I bought 10,000 Wachovia Corporation [[WB]] @ $8.80.
UPDATE: I bought another 5,000 @ $8.58.
UPDATE: I bought 2,000 Walter Industries, Inc. [[WLT]] @ $49.88, 2,000 [[ROM]] @ $46.58 and 1,000 Research In Motion Limited (USA) [[RIMM]] @ $70.92
UPDATE: I bought 3,000 [[UYM]] @ $50.14
Disclaimer: If you buy any of the above because of this post, this will happen:
[youtube:http://www.youtube.com/watch?v=p5O7JnmUbFw 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter
Balls….of…steel…
I actually agree with Faber and have been saying for awhile…commodities are DEAD! DEAD i say! shippers are dead. demand destruction is playing out at epic proportions!
Make that up 14% on Monday.
Todd Harrison
02:41:22 PM
What if we get all dressed up for a Matador City Party and nobody comes?
* Expect to see this blueprint many more times as the fat drips from the bone.
* A Minyan asked me which banks emerge on the other side of this ride. Bank of America (BAC), JPMorgan (JPM) and Wells Fargo (WFC) seem to be circled.
* You’ll notice that Citigroup (C) isn’t on that list and that might surprise some people.
* It’s worth noting that just because they survive, doesn’t mean the stocks will rally (keeping the hyperinflation genie in a bottle for the time being. As Mr. Practical said this morning, there must be culpability for equity holders.
* I’ll tell ya, the fact that everyone–and I mean EVERYONE–thinks that the market will rally on the bailout scares the sprinkles out of me.
* In fact, that sell-off, if it is to occur, could lead to the true capitulation before the hyper-inflating arrives.
* It would certainly get the VXO to 70, wouldn’t it?
* Who knows–honestly, I’m trying to figure this out as we go along just like you–but there was a speckle of clarity and I wanted to grab it before it’s gone.
* The first step is capital preservation. The second step is to identify if that means capital conversion. The timing is the fluid thing.
Dee dee mao, Fly!!
DEE DEE MAO!!!
I beat you to that trade by 30 minutes.
WOW…you are buying WB? Are you net long?
You are my fucking hero…bravo wise sir, bravo
Buying more on a scale?
WB has very binary outcomes. It’s a huge home run if it doesn’t get WaMued first.
Costanza is proud.
I bought WB too. Now I feel doomed.
You know what shit house rats are known for, yes?
____
Just checkin’.
__
Wow, since when did Fly turn into a whiny biznitch just because some trades arent “going his way”. You are starting to sound like the whiny Wall Street fuck-tards propagating this shit?
Shut down credit? Thats being manipulated by GS/MS, largely because they can because there are fewer investment banks. All that being said, every bond deal that came this week was significantly oversubscribed….. Honda, Cat, EOG, SCG, etc. 10-25% allocations on a bond-order do not suggest that credit markets are near collapse.
Now, having a president/sectreas go on national TV to incite panic and horror among all the main-streeters? seizing a bank on a thursday (instead of usual Friday approach) are certainly ways to try and rustle the market…. last time i checked, Dow was up on the day, and S&P’s arent even halfway to giving up yesterdays gains?
Huh? What are you complaining about bailout BS for? $700Bln might be enough to cover losses for the big-guys, not the regionals that really need the money though.
Balls to the wall.
I’ve got my own Iron Lotus going with MA at 179.40
TP:
Blow a mule.
SHORTED more SMN @ $48.68 and $48.78. I’m about out of non-margin buying power.
I am now 100% long.
I’ll see your 10,000 WB and raise you 50,000 Enron, and 400,000 Etoys.
I’ve been burned too many times and I’m sitting this one out.
Hockey draft on Sunday night. Fuck the market. Fuck the banks. Fuck the Fed and fuck the Treasury. Going to relax over the weekend for a change.
Fly.. What’s the cash percentage?
There is soon to be a new board member at “Wachovia” – Senor Fly – who else?
cash at 10%
Holy fuck… That’s some serious conviction… Or insanity.
By Monday the ‘Fly’ could either be sitting in the penthouse or shining shoes on the corner of 48th and Lexington. Time will tell…..
Fly-
Watch yourself young buck. The market can thrash you in a minute
I’ve pulled it out before and won on size and girth, only to get a vasectomy
on pay day. Sell your trash and hord your cash.
C sudden spike +3.5%
Proposed iBC Theme Song:
http://www.youtube.com/watch?v=4F4yT0KAMyo
So we have Fly’s nuts in a vise, eh?
You know, crushed Fly nuts is a delicacy here….
WOW…somebody knows something we don’t ehh?
Get the “COX” man here…
Go with God, young Fly.
We are in duck and cover times.
PNC has held up better than most for longer. With a bank bounce they could even see new highs.
No joke here, honest question
How do you know the market won’t sell off EVEN if this deal goes through?
“BUY THE RUMORS, SELL THE NEWS?”
Go eat a sandwich!
Cramer sez PNC buying a dead Ohio bank this weekend.
Only PNC, WFC, USB and JPM will be left standing soon.
Market Fool:
How ’bout this for the theme song. Besides, the spoken-word bit in the middle makes as much sense as any proposal I’ve seen in Washington this week.
http://www.youtube.com/watch?v=ph8kGPXOoUw
Bot 1,000 WB @ $8.30, just for thrills.
obviously none of you got my memo.
Hey FLY, is your FCX going to man up here and help out my SMN shorts or not?
Stick a fork in WB. They have no chance. They are beyond saving. By far the worst quality of loans are held by WB. No Bank comes close to WB in the shitty quality of assets held. Those Pay Option ARMs are exploding suitcase nukes sending a mushroom cloud over WB.
This is some fucking Heaven’s Gate suicide cult shit. Okay, I took down one Oct 10 WB call so I can go to heaven too. And 100 IYR puts, you know, as a hedge.
WB: wtf??????????
Lets take a poll .. we get a bailout .. How long does the rally last? a few hours, one hour, one day, one week, one month?
I think we pop up, everyone turns into a seller & all hell breaks loose.
Not betting on that, yet.
We get a bill signed Monday. The market rallys. It plateus until it tanks on Thursday when the short ban is ended.
LOL @ Accept!
WB enters deal talks with Citigroup- Paulson seeking emergency bailout of Fly’s WB buy
Check the news feed on WB
C + WB: can you spell “Insider Trading”???????
Hey, thanks, Fly. Since this was just for a thrill, I sold WB AH for $9.52.
I will raise a glass of fine whiskey to you later.
Have a good weekend.
I owned 6400 shares of WB when that moron CEO bought Golden West – it was a few points from $60 – it would have hit $60, but the market knew better. Go in peace and tranquility and multiply, Senor Fly.
Fly
How do you decide on the size of a trade? How do you allocate risk capital
WB is a true iron lotus move. Guaranteed, deposit base is flying out the door. Deal has to be done asap or head is chopped. Welcome to Vegas. And you still look like a 14 year old girl, but not hot.