iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,598 Blog Posts

No Bids

What the fuck was that?

We went from down a lot to up to back down huge, all inside 30 minutes. Seriously, I fucking loathe this tape. With the absence of short sellers to bid for spiraling banks, the volatility is insane.

Despite being down for the day, my intra-day buys and sells were accurate. We will see how smart I think I am, sometime early tomorrow morning.

My bank longs, Synovus Financial Corp. [[SNV]] , Citigroup Inc. [[C]] and [[UYG]] did well, while my recent foray into commodities sucked wind.

Go figure.

Off to drink a few dozen shots of gasoline.

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83 comments

  1. yo adrian

    The tape reads like a schizo on acid.

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  2. recusancy

    Govment has the maket by the balls right na.

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  3. schizo on acid

    Shit doesn’t make sense to me either, and I just ate my fucking thumb. FUCK, I’M COVERED WITH SNAKES.

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  4. terminal

    Trader’s market, picking off the stragglers.

    Asking for a second directional day in sequence is a long shot.

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  5. BIG MIKE

    Big Mike always win, even when he appears to be digging his own grave.

    In all seriousness, I am long big in financials, but I have a BIG hedge on SRS as well. You can never trust a politician. Who knows if they decide to fuck this up. If they don’t get their shit together by Friday, look out below…

    Credit market is still very bad…LIBOR barely came down, and 3 months t-bill is below 1%.

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  6. CAP

    The stock slide yesterday and today is to pressure Congress into approving the bailout out. Paulson and Bernanke have the switch which when activated sends the market lower. Paulson was probably showing Congress reps their 401k account balances in real time.
    ‘Look Senator, your account is down $250k ….. now its down $500k…… whoops there goes $750k. Are you sure you don’t want to approve that bailout ?’
    Thats how thugs like Paulson do bidness.

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  7. Corrector

    I think we all know how smart you think you are; very much so indeed. What we will know tomorrow however, is how smart were your latest moves …

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  8. boca

    “The stock slide yesterday and today is to pressure Congress into approving the bailout.”

    Exactly my thoughts.

    Congress wants to recess and go home without having to put their reproductive organs on the chopping block. My best guess is that Congress will do something (insufficient) before Friday or early next week and then go home, they don’t want to risk not getting reelected or the ire of their constituents waving their 401k statements. They’re all desperately wondering how to look like they’re saving the world from collapse while not taking any blame if the market and economy tanks anyway.

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  9. TraderCaddy

    I can’t even short XLF or UYG per my broker as it’s not available.
    In the meantime I see where Mahmoud Ahmadinejad will be on that Zionist Larry King’s show tonight. I propose that Fly call in and ask Mahmoud his opinion about the short sale ban of financials.

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  10. Anton Cigur

    They banned shorts a long time ago in Iran.

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  11. Anton Cigur

    At least on women.

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  12. boca

    F’in shorts, they caused the collapse of Iran’s economy and weakened it’s moral fibre by promoting a decadent lifestyle.

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  13. Anton Cigur

    Not sure that the slide in stocks is a coordinated effort to pressure congress to act. I think it’s just a lot of really scared retail investors and funds trying to meet redemptions. I’d prefer to believe it was the former, but I don’t.

    But to be clear, I have been absolutely wrong with every thing I’ve done this week, so you’re probably right.

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  14. Anton Cigur

    I believe the “polite” term for F’n shorts are “Daisy Dukes.”

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  15. boca

    I don’t think it’s coordinated, just an overall profound lack of interest in going long until the bailout package is known in detail, combined with the ban on short selling = lack of bids.

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  16. boca

    Anton, maybe you should try the Costanza trade on your own picks. Then again, the market sucks, so it might not be you.

    That stream of F’in profanity on the other thread was almost lyrical. It just flowed.

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  17. Juice

    Darol Ryan

    04:10:26 PM

    No positions in stocks mentioned.

    Will Ben Move Before The Bailout?
    Paulson and Bernanke just realized today that this bill is probably not going to pass this week and right now timing is everything.

    With the credit markets falling apart I wouldn’t be surprised to see a Fed cut this week. We get a lot of economic numbers before the weekend, so that may be their opening. The market is priced in over a 50% odds of a 25 bps cut by the Oct. 29th FOMC meeting.

    Jeffrey Cooper

    03:56:02 PM

    No positions in stocks mentioned.

    Take a Hint?

    Goldman Sachs (GS) is behaving well into the close.

    Is this a tip off for tomorrow?

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  18. Anton Cigur

    I see.

    This is a perfect storm, tho. Jittery congress ready to go on vacation just weeks before a national election and a “super-qualified expert” offering to save us all if only he is given complete power over the economy and a mere $700 billion to $1.8 trillion in walking around money to make it happen… Oh, and you have until the end of the week to decide or the whole planet slips into the Dark Ages 2.0.

    I mean, what could go wrong with that plan?

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  19. fubsy_cooter

    I’m slowly moving to cash with stops. Ready for a break until the market gets a more clear.

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  20. ZenProfit

    IMHO prices are falling because there are no bids. This is due to belief that no-short rule has skewed market one way: down. The lack of equilibrium continues the last trend, which was DOWN.

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  21. Anton Cigur

    Thanks, Boca. Before rap and it’s retarded little brother “spoken word slams,” I learned something called “iambic pentameter.”

    If this market persists, look for my work on a new series of Hallmark eCards.

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  22. Donny

    I don’t mean to be repetitive, but this is important. A couple of real simple points for fuckers to ponder:

    Oil is gay, and will become more gay, mainly because our economy is so gay.

    Why hold large positions overnight, when the congress, or the PPT can come in and cut your dick off.

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  23. Q4

    Simply unbelievable.

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  24. Anton Cigur

    Zen,
    Thanks for that. I read a similar post on another investor’s blog. It would be great if some of the technicians like Wood, Danny and Gio could weigh in on your point.

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  25. ZenProfit

    Hey, I’m making this stuff up as I go along. Sort of like a knowledge-less Fly.

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  26. Anton Cigur

    Donny,
    Thank you for that “word picture.”

    As I have posted before, the broker I get, the wiser you become.

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  27. Q4

    “The beast is out there and he’s hungry”

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  28. Anton Cigur

    Tell that fucker to go back to slouching toward Bethlehem and leave us the fuck alone.

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  29. Dinosaur Trader

    Meanwhile, this has to be one of my favorite comments ever here… I hope I’m not inadvertently complimenting Jake.

    schizo on acid says:

    “Shit doesn’t make sense to me either, and I just ate my fucking thumb. FUCK, I’M COVERED WITH SNAKES.”

    -DT

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  30. Anton Cigur

    DT,
    True that. That was gold.

    Juice,
    Good post. I hope you’re right. Totally forgot about the emergency rate cut possibility. Of course, the world could read that as absolute desperation and sell the financials… which, without a bid from the shorts, would be a meltdown of China Syndrome proportions.

    (Just mentioning the China Syndrome because I know Jane Fonda is Jake’s favorite actor-commie.)

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  31. Andy Dick

    Fuck, I’ve been to Burning Man tripping balls with Robert Downey Jr., but nothing holds a waving glo-stick to this market.

    Damn…I should never get behind the keyboard after droppin’ tabs.

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  32. Robert Downey Jr

    I thought I told you to stick with the microdots.

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  33. Blue

    FLY, I was watching SNV and it got a big block buy that quickly got beat down. Not to mention the volume fell off the cliff today. Anything to speculate on?

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  34. Chuck

    Dodd should include Pete Rose induction as part of the bail out.!~!!!

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  35. Market Fool

    Hey DT, it would be better to surf like this:

    http://www.surfline.com/video/video_player/video_player.cfm?id=14631

    (I don’t have a google acct)

    Cheers,

    MF

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  36. TraderCaddy

    Now we know why GS was moving up in the last twenty minutes or so while the rest of the market was going down. The usual trading on inside info and this is why some may think the market is rigged.

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  37. Juice

    Lets see if the SEC checks those late Goldman trades

    yeah, right !

    maybe if they were short sales that knocked them down

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  38. TraderCaddy

    XLF was also being bought after hours and before the news of GS was posted. Usual Wall Street B.S.

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  39. StoneCloth

    Buffet loads up on Goldman. $5 billion. Futures are now green. GS gains $11

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  40. JakeGint

    Shit, look at that.

    No “end of day” music video.

    The boy must be rattled.

    Either that, or he’s got a staple acting up on him.

    _______

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  41. CubsRock

    The Fly is God.

    Are you kidding me? Futures up 180 hahahaha!!!

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  42. Michelle B

    Right, DT, Schizo’s comment (“Shit doesn’t make sense to me either, and I just ate my fucking thumb. FUCK, I’M COVERED WITH SNAKES.”) was perfect.

    Schizo sounding solidly sane compared to Comrades Paulson, Bernanke, etc., makes me feel just a bit bothered like I would be if fire ants were rooting around in my eyeballs.

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  43. Michelle B

    Not sure if this is the reason for the ramp in AH, but when my streaming news announced that Buffet’s company bought a 5 billion stake in GS, everything jumped on my watchlist.

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  44. JakeGint

    MS up too, the fucker.

    Why not? It’s like when Andersen went down in the Enron imbroglio. Less competition.

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  45. ZenProfit

    The Fly is LONG C, SNV & UYG. All are UP AH.

    The Fly is God.

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  46. pn

    Follow thru day tomorow. Here we go…

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  47. CubsRock

    Quick, somebody go syphon the gasoline out of The Fly! Everything is going to be ok 😀

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  48. The Game is Rigged
    The Game is Rigged

    Cmon, tell me it isnt, i’ll punch yer fucking eyebrows off.

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  49. mrkcbill

    I’ve been on the RW radio all day..sentiment is were not afraid of the Boogey Man.. Paulson trying to scare the shit out of everyone. Not a good time to be playing stock market.

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  50. cuervoslaugh

    Now that’s just silly that the futures are up 162 on that news.

    Folks are getting crazy.

    How is it that a known value investor (who prefers buying stuff so beat up it might as well be comatose) putting money in one of the reincarnated ibanks good news?

    Buffet thinks in decades while the rest of the market is thinking in terms of the next quarterly report.

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  51. fuck

    Fuck me with a can of caviar. The most expensive one you can find.

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  52. Anton Cigur

    Miss Market, I’m sorry that I yelled at you earlier…

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  53. Warren B.

    Listen guys, I hate investment “banks”. Just stepping into their building gives a man cancer (it’s a fact, look it up). I spit on their glossy annual report and wipe myself with their 10Q’s. But GS will never go down, will never go under. It’s in the Constitution, article ICIXXI. You know it. I know it. They know it. Why not bank a little coin off it, with a spare billion or five?

    I was going to announce this news a few days ago, but that Paulson guy insisted that I “time the move”. I was going to lecture him on having a long-term view, but he called in the middle of Matlock, so I let it go. Whatever.

    Remember: I always win, even when I appear to be old and out of touch.

    Well, I am old and out of touch, but I always win just the same.

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  54. Juice

    The MAN on wth happened (to our economy) & how to end it.

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  55. Ozark Hillbilly

    Remember, Warren Buffett doesn’t buy stocks, he buys companies.

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  56. Prospectus

    The volume was pathetic today, coupled with a very large move down = no bidders. VIZ

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  57. Mystery Frank

    Market rallies after hours on news that GS received death spiral financing? Any schmucks buying this rally bother to read the terms of this deal?

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  58. The Zombie

    Yes! Fly wins again!
    The Fly is God!
    On top of that, Fly said Solars may catch a bid as well.
    Solars should work well tomorrow after this news:

    WASHINGTON, Sept 23 (Reuters) – The U.S. Senate on Tuesday approved a package to extend $18 billion in tax credits for using renewable energy sources like wind, solar and geothermal and also provide incentives to cut energy consumption.

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  59. DSB

    They promised Warren an underwater underground harem ‘facility’ in the south pacific, outside of all jurisdictions, staffed by genetically enhanced bisexual women of all varieties, especially Asians. This is how Warren is planning to live out his remaining days, until he is frozen in carbonite and his likeness preserved until a later date.

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  60. Employee8

    Bernie Sanders knows how to call a spade a spade …. he just took it to Kudlow … free markets and no gov intervention except for wallstreet ….Kudlow’s an Asshat!

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  61. Juice

    Kudlows a commie apparatchnik and Luskin is a wannabee apparatchnik looser

    oh, and Luskin is also an economic adviser to John McCain.

    “Full disclosure: I’m an adviser to John McCain’s campaign, though as far as I know, the senator has never taken one word of my advice.”

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  62. Joe B.

    Luskin’s advice could ensure that McSame loses in a landslide.

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  63. Juice

    McCain hired him as a public service. He thought that would get him off national tee vee.

    In other views: http://www.clusterstock.com/2008/9/warren-buffett-saves-the-day

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  64. Employee8

    Will stabs McCain despite his Palin pick …. McCain is toast, the economy and the right wing are turning on him!

    (see link in name above)

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  65. Prospectus

    It almost looks to me that Buffett played a trump card to Commissar Paulson’s Hostile Takeover of the United States of Goldman Sachs. If this sticks, then the bloated sheep in congress are off the hook, and so are we.

    It’s genius, actually. What’s $5b to Warren Buffett? Pretty cheap way to become the next JP Morgan in the history books for saving the country. Bravo, old man, bravo.

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  66. Nardsbrau

    Now for GS to take that $5B and turn it into $150B…and yes my droogies, we are saved..

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  67. dfxdfx

    “William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks in order to demonstrate to the public their confidence in the market, but their efforts failed to stop the slide. The DJIA lost another 12% that day.”

    http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929#Timeline

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  68. Juice

    HOT off the presses .. GS takes Berkshire to Strong Buy, cites no conflict of interest

    oh excuse me … that headline is back from the future

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  69. recusancy
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  70. If Ol Warren was about 15 years younger, he would own the whole freakin economy before he died – SDS may be as good as SRS if SKF is no longer reliable.

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  71. Lloyd Blankfein

    Yeah, Warren wanted to make sure this administration exits on an embarassing low. As for me, I just wanted to make sure Hank does not get his old job back. A convergence of interests if you will…

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  72. SSTURN

    Can someone please tell me(other than short covering) who the F was buying the likes of FRE, FNM,DSL, or FED today???

    That’s just retarded!!!

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  73. Fly Leech

    SSTURN,
    I bought two days ago and I’m up over 100% in afterhours. If it holds up tomorrow, it’ll be some sweet coin. You’re right though, it’s just retarded.

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  74. Funk 49

    “The Fly” appears to be winning…
    even though some people here thought he may lose.

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  75. Market Fool

    Broker A,

    When you recommended FSLR the other day did you have any idea idea that this would be passed today?

    http://www.reuters.com/article/marketsNews/idINN2340908820080924?rpc=44

    Just curious.

    Your laser beam trade of C was absolutely stunning IMHO.

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  76. JakeGint

    In a shockingly brazen disclosure, The Bearded Clam wants taxpayers to pay “higher prices” for toxic assets.

    Can you believe the unmitigated absolute gaul?

    Fucking Hugh Hewitt, whom I usually like, had Congressman John Campbell (R- Cal) on tonight, saying that people’s fucking bank deposits would be at risk if we did not do this deal.

    FUCKING DISINGENIOUS SCARE-THE-OLD-LADIES MOTHERFUCKER! I COULD BLOWTORCH YOUR OFFICE RIGHT NOW!!

    Revolution, comrades!

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  77. Nardsbrau

    JakeGint,

    This bailout is making Canadians look pretty effin’ cool in comparison, eh?

    Hands off our oil sands.

    Please.

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  78. Dinosaur Trader

    MF,

    Great vid, thanks.

    -DT

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  79. JakeGint

    The invasion of Canada (more bread and circuse, Comrades!) begins tomorrow.

    Are you actually Canuckistanian? Did you check out Comrade Krugman asking a bunch of Canadians (there were seven in the audience) to “raise their hands” if they hated their healthcare system.

    Comrade Krugman was embarrassed to see seven hands in the air.

    Nice to see a liberal “mugged by reality” every once in a while.

    ____

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  80. JakeGint

    Get this one before it’s out of print.

    Future top ten besteller, with a bullet.

    __

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  81. cuervoslaugh

    And this should be the bestseller:
    http://www.amazon.com/Shock-Doctrine-Rise-Disaster-Capitalism/dp/0312427999/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1222249479&sr=1-1

    Krugman should have then asked them to raise their hands if they preferred the plan here to the one in the States.

    Sound barriers would have been broken by how fast those hands would have moved.

    http://en.wikipedia.org/wiki/Health_care_in_Canada

    I will point you to the chart:
    http://en.wikipedia.org/wiki/Health_care_in_Canada#Canadian_health_care_in_comparison

    where it points out that the US spends more of it’s GDP on health care yet Americans in the US have: lower life expectancies, marginally nominal doctor:patient ratios, a higher infant mortality rates and fewer nurses:patient ratios.

    I wish folks would stop taking the fact that there are critics to the health plan here as a sign that it doesn’t work. On average Canadians have some of the best medical scores in the entire G8.

    I think the same time I hear someone south of the 49 griping about the health care system here and saying it ‘doesn’t work’, I think ” sour grapes”.

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  82. JakeGint

    Cuervo, get a clue… the Canuckistanians are 29 million white people and Chinese immigrants, give or take.

    Little bit of different demographic profile than the US, mayhap?

    The US spends more because it offers more. Ask a Canuckistanian standing in line for a knee operation.

    I love my healthcare, thanks very much, and I certainly don’t want it impeded by some gummint bureaucrat.

    __

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