Brokers are idiots, in general. Seriously, I know like 2 people who have skirted this meltdown unscathed. Many of these series 7 Gods of finance are heavily margined and are praying for a dog bone or a rally, to bail them out. Unfortunately, they are unable to withstand the market fuckery and are forced to blow out of Chesapeake Energy Corporation [[CHK]] and other asshole stocks, at very low prices.
It’s typical for these men of money to wait until the end of the day to sell. That’s when the margin clerk comes into their office and throws hot coffee on their necks for not selling the day prior.
From 2-4pm, expect the market to get raped, until it doesn’t, due to margin call selling.
Also, unfortunately, since we have failed to rally, expect the market to fuck itself tomorrow, as it does on every Friday. Who knows what will happen over the weekend?
Ooh, scary.
Best case scenario:
We flush out today and tomorrow, then run higher first thing next week.
Worst case scenario:
We are met with multiple bankruptcies Sunday night, sending the Dow reeling to 7,000.
Place your bets.
UPDATE: I bought 1,000 National-Oilwell Varco, Inc. [[NOV]] @ $31.03.
If you enjoy the content at iBankCoin, please follow us on Twitter
CHK sold to me. They are worth more to Exxon or T Boone than this.
That Aubrey guy must be getting sold out. I am sure he was margined.
Margin calls can be pretty fun when you are calling up some asshole who thought he was a trading god a few months ago. Make ’em cry, I say.
Fuck Chesapeake. I own Cemex, the biggest asshole stock of all. I sold half my holdings for a big loss at 18, and today it blew under 8!
Trading at 3x earnings, it’s pretty highly leveraged and I’d be buying more if I wasn’t scared to death that it’s going under.
SSO under 34. Not good.
“Chart” says around 7500 is support. That’s where I’m waiting with my chips.
You need to send over two hundred sticks of Fleischmann’s, or we close the account, capiche?
Fighting hard to hold the morning lows & keep that 9 handle…
Perhaps we’ll get a “double bottom”?
No. We’re going to zero.
Why am I bottom fishing?
Geez, I should have stood in retirement.
I’m looking for some serious blood tomorrow to create some buying opportunities, aren’t the derivatives books at AIG and LEH supposed to be fully unwound by tomorrow? AIG had to ask for another 35 bil last night, probably in anticipation of the mark to market insanity they are about to unleash tomorrow.
we’ll see how it plays, i’m readying my cannons on the long side for tomorrow.
Cratering music:
http://www.youtube.com/watch?v=swzK7Q8teSM
I’m off to shave my fucking beard. I suck as a trader, so maybe that will do the trick.
This is a flaccid market.
CHK’s Aubrey McClendon has had a crazy year.
He went from relative rags to riches, then back down to rags again.
He bought all the way up on CHK’s run during the first half of this year. His last purchase was 750k shares @ $57.25 in July with another million shares scattered around $45-$55 from April until July.
http://www.form4oracle.com/insider?cik=0000904719
He’s pfhucked (sic).
7 down days in a row. When was the last time that happened I wonder?
Where’s my props, bitches?
Sorry, we *could* have 7 down days in a row.
Embrace the horror.
BTW Margarine Clerk — that was pretty funny.
Close below 9000 today. Anyone want to bet against it ?
I only answer if you spell it bitchez.
BX (Blackstone) is down 25% today to about 9.60. Nice Chinese investment at around 22.
Don’t be dancing on my grave, I’ll come back and h’ant you.
Good call Wood.
How much are you up today with 100% cash?
We need an 8 handle Dow to flush the chumps.
Wood,
Sorry. Can’t afford props anymore. Just straight up pantomime.
{Slaps hands to face} http://steynian.files.wordpress.com/2008/03/homer_the_scream.jpg
In true Costanza fashion we are now banning all long positions in the equity markets effective immediately 10/09.
I’m getting pretty good at evading surprise buttsecks.
Buttsecks me once, shame on you. Buttsecks me twice…
Has Ducati opened a store?
http://www.chemical-records.co.uk/sc/servlet/Info?Track=KNOCK
“Good call Wood.
How much are you up today with 100% cash?”
roofles 😛
Seriously, margin clerks will lose patience quickly, and the selling will begin sooner as long as the situation deteriorates.
A large fund is blowing out of CHK today, no I will not name names here, just know that is what is happening. I was told they would be done by 2.
Ha, HA! Good one Fly! Take THAT, Wood!
“How much are Y-O-U up, being all in cash?”
HA!
Oh, wait.
You’re up more than me.
Heh… heh…
Fuck.
Gapping, I’d wait til at least $17.50 on CHK
He’s up 0%. Or more than you.
Mind the spread guys… wait till it gets nice and tight…4.14 is just ridiculous… don’t fuck with that bitch!
The nice thing about being 100% cash when the system collapses is you don’t to worry about stealing toilet paper.
I feel OLD……….
UPL is holding up OK here, finally.
AC:
CNBC’s absurd carnival hours of ‘Is your Money Safe’ has been using ZERO 7’s music as their theme for weeks.
Bulls, be patient. Could still drop 50 spx points from here.
Shed, no props — down 275 aint a crash yet…
This ought to just about do it.
going long anything and everything
DEATH DEATH DEATH CAN YOU SMELL IT!!!
Scull,
An omen? Or merely an attempt by CNBC at getting the Logo Network interested in buying them once GE realizes their audience is gone? I bet the latter, as it is the only explanation for putting Dennis Kneale on the air.
Man, remember back in the day, when the Dow had a 9 handle? Good times…
lol…that was a good one Fly.
This type of stuff almost makes me want to screen for stocks with 0 institutional owndership.
Paradigm – I would wait. Monday or Tuesday is the likely bottom. This will get worse. 7000 on the Dow. We are retracing the entire 2003-2007 move.
Nice “The Fixx” reference. +1
http://www.youtube.com/watch?v=swzK7Q8teSM
I had a gut feeling that we were going to rally.
Turned out I was just getting ready to throw up in my mouth a little.
This is surreal.
On the one year anniversary we have been ape raped.
Who would have known?
The best thing to do would be to shut down the markets for the next 6 months.
Cornelius. He was the smartest monkey on the whole planet.
A little UYG @ 9.21 for some scalpin’.
If not Cornelius, Dr. Zaius. He THOUGHT he was the smartest monkey.
But one of those two would have known for sure.
1 year anniversary will mark the bottom.
Odd, No.
Cap – I have too much cash to do it all at once. I have to leg in.
Solar stocks are moronic.
Music to be ape-raped by:
http://www.youtube.com/watch?v=Mgl22q1pQ78
actually, scratch that…
This makes me want to search for stocks with the HIGHEST institutional ownership to SHORT.
There’s a solar glut… Many solar’s rely on govt subsidies… Many can’t operate without credit.
http://www.rallymonkey.com/video/kenindex.swf
Fwap fwap fwap fwap SPLORT!!!
Bought NYT at 12.5
Buying this market is like eating dried dog barf.
I have the “deer in the headlights” look working right about now.
help me daddy! I’m falling.
There must be some piece of news out there that has yet to hit the wires which will trigger the actual capitulation for the move. We should have bounced already. This market is pricing in something disastrous.
Honey, never mind that now. Help Daddy find his heroin.
At least I can scrape my change together and buy a fine American General Motors SUV now…….
Uncle. Anyone know where I can get a prosthetic mustache?
This is END OF DAYS type shit….
Y’all ready to eat some of my plastic SHOOD now? Fugganay, they are tasty.
CROX: New Food for a New Depression
I have an idea how we can rally this market. Replace the Dow components with SKF SRS FXP DUG SMN MZZ TWM We’ll be at 20,000 in no time.
Dried dog barf no onions lightly peppered.
Fuck.
If there is such a thing as support nowadays….BAC at 20 looks tight……..
CAP,
Right now in DC, Hank is calling Bernie and saying,
“I’ve got an idea so crazy it just might work!”
WOW, I wish I still owned SRS.
Where is that guy that was pushing CROX day in and day out? Under $2!!! Fucking funny.
Trish the Dish — with a just woke up in the back of limo frantic look — announces S&P downgrades USof A to Fucked
did anyone just see that move in PRU?
What the FUUUUUUUUCKKKKKKKK
Fly,
Stick Mr. Mozilo up on the front page under a headline – ‘How about a late day rally’ or bring out the Golden Bull. Anything !
There are kids all over the highway…
juice – I don’t think the market is predicting anything in particular at the moment. People are raising cash because they must or because they fear they will need to.
If GM goes belly-up, does that constitute capitulation?
Like who would ever buy a Chinese car. They can’t even make toys or cat food.
Hangin’ w/ UYG 9.21.
the DOW just blew through the 76.4% retracement…heading to 100%.
Are we looking at the October 2002 bottom come tomorrow or Monday?
I just did some day-trading for the first time. Is it normal to sweat so much?
Yep we’ll retrace 100% by Monday. What I fear is a 100% retracement of the 1982-2007 move up.
I couldn’t help myself. I just bought GE Oct 17.50 puts. They haven’t done anything right in years why should tomorrow be any different?
Just bought UYG at 9.05.Average down from here.
Sexy Tape, Oh you Sexy Tape
C’mon capitulation…
If not today or tomorrow, then sometime during Options Expiration next week.
If history is any clue, next Thursday around noon EST will be the tradeable bottom when the Federal Reserve pulls a surprise announcement saying “Happy days are here again”.
Can’t wait to here the cheering at closing today. Those people must have rifles pointed at them the entire time.
UYG is a crack whore…. I can say that since were related
No, officer, I didn’t get a good look at the ape who raped me, but he was carrying a “Rally Time” sign and kept humming “Jump Around…”
If I was on the floor of the NYSE right now, I would pull down my pants and take a crap right infront of CNBC camera’s. It would be my way of describing what I think of the market.
where’s my clear and hold strategy when I need it!
50% off sale going on now at our 11 Wall St. location
And that would differ from how CNBC is covering the market how, exactly?
If you are going to buy put in a low limit order before the close. If we go up in the morning it will be to late to get in. Then take your profet and run.
Theres a plot of land 20 miles south of San Antonio, fertile ground, fresh water stream,lots of deer, rabbits…See y’all there!
Actually feeling kind of numb.
Big money is long SKF SRS DXD SDS TWM FXP. They are riding it up like AAPL RIMM GOOG AMZN CME circa 2003-2007. This market is heading to zero in a hurry.
OH MY GOD
How about a bottom huh ? Any callers out there ? Bottom anyone ? Hello ?
The Italians on Columbus Day will save the longs as the Jews failed on Yom Kippur. If the Italians can’t save the market I’m sure NYC has a Gay Pride coming up soon and it will be up to the Gays.
Shock and Awe!!!!!!!
A sign of the devil or what?
S&P 500 919.32 65.62 (6.66%)
S&P 500 919.32 -65.62 (6.66%)
I don’t think I’m even getting good quotes now.
So do they close trading tomorrow and give the market a 4 day time out?
lol,
Market Cap (millions) >= “200”
Market Cap (millions) = “98”
Current Ratio = “200”
% Held by Institutions >= “90”
Current Ratio = “5”
Debt/Total Capital >= “90”
ELS, EQ, GGP, RCNI, Q
hahaha fresh out Anton, but I got a big bottle of Ativan right here, it will have to do in a pinch.
How high can the VIX go?
out of my SPG short…crushed that fucker
i think this is positive price action…there are some sectors that are acting like they don’t want to participate but are forced too.
could be forming a tradable bottom finally
Is today the “capitulation” everyone has been waiting for? Buy on the close?
VIX- 64.50.
dylan ratigan sounds like he’s ready to cry
VIX is an optimist.
Sure he is. He’s got GE stock.
I’m sure glad my Dad did not buy me GM stock when I was born, otherwise, I would be flat, not counting the dividends.
Can’t Bush just come on the air now and say, “Heh-heh. My bad! Accounting error… I forgot to carry the one. Turns out we’re fine!”
What could it hurt?
LoL at TraderCaddy.
Whew!
That was fun, wasn’t it?
Am I a crack adddict, or what? I just loaded up on CHK at $17.86.
Most definitely, crack.
__________
WTF, FXP high for the day $219
One more day like this and I won’t have to worry about it. Fuck me, I’m dead.
@ CAP “Big money is long SKF SRS DXD SDS TWM FXP.”
that’s the sick beauty of it : the financial engines are eating themselves. too much capital demands more aggressive trading, and the system eats its own feet out from under itself.
for a while I stopped shorting thinking “they’ve had enough”. shouldn’t you guys let up on the SKF/SRS etc., especially if you have profits under your belts ? go for a more orderly descent and not so sudden and greedy.
shorts serve a purpose, (“price discovery”) and can keep the longs on their toes. but right now its vulture trading.
but there is still a lot of de-leveraging to come to bring earth closer to reality (its currently pumped up on the spendings of the next few decades). so the pain will go on for a while. some let up would be good to let good companies adjust. but the vulture hedge funds won’t let this happen.
and yeah, why didn’t my dad listen to me and sell ?