I am hearing a lot of “we’re going to zero” jargon these days. All of my ‘smart friends’ have been wiped out, under a pile of equity shit and now fear for God and Country. After all, the country of Iceland is going out of business.
Don’t you find it amusing that news actually means something these days? I mean, I remember getting all pissed off and shit a few months ago, over the markets reluctance to acknowledge bad news. Now you Wells Fargo & Company [[WFC]] fuckers are in a grave. I wish you no luck.
However, at the same time, I am looking for a little bounce action in the banks, via being long egregious quantities of [[UYG]] .
During today’s tape, I’ve been adding to UYG and [[TBT]] , while selling Apple Inc. [[AAPL]] .
Without a doubt, should the market get back to normal, TBT will sprint higher.
As an aside, “The Fly” is about to go to Dunkin’ Donuts for a little “coffee fun.” But, as many of you know, I am embarrassed to be seen in such a grotesque place, which doubles as a hangout place for blue collar jerkoffs, who drive in police cars and build homes. So, I’ve decided to stand outside and ask someone to buy me a “cup of Joe” (blue collar slang), sort of like how teenagers ask adults to buy them beer. As always, I will be disguised under hat and fake mustache.
Here’s my pitch: “Hey you, do me a favor ova here, take this 5 dollars and buy me a cup of Joe. You can keep the change, ova here.”
Top pick: TBT
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Short financials buy tech explain the relative strength in the Nasdaq?
Buy everything.
We will have an epic rally soon.
Off to dunkin’.
Wish me luck.
Half Fly/ Half Gint
I looked at UYG and it could see 21 in the next 60 days. It will need that bounce everyone is looking for [it could go as low as 7.25 until then. That is today next week everything could change.
Is GM worth a nibble at the egregious levels?
Worried about GE results tomorrow?
Re: UYG . Low of $14.08 on July 15th
Hit a high of 24.79 July 23rd
less than 7 trading sessions . 76% gain .
If todays lows of $9.5 was the absolute low a similar move would put us at $16.72. I would play this with call options.
Not happening, drink that cup of coffee slowly Fly, it will be the most valuable thing you own.
Fly,
If you’re showing up at Dunks in standard generic semi-rich smartass guy attire of designer fountain pen, multiple crackberry devices and jaunty little retro Pete Doherty porkpie hat and a Hair Club for Men mustache disguise, then passing a fiver from your Jack Spade wallet with your metrosexually manicured fingers to the man-paws of a recently laid off plumbing contractor who’s driven his nearly out of gas F-150 down to his favorite restaurant to commiserate with his fellow unemployed building tradesmen on route to their favorite sports bar to while away the afternoon, and you ask said stout yeoman to fetch you a “cup o’ joe” and add, with a smirk, that he can “keep the change,” I can tell you, with great certainty, precisely which tool he will select to stir your coffee.
I’m just sayin’.
Hot hot coffee.
UYG Oct 13 calls are 50 cents. Worth a gamble here. They could be $3 + by Thursday.
Anton – Karma + 10 for that . ROFLMAO
CAP, if you think that’s funny you should see my trades.
Grabbing his crotch, Joe Blue Collar says to Fly “yo, here’s your Joe you phucking faggot Wall Street dickhead. Buy HIX, HIO, HYT and shut the phuck up.”
That was hilarious Anton. Thanks for the laugh.
Right now tons of little guys are buying UYG. The Pros are selling. Do what you want [like I said it might double in 60 days]. Just talking entry info.
Every time I see Pisani stain my TV screen with his quicky analysis of what’s going on with the insurers, I think about how much better — and actionable — Pharm’s writing has been on the subject today.
Swap out Pisani for Pharm and cnbc for an instant rating spike. Starting from the moment Erin Burnett introduces, “Our newest cnbc analyst, fresh from slopping his hogs, PharmPhucker…”
Pro, are you looking at the size of the blocks of UYG being sold for that conclusion, or something else?
We are gonna break below 9000 on the Dow, methinks.
Daytraders-get your fingers ready for a 2:15PM explosion to the upside led by chips, large cap tech, DIA, and SPY. Just be sure to bail before the close.
Trader,
Pls. ‘splain. Slow learner here.
I feel something coming
Anton:
You will pay for that affront.
I love you end of the world lovers. Dow to 3,000 by Halloween.
Actually for some strange reason I think we might have a rally. Who knows. I dont wanna call it. Just my gut. He speaks to me.
long 1000 AAPL @ 92.5 for a trade
Fly,
That was just a health warning. Like when the Chinese announce that your CoffeeMate is actually melomine.
You’re welcome.
RALLLYYYY
I am not looking at blocks. Cross trading etc. fucks blocks up. I don’t want to put my cert. at risk. It is just information. Take it for what it is worth. It could be wrong.
Darius – No rally. We are going to zero. The US economy without credit is like a human body without blood. We are dead.
I’m sorry that was to Anton.
Pro – Got it.
Anton- The basis for my statement comes from my Black Box which spoke to me earlier. It told me that his friend, Tradebot, told him that all rabbis are letting all worshipers to leave Temple early in order to save the market on Yom Kippur.
Shalom.
CAP – Yes, We are going to zero. Thats not to say we cant have one or two little rallies on the way down right?
Hmmm,
Doesn’t sound like the TraderCaddy I know. He doesn’t work “restricted” clubs.
Pharmphucker……FINALLY someone has explained the derivative devil in terms that I can understand. I’ve been trying to wrap my mind around it for six months. The bad smell got me out equities (401K two months ago). Last week I bought puts on every insurer out there in anticipation of FNM auction. I still don’t understand how the bonds were priced at .99 to .96. Lehman should be so lucky….that’s why the banks are holding onto the cash. Any advice how to play this before the news tomorrow morning?
Thanks to everyone for such great insight. Been reading here for a long time.
Fly is GOD.
Jan
meh.
Fly,
“Fucktard” made the Daily Show. I hope you received some sort of royalty fee.
-DT
Holy shit..Dont listen to me im dumb.
Darius – A rally requires money. People have no money. Everyone is broke. Even Warren Buffett is broke. Really. He is trying to sell his Towncar on Ebay. Times are so bad for him he needs the money. He lost it all betting on GE and GS.
Does anyone here trade in CHK? Good fucking god that shit is fucked. Someone must have a giant margin call.
DT: that episode also had a time machine in it. Somebody on the daily show reads this site??!
it’s “ovah heyah”, not “ovah here.”
and I would totally buy you a small coffee and keep the change. It would be my largest profit of the last month.
Drop the flag, let the rally begin
Bad timing on buying UYG ahead of the big, bad unknown $400 Billion Settlement on Lehman CDS tomorrow:
http://bigpicture.typepad.com/comments/2008/10/lehman-cds-unwi.html
http://georgewashington2.blogspot.com/2008/10/whos-got-biggest-derivatives-exposure.html
NO ONE KNOWS WHO OWES WHAT OF THAT $400 BILLION. No one. And that list of exposure … it’s only banks. NO ONE has a view into which insurance companies are on the hook.
$400 Billion.
What to wager on how many companies go under as a result of having to pay on Lehman CDS?
There is no rally, only gruel.
Cap – I understand times are bad, but Buffet got alot nicer deal then just “buying”. Your half right I think. I dont think the problem is the money, I believe it is a combination of 2 things. Conviction, and Confidence. 1 month ago EVERYONE was Confident(Convinced) that the market would go lower and it did. I think we need to get people Confident again for a change in direction. Till then all hell will break lose around us. I was just hoping @ seeing a up day of 200 but I dont know anymore. Im gonna make some popcorn.
LOOOL How the fuck are people going to get confident when no one knows how deep the rabbit hole really goes?
Elevator down?
Did Donny get a margin call yet? That’s when I go all in.
The more I think about it the more right you become. I mean lack of confidence would make people less inclined to put money to work right? I guess your right. Money is always the problem and the solution.
Dpeezy,
Interesting… okay, who here is John Stewart?
-DT
Fly,
After the markets go to zero, will you still keep this site open ? It would be nice. We could all gather here and reminisce about that thing we gambled on called the ‘stock market’. Ahhh the Good Old Days. ‘we all thought the market would bounce one of these days. But it kept going down all the way to zero’
Yes. When the market is at zero, I will convert this site into a Revolution Blog, where we can set up waypoints and organize armed revolts against local politicians, for fun of course.
There will always be goats to trade. Romanian goats, of course.
Speaking of goats, Anyone have a goat from Chicago…
Someone needs to create a website with the addresses of all the WallStreet fat cats who got us into this mess. That way once the Depression hits and unemployment is at 20%, mobs can descend upon those houses and torch them. Its only fair. If the government is not going to give people justice than it will be mob rule.
Don’t listen to him. He got hit in the head with a Ping 6-iron.
CAP,
Those houses are in places like Portofino, Lausanne, Dubai…
Sign me up for that Revolution Blog….it has a nice ring to it….
just wait for UYG to hit 8.50