I am fucking irate at myself for covering my shorts and going long into this maelstrom. Call me sentimental, I didn’t want to give up hope for this country. Despite hating all of my neighbors, deep down, I want America to exist.
Instead, it looks like we are heading for a full blown collapse. From General Motors Corporation [[GM]] to Morgan Stanley [[MS]] to Prudential Financial, Inc. [[PRU]] to MetLife, Inc. [[MET]] to Citigroup Inc. [[C]] , it’s all over. People with money are frantically buying treasuries, like crack heads with access to a credit card.
Seriously, all of my peers have been obliterated. Most investors/advisers are long equities. Very few go crazy and short stocks, like Senor Tropicana. The general feel around the water cooler is despair and fear.
The conditions are perfect for a bottoming out. However, the fundamentals are so debilitating, no one wants to get long ahead of the next bad headline.
In closing, the world appears to be screwed. There is a full fledged rout on equities here, exacerbated by forced selling and nervous 401k players, like Steve. Also, idiots like me, who have been buying this dip, are giving up hope, taking losses and crying in their beer.
I’ll have you know, “The Fly” will never cry in his beer. He will die with honor and without any signs of weakness.
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And I thought picking up UYG at $10 today was a shrewd move. 🙂
Fly,
This market is more oversold than any other point in the last couple years. You a buyer going into the close here?
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
I WILL NOT CALL A BOTTOM
Romania – 1
USA – 0
All I need are my three G’s
Gold (it’s shiny)…..Gun (Defend the Family)….Garden(Food)
Stewie just put a price target of $5 on UYG.
I tot i was dumb since i didnt buy into this “bottom”
Omg mass human psychology is truly unpredictable
I am having a Crash Party on Monday. All are welcome.
Don’t worry, any long positions you still hold will turn around at 3:00pm that afternoon.
The retail investors capitulated yesterday, today, and they will tomorrow and Monday. Then it will be over. They’re always the last to get out.
Crashes are always on Monday. It’s the law. Look it up.
Let’s get this show on the road.
Protective Life down 47% today!!! Not even a news clip on Bloomberg…Companies are dying so fast they don’t even make the news anymore!
How about those couple of 800 points down days?
Senor Tropicana?
I’m not calling a bottom… But… If you buy in the next 10 min you’ll make money tomorrow.
Thank god we can short again today… Going short LM has saved my ass.
Maria just said “crash”.
Awake – Go back to sleep. Nothing to see here. Just some bloodied torsos, severed heads and a few disemboweled corpses.
This is quite sad. All joking aside.
It’s sad to see the end of America.
I feel like we’re living in one of those shitty Asian countries like Cambodia or wherever they set up the sweat shops.
How many more suicides will hit the papers tomorrow? Very sad.
For any of you scabs with a longer time frame than two days….UYG in .50 increments looks good LONG…..
Isn’t this the capitulation everyone wanted…again?
This kind of shit just makes me feel really sad for my parents. They are die hard buy and hold types. Wouldn’t listen to me at all when I told them to get out 30% a go.
Asshole, you been calling a bottom since Dow 10,000…
Will the last equity holder please turn out the lights?
hold me, im scared
This is the FEAR that bottoms are made of….again…..
Hey, this crash means… WOODSHEDDER >>>> FLY???
BAC at 20 looks oh so tempting!
Somewhere, Zombie’s head just exploded.
Shed nailed the market call but you haveto put your money where your mouth is to come out on top.
but still a hell of a call
Does this mustache belong to anybody?
Woodshedder = Fly 2.0
I heard you need a cook?
Zombie’s lips will still be mumbling God, God, God, Grrd, Ga, Ga
Wow. The Blue Angels just flew over my joint. Maybe it really is the end.
By my reckoning, we’re looking at GDP contracting between 3%-5% in 4Q and next year. The majorty of the retailers had revenues contract by double digit rates. Exports have been the one part of the economy holding things together. What do you think happens to exports when Europe is facing a banking crisis comparable to ours? Or when China puts up two consecutive months of contracting industrial production? Exports are done.
In a $14 trillion economy, a 3%-5% contraction means GDP will contract between $400 billion and $700 billion on an annualized basis. That’s alot of business that won’t be happening.
The system is too leveraged to accomodate such a fall off in business. Why would anyone buy stocks when bankruptcies and unemployment are going to skyrocket and earnings are going to collapse?
I blew out of my 401(k), my IRA, and I shot my dog. Feel free to step in. (PS: the opex rally this month will be ferocious).
Again, words like ‘oversold’ and ‘earnings’ are antiquated and no longer apply. Get them out of your head.
The only thing driving this market is a global obsession to protect what little wealth remains and get it out of this system. No government intervention can save us because there is no longer a capable government with any credibility. While the system collapses, instead of trying to fix it, our treasury secretary is dividing the spoils amongst his inner circle of friends and the president gets on tv to peddle trade agreements and partake in political pandering. We have no leadership and the fear is pandemic.
where the hell is John Pierpont Morgan when you need a bid.
What’s PFE’s yield at $15.50. Got to get some of that on the morning gap down!!!
if this doesnt look like depression i dont know what will
The irony of all this is that Jim Cramer was right by advising people to get out on Monday. 1000 Dow points lower and he looks like a genius. Never bet against Cramer. Just look at his initials – JC. This man is truly godly.
Is $0.00 a good time to buy??
The Fly is still God, fuckfags!
Show some respect.
Contractor,
Last summer I had the worst argument with my mother since I came home at dawn when I was 16. My dad had laddered muni bonds perfectly for their retirement, and as soon as he died, their broker at AG Edwards set her up in a fucked annuity and some other high commission, shitty mutual funds before I could stop her. Tried to get mom to go into TIPS and treasuries last summer. Definitely the best call I’ve made in a year. Broker had her brainwashed. This weekend she called asking how to buy t-bills. I dread the next call home.
“The conditions are perfect for a bottoming out. However, the fundamentals are so debilitating, no one wants to get long ahead of the next bad headline.”
Truer words have never been spoken.
Piss on the fire and call in the dogs………this one is over.
someone sold 5 million WFC @ 27.25 at EOD.
fm yesterday
Turning to the precious-metals market, gold was higher by 4% when stocks were on their lows (though it backed off a bit to close up 3%, ditto for silver). I bring this up because for many days now, stocks have been weak and gold has been higher (even with a strong dollar). I think there’s real information in what the gold-market action is trying to tell us.
All regular readers are aware of the shortages of physical gold. (And, I think a lot of folks have found that out for themselves when they’ve tried to buy some coins.) What I haven’t talked about lately is that gold lease rates have gone through the roof. That appears to be because central banks are becoming credit-adverse and not lending out their gold as they once did. I’ve also heard rumblings about some large holders of gold futures deciding to take delivery, since they’re having trouble buying physical gold in sufficient size.
Lust for Gold Dust
If that’s the case, it could cause a mad scramble at the COMEX, because there’s not enough gold to meet the open interest. It looks like physical gold, as compared to paper gold, is rapidly becoming the flavor of the day — meaning that a huge price move may lie just in front of us.
And, if that thesis is correct, when more folks start understanding it, there might not be enough gold around to satisfy demand at anywhere near current prices — and their attention will turn to the place where they can find gold, namely the gold miners, whose job it is to “make” more. (With the price of energy dropping as world GDP slows, the profit potential for the gold miners is liable to be the best it has been in many years.) So, I think the stage may be set for a dramatic move in gold stocks.
Now, this is just an idea. Will it happen? I don’t know, but I’ve stepped up my gold-stock purchasing in the last few days and bought more today as well. This idea may or may not work. Folks need to think it through themselves and not do something just because I am doing it. But it occurs to me that as the printing-paper-currencies-with-which-to-buy-dollars era ends, a new era for gold may be beginning.
Every bid I placed got hit in that last hour.
Some were extremly wide and they went through it like shit thru a goose.
Apparently, there will be no mercy.
BREAKING NEWS
http://finance.yahoo.com/banking-budgeting/article/105935/Economists-Expect-U.S.-Crisis-to-Deepen
These people are geniuses.
Woody,
great call. you have to play with some of your marbles next time.
Fly- Why don’t you like me? I like you.
Altogether too, too, much. The US flag is coming off my flagpole tonight. I’m replacing it with a blood soaked blanket.
I don’t know Juice, Fleck is just talking his hand with this gold crap. In liquidation like we are seeing everything sells off, even gold.
LMAO CAP, That’s comedy gold, like yesterday’s announcement by Citibank rating F and GM as sells.
And in related news Generalisimo Francisco Franco is dead.
Jeffrey Cooper
03:52:05 PM
No positions in stocks mentioned.
Truly Terrifying
How do you get crashes… from failed set ups.
Fast moves come from failed set ups and failed patterns.
The triangles mentioned earlier broke to the downside and all hell is breaking loose as those looking for a snapper including me run for cover.
The 2002 lows loom large, I thought we were headed there but thought a crash would come from a spike not from the basement.
———–
Mike Mish Shedlock
03:36:23 PM
No positions in stocks mentioned.
Currency Intervention In Latin America
Banks in Brazil and Mexico have stepped in with currency interventions in foolish attempt to strengthen their currencies vs. the US dollar. Chile is expected to follow suit.
We have now come full cycle. Money poured into Latin America and places like Iceland driving their currencies to insane levels vs. the US dollar. Capital flows are now reversing.
Earlier today Iceland took over its biggest bank and close its stock market. Iceland’s Prime Minister stated: “What we have learned from this whole exercise over the last few years is that it is not wise for a small country to try to take a leading role in international banking.”
In my opinion currency intervention is exactly the wrong thing to do. For more on Iceland and currency intervention, please take a look at Latin American Banks Attempt to Save Currencies.
“From 2-4pm, expect the market to get raped, until it doesn’t, due to margin call selling.”
———————————-
Man !!!
Whoever said that should start his own Blog or sumpin !
Oh wait…
Nevermind !!!
I bought GM. No,not the stock. I bought the Company.
It goes up on Ebay tonight.
cramer is my hero…i would have lost 175 bucks if it wasnt for him…
gold was up, the shares were down with overall equity liquidation … however, I am assuming they will play catch up in a big way … the gold/xau ratio is at all time highs
I’m putting my money where my mouth is
I’m in NEM GSS AUY KGC DGP
also SLV PAAS SSRI
woodshedder wins
TradderCaddy, on Bloomberg today, they mentioned how Match Box Cars (Mattel) had a larger market cap than GM. Hah.
Asshole Dip Buyer
UYG ate my balls.
I am amazed that MOS held up.
Fly: 200
Woodshedder: 1
If you are still long, wait for any spike tomorrow and sell all your longs. Then buy October SPY puts in size. Monday we crash you will make a good 500% + return. Sell the puts and go long UYG Oct. $10 calls in size. You will make another 500% before Opex. Have balls and do what I have described using 10% of your portfolio. Thats a 100% total portfolio gain in 1 week.
and looks like I’ll be forced to pick up some RGLD … don’t know why I hadn’t yet
At some point, there will be bear market rally, but it won’t be more extreme than these no bid air pockets down, which is exceptional for a bear.
Calling longer term turning points is a lot to hope for in this market. If you’re not prepared to trade either way intraday, you probably shouldn’t be in it.
To quote a wise person from yesterday, Get over oversold.
Chivas, next time, I will.
I’m truly truly sorry for anyone that is getting hurt here.
I’m not, fuck ’em.
Anton,
I hear you. They are calling me now asking if they should pull out of the market. I have no idea what to tell them other than hold on you are on the train and it left weeks ago.
What is going to happen when the layoffs start happening? And this will start very very soon.
Bet you clowns wouldn’t mind one global currency now to fix this…But who you gonna serve?
I love all the crash talk. The more the better. Let’s get this shit done with. Cash is burning a hole in my pocket.
Amazing how with the market down 20% in 4 days the talking heads say “we need a washout”.
And THAT includes Mr Woodshedder. Who has not made one fuckin’ nickel on this drop, and who
in all CERTAINTY will miss the bottom.
I will be looking for Woodshedder to post every one of his long orders here the instant he puts them in orders, and to SPECIFY whether the are limit orders or market orders.
None of this bullshit “I bought in at the low blah blah blah”.
Your CREDIBILITY will be on the line, Woodshedder. Me- I bought GM under 5 near the close, and GM at 19.10. IN SIZE.
Shed,Danny, We’re all getting hurt my friends.
You see Fly,and Steve,J,JG you and me…. everyone is in this baby together.
I’m getting chilling emails and random phone calls from strong people who are spooked.
The market knows what going on and whats coming. Somebody give me a couple of buys for the morning…uh huh.
Its been pretty orderly so far,no?
US Auto Industry on Deck. Maybe Warren will umbrella Geico and Dairy Queen into GM and Ford.
Doomsday Tip of the Day:
Use the hose end at the bottom of your water heater to drain and remove all of the rust and sediment that collects over time.
By doing this you’ll have 30-80 gallons, depending on the size of your water heater, of fresh, potable water ready for an emergency.
I just drove my Lexus SUV 330 right into my house….fuck it. Then I got out, walked into my office, and took a match to it.
I cant take the pain anymore.
I decided to call the fire dept and grabbed a garden hose. Once they arrive, I plan on telling them it was the printer that caught on fire.
Maybe I will sue them too?
Do not attempt to catch that falling chain saw.
Nice call Shed.
Retail investors read their statements & make their decisions over the weekend.
SEX IN SAN FRANCISCO
A San Franciscan was lying in bed with his new girlfriend.
After having great sex, she spent the next hour just stroking his
penis, something she seemed to love doing.
‘Enjoying it’?, he turned and asked her, ‘Why do you love doing
that?’
She replied, ‘Because I really miss mine.’
and looks like I’ll be forced to pick up some RGLD … don’t know why I hadn’t yet.
Consider it a trade. I took your advice and added TBT today.
And I also got some more RGLD. 😉
________
Wall Street toilets were overflowing with brown liquidity today.
TED spread heading for 35.00
All Hail Woodshedder!
Vanquisher of the Villainous GLORC!
Screw this stock crap… I’m putting half my money in put options and the other half in g-strings.
Classic g-string bottom.
Where are all the fast money guys???
Is today what capitulation looks like? Please someone help me if they know what capitulation looks like because mother market has her foot so far up my ass I need to know if I am capitulating.
Woodshedder – you who has not made ONE FUCKIN’ PENNY on this crash – will need to post every long order that you put in the INSTANT you put it in- and specify limit or market and WHAT.
None of this ex post facto bullshit of “I got in long at the bottom today”.
Your credibility is on the line.
We are watching.
Above all stay cool and don’t try to get money back you lost. The market has turned into a slot machine. That uses your anticipation. You know we are due for a ralley after 7 down days. It is still 50/50 don’t play with money you can’t afford to part with. For all we know the government might be causing this bullshit to suck in all our money.
Fuckbailouts, I have not lost one penny, either.
My account at Tradestation is tracked and verified by Covestor.
If I make any buys in my scottrade account, I’ll post the order confirmations complete with all the CUSIPS stuff.
Honestly, I’m still waiting for capitulation. We have not seen it yet.
Fuckbailouts:
I know you’re pissed, and need to take your shit out on something/someone, and while I’m sure your dog appreciates the relief, let’s leave the Shed alone, eh?
He was right, we were not.
It all begins with personal responsibility.
End of Sermonette.
_________
Protrader — funny you use the slot machine metaphor.
I was at lunch today with an old client (actually he’s not “old,” he’s a guy I did a deal for, but he’s rich), and he’s been in cash & some bonds for a while, because he said the market was distracting him from banking coin where he does it best, in his bidness.
He said the ephipany came when he was watching CNBC one morning, and watching all those index and commodity bars changing on the scrolls and the upper margin of the screens and he said, “Holy shit, it’s a fucking slot machine!”
_______
Woodshedder, thank you for your prompt and courteous and clear reply.
JakeGint: LOL. Reminds me of my first trip to Vegas. Upon seeing the floor-to-ceiling green/yellow/red LED displays of the sports betting room — my reaction was “Holy shit, it’s a fucking stock exchange!”