now. You’re getting your wings pulled off.
Market is going down much farther after the short squeeze margin calls are over at 2pm est. Going down big tomorrow too. S&P should drop to around 1172. Stupid bulls.
http://www.youtube.com/watch?v=youiekG2UJA&feature=related
Bounce at 1172 to around 1280 at election time. Then down to new lows. Guess where to? I’m not telling. I’m making too much money!
Devildog, did you satisfy ur margin calls yet? the mkt is not done going up for now. Just FYI. next round of squeeze will just suck out the last drop of blood.
No calls for me douchebag. Up about 23% on DXO. I guess you’re the stupid bull that will be squeezed this afternoon and tomorrow. Gotta get all the bullshit out.
Devil Dog: Go fuck a mastodon.
The Fly is God
Whoops up 31% on DXO. I’m up $124K!!! Nymex halts crude trading. PPT is really in a panic. Can’t have gas going up. HAHAHAHA! Fucking government sucks.
Took profits at 15.88. I’ll buy the dip and then up to 18.00. Time for some rich man’s whiskey with lunch. See ya!
The black helicopter is circling my compound now. No shit.
Probably looking for my neighbor’s “cash crop”.
Tough shit. It’s all planted on government land. Hahahaha!
Go easy on that whiskey DD, we need you here for humor. Todd of Miyanville says huge short sell orders from London and Dubai on 9/11 may have contributed to short sell ban. WOW! Market terrorism?
Everyone grab your ankles and take it like a man !!!
Ooooohhh, baby… hammer me Hank!!
Oil is out of control.
cl up 20%; buy XLE now?
Nice, banking some man-sized gains now via AUY, HK, PCX.
The Fly Says:
“Oil is out of control.”
You called it. DIG has a gap to fill, better get in quick if you want in.
Dig flipping over
short squeeze going on in oil, today is last day for the Oct contracts, will just be a huge move down tomorrow when they start trading the Nov contracts
Just sold my BTU FCL & a bunch of miners
Doug Kass was right again ! re: his buy coal, any coal
————————
Todd Harrison
01:53:56 PM
No positions in stocks mentioned.
Answers I Really Wanna Know…
* Do you see the action in the financials (Wells Fargo (WFC) -13%, JP Morgan (JPM) -13%, Washington Mutual (WM) -20%) despite the Martial Law in Red Dye Junction?
* Does that effectively dispel the myth that short sellers were the root cause of the decline?
* Or does it simply speak to foreign holders–and mutual funds–selling their financial holdings?
Bennet Sedacca
01:27:39 PM
No positions in stocks mentioned.
A quick comment on credit…
Without naming names, there are many a company whose preferred stock trades, well, like livestock.
So the window remains closed.
And I ask this, perhaps rhetorical question. If banks trade like this without short-selling, does it not prove that the issue all along was fundies? Sure seems like it to me.
But the credit market is giving this plan the thumbs down.
Bennet Sedacca
12:35:45 PM
No positions in stocks mentioned.
The big question I have now is…
…Are the Feds and Treasury shooting blanks?
They have thrown everything under the sun at this leveraged beast we call our market.
I can think of only one bullet they haven’t shot, which maybe they will shoot should this plan that was thrown together hastily doesn’t work, as I suspect.
And the last bullet they have is to abolish FASB 157.
Coops and I were just talking about this and I have to tell ya, as a credit market guy, all that REALLY matters to me is if the loans perform. If the loans don’t perform, the bonds won’t perform. And the delinquency rates we are starting to see on option ARM’s are staggering as they begin to reset.
So, no, I don’t think the bonds will perform. But what bugs me most, is that I managed to do my homework and avoid owning Fannie Mae (FNM) / Freddie Mac (FRE) / AIG (AIG) and toxic waste that was constantly marketed to me by the Street. The real sad part is now I own that trash as well. Like it or not.
I continue to see weakness in credit and think all rallies should be faded. The pain trade is still lower. Much lower.
http://www.minyanville.com/articles/INTC-WMT-TGT-GE-DELL-gm/index/a/19095/p/1
Todd Harrison
With that said and respected, I would like to draw your attention something I picked up over the weekend. There is chatter on the beltway that we’ve been the victim of economic terrorism, a coordinated short raid coming out of the Middle East.
While we don’t “do” rumors in the ‘Ville, my source is well respected.
Further, it makes intuitive sense as the goals of terrorism are economic destruction and social upheaval. The stock market is the world’s largest thermometer and “breaking” the capital market construct—as some would say they did last week—would effectively achieve both goals.
Whether or not that proves true, I would expect a coordinated agenda to emerge from Washington akin to what we saw after September 11th, 2001.
During that period, the lines of distinction between bullishness and patriotism blurred and it was considered un-American to be a bear.
What we saw last week was in many ways an extension of that as it’s now illegal to bet negatively on a select—and growing—segment of the market.
Bennet Sedacca
11:13:39 AM
No positions in stocks mentioned.
For what it’s worth, part 2…
Managing a hedged portfolio these days is a bit bizarre. But so be it. That’s why we trade so close to the vest. But I will say this.
What the government is doing is forcing most of us to play very small and very tight. It’s OK with me as I had guessed they might do this.
But what I find interesting is that the market doesn’t act better than it does.
After all of the intervention, or rather, intrusion, you would would think th market would be better than -15% YTD.
This leads me to believe when the next move comes, it won’t be a correction. it will be a crash.
I sure wish I could buy crash protection.
Good adds, Juice.
If shorts aren’t the evil doers, who gets to be the next Inquisition pin-up?
My bet is they ban snarky financial bloggers who have made massive coin YTD.
Look for permanent restrictions on the terms “government fuckery” and “asshattery.”
“Look for permanent restrictions on the terms “government fuckery” and “asshattery.”
The move today in oil, will only give the gov’t more ammo to go after the traders. You wait and see, in the very near future, asshats like Barney “FuckFace” Frank will start floating the idea to kill the “speculators” in this this market too.
The Gov’t is completely out of control.
Perfect storm: Failure of the credit markets + Public fear + Administration demanding total control of economy… within a week + No real “plan” + Treasury Sec. & Fed panic + National election weeks away + Diminishing US power, influence and trust abroad.
If and when int’l investors pull their money out and sell dollar assets it will make the Depression look like a bad weekend. I see no effective leadership out of this for a long time. Near term government action ahead of an election will only make things worse.