I’m buying into this pigsty.
Fuck this. I am buying [[UYG]] , General Electric Company [[GE]] , The Mosaic Company [[MOS]] , National-Oilwell Varco, Inc. [[NOV]] and [[ROM]] .
I am cleaning out my cash reserves and going 100% long.
A great man once said: “no balls, no babies.”
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Balls of steel. I hope you’re right. I took a loss at $8 today on UYG.
in more NOV with you.
A great man also once said, “Bear markets destroy both bulls and bears.”
Careful … BUSH is talking in 30 min. Every time one of the Fuckers from this administration speaks, the market collapses.
Fly you should wait till Monday or Tuesday. Thats when the bottom will likely be in. Think about it. Who is going home this weekend long ? There’ll be another flush out unless you’re just day trading.
CAP:
Thanks for the advice. You know how I appreciate it.
Now fuck off, with all due respect.
This has to be the Apocalypse. The Fly is quoting Mark Cuban:
“No balls, no babies.” is one of Mark Cuban’s favorite pieces of wisdom.
http://mt.aberman.com/archives/2004/09/no_balls_no_bab.html
Fly,
I concur with your headline, but I’m at a funeral today (so going to avoid the markets). Never mistake a bull market for genius nor a bear too. Momentum will carry the day. Big dough to be made…just on the right side where ever that is…
Markets are down to ’03 levels next stop mid ’90s ranges
fuck this shit -just bought abunch of psec at 6.80.
Me too already long UYG…I think folks are going to come to their senses today and fire off a sky rocket!
Of course other folks are saying there is no way anyone will have the balls to go home this weekend except in cash.
The Fly is God.
I bought XLF 13.09 and it’s a good thing I didn’t see it drop into the 12.80s otherwise I could have panicked. Anyway I’m out at 13.94 and done for awhile. I don’t think the Fed can keep buying the futures like this all AM.
Yo fuckers …. BUY BUY BUY !!!!
I just got the signal … some douchebag friend of mine just wrote … Hadn’t heard from him since last dec 28 when he was full of himself for owning aapl .. he nailed the top in AAPL & the market
its been over 10 months since Iheard from that fucker – a bounce is very near … no fucking doubt !!!
now I get this email :
Any words of wisdom from your end?
Is the world ending ?
Donny- good call. These guys could fuck up anything just by wagging their jaws.
Let’s punch their mustaches off! And take their lunch money.
Markets don’t bottom on Fridays FYI.
El Tib- we’ve all been at a funeral. For our economy.
I’m waiting until the first hour fookery gets done. Before putting any balls on the chopping block.
I like your thinking, though.
UPS… at $44.50??
WHaaaat?
Internal dialogue: “Hmmmm… am I going to be alive for the next five years? Shoot, I guess I dunno, but the will goes to the wife and kids, anyways, so….”
___
CAP, markets never did anything like this before. Open your mind and listen to what mother market is saying. BUY!
http://www.rallymonkey.com/video/kenindex.swf
The wad has been shot. I just want to see if the recovery time is more like a fifteen year old kid or a seventy year old man.
Hold on… is Bush talking, and the market is going up?
Wait a minute? I thought all the smart liberals* here said that didn’t happen?
Happy Costanza fuggers!
_______
Fly wins again, fuckers.
GOD bless the USA!!!!!
NATIONAL OIL-WELL VARCO NOV – IS A BROKEN TRADE BRO…. FIND A NEW TRADE.
YOU ARE GOING TO FIND OUT THAT THEIR BACKLOG ISN’T IRON CLAD AND YOU WILL FIND OUT THE HARD WAY.
THE GLOBAL GROWTH STORY IS GONZO… LESS OIL MEANS LESS RIGS
Wait until Bush speaks-another reversal?
Panic buyup!
WHOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!
____
For once, I am glad to see that monkey Chivas.
Get drunk and enjoy the ride up.
lol, tried to buy 8k worth of UYG 10 calls and found that TD Ameritrade froze my money market fund
fail
go kill em fly
The W stands for, “Why can’t you STFU?”
My RT quotes are all effed up. I don’t know if that’s good or bad. Like driving in a whiteout, or racing in a downpour.
thanks Fly, you too.
Placed 3 low limit orders just for the Pres. Speech. He is such a porker.
Dexion
Shut up. Fundies do not matter right now. Everything moves in a convoy.
This won’t last. Down to 7100 on Monday.
I apparently only have 1 ball as I’m 50% long…waiting to see us clear any kind of resistance before I move to 100%
some of you big players, c’mon, roll those profits right back in! keep this shit moving! + 25 POINTS AIN’T SHIT!
It appeariorates that Fly wins again.
Heh-heh.
oh, I see. take your stinkin money and get the fuck out.
tradable bottom by monday
my contrary friend indicator is GOLD ! he outweighs technical & fundy analysis by a MILE
CAP — you are one extremem mofo.
Biggest bull to biggest bear in what? 3 months?
Frankie says “relax.”
_____
Bruce — gold miners are a technical layup. There hasn’t been this much of a spread between POG and the XAU … ever.
I wouldn’t use them as a proxy vs. Mother market right now…
____
Frankie also said “don’t do it.”
Fly is the JP Morgan of this century.
Not just a tradable bottom Juice. This was the bottom. Get long, turn off you charts and come back in 5 years.
Nothing will bring back the fear we saw this week.
Man up?
Pissing your money away on the long side is not “being a man”.
It’s being a little bitch that doesn’t accept the trend. This world is fucked. Nobody wants equities — all CEOs are fuckin’ liars. Why own anything? Nobody else wants it and nobody wants whatever anyone is selling.
So what — 2000 points down. That makes things cheap? Nobody has any money. They’ll sell for months to come. Months.
I want to see this shit finish green, today. Help me out guys. 100 % invested long, cash and margin. Fuck it.
douche–
Don’t underestimate a trader’s ability to trade.
Fly,
I love you man. I really do.
But unless you’re making a quick counter-trend daytrade, the variables arent lined up for a bounce.
You’ve got Bush speaking in 10 minutes (yeah, that knucklehead should be a boost of confidence to the market), then you’ve got the weekend. Unless the Fed decides to write every market participant a $100,000 check for every minute they stay long stocks, I cant see why anyone would take stocks home going into the weekend. The likelihood of a crash or, more importantly, the PERCEPTION of a crash on Monday, makes holding stocks very risky right now (Friday). Not to say that I might be wrong — but I can’t see an edge being long today.
Phil_from_Brazil
Even fast money is on to the sell off when Bush speaks. Now we will do the Costanza and rip without everyone.
FXP is down -$57.
Un-fuggin-believable.
http://www.youtube.com/watch?v=5uBbx4jlFS8
Amazing how many mere mortals are questioning The Fly.
The Fly is God.
I’m with you on the miners, Jake … adding today to a hefty position
Is it just me or are there a number of quotes that are fucked up today. I have SDS printed up 214% I see others that are all fucked up too.
The above post is by me, sorry Juice my browser filled in your name for some reason. Shit is all fucked up, time to load of the guns.
Hey Gapping, you see this news on CHK? Back the truck up.
Exxon Mobil Corp. (XOM) sold its stake in natural gas operations in Texas’
Barnett Shale, Bloomberg News reported. Harding Energy Partners LLC, which had a
joint venture with Exxon in the shale, bought the stake and then sold the gas
fields and a pipeline to Chesapeake Energy Corp. (CHK). Representatives for
Harding and Exxon didn’t report the terms of the sale
Jake- Gold Stocks really haven’t acted like they should have ever since the introduction of GLD (in addition to higher energy costs hurting the mines). GLD has siphoned alot of investor money IMO. For example look at where NEM was trading in the mid-90s (I recall around 60) when gold was half the value.
Juice, like I posted previously, mine are all effed up. Scottrade. I guess you get what you pay for.
WHY GOD DOES THIS ADMINISTRATION COME ON TV AND REMIND US OF HOW BAD THINGS ARE??????????????
GOD FUCKIN DAMN.
GO THE FUCK AWAY.
WHAT THE FUCK WAS THE POINT OF BUSH’S SPEACH???
As I sit here and listen to George Bush talk, I have to wonder “do you build confidence by yelling at your audience”? This man is a complete and utter idiot.
….we now return you to your previous sell programs….
Jesus, have patience, I’ll send him up in a minute…
Bush is like a confidence black hole.
Gonna rape you, Fly.
Could Bush please never speak again. Every time he opens his mouth it’s a reminder that we have idiots in charge. Not confidence inspiring.
The blood I’ve been buying? It’s my own.
anyone watching erin burnett on cnbc? she looks like she is losing her life savings, almost on the verge of tears and a nervous breakdown
If this market closes today at or near the lows of the day, then we will really be in a world of hurt come Monday.
The Columbus Day holiday on Monday wouldn’t help matters either.
Jake,
I’ve always been a bear. I’m just bullish when I see a short term bottom. I thought I saw one at 10500. I was wrong. I thought I saw one on Monday. I was wrong again.
This market is unlike any other. There is a complete lack of confidence. If this continues, 1000 on the Dow is not an unrealistic target.
pssst…meet me at the crossroads at midnight. I’ll help you with your market. I’ll only be asking for one thing in return…
CAP
You will eventually be right—maybe even today or Monday.
I just have to keep reminding myself that when the technicals take over, rather than the fundatmentals, things get overdone either way.
hahaha hey we’re only down 300. that’s like an up day at this point.
we’ll be at the bottom when fuckers stop trying to call it.
Ya know I got to thinking, reading about how Wall Street, main street, European boulevard, are leveraged some where in the 30 to one range. With massive sell offs on Wall Street attributable to “margin calls” what if the under lying assets run out. In other words leveraged 30 to one, there are NO assets to cover that.
Banks are not lending to one another because of this. Really, what if the margin calls can’t be covered. We see the FED is worried about this. The FED is buying commercial loans. Now the FED may guarantee inter bank lending.
What if foreign countries stop buying treasuries, instead sell treasuries to prop up their own markets?
you won’t be able to afford your first borns anyway, bring them to me
Oh, I love it. Fly posts last night kicking himself for predicting the end all along and then pussying out and going long. And now he wakes up and wants to do it again. This man needs therapy to find out why he cannot allow himself to have success. Long today is a loser.
Cap,
You’re retarded. This is what the market does…it goes up and it goes down. This is guaranteed. Leading indicator my ass it has been an accurate tool for forecasting economic downturn less than 1/3 of the time. Have fun playing with your “Bottom”
Minyanville Staff
10:37:40 AM
No positions in stocks mentioned.
Vibes from Minyan Tony “Snoop” Dwyer of FTN Midwest
I have no reason to change my intermediate-term view from Monday morning. The only difference between now and then is the market has reached into historic oversold territory and the global central banks have tinkered with monetary policy with a minimal 50 basis point reduction. 50 basis points is NOT the “massive global coordinated rate cuts” that we were looking for. While the price decline could set the stage for a sharp rebound rally once a low is in, as I indicated yesterday, there is no need to “catch the falling chainsaw” because the markets almost always retest the climactic low weeks or months later during periods of high distress. At that point we can see if the credit markets have improved enough to warrant a more positive opinion.
I can argue that prices are due for a bounce, but the problem remains I can’t identify any sustainable buyers. Investment partnerships are out of the way or liquidating, proprietary trading desks have no capital or have been closed and individual investors have been pulling money from mutual funds at a historic pace. The needed perception changes can’t take place when the global monetary and policy leaders wait for public and investor approval before making a decision. What is needed here are “shock value” policy changes. I have written in the past that could mean a (further) 100 basis point global rate cut and/or a suspension of all CDS not tied directly to an underlying bond.
The time for “shock value” action is now. The tinkering is clearly not working to stabilizing the credit markets, and have had zero impact. At this point, we are in the midst of an unprecedented market panic – even including the markets during the 1929 crash – and many want to try to catch a reversal that will come at some point. My view has been and remains that even if the market jumps 1,000 points, the low will be retested. If credit has improved significantly enough by that time, we will weigh becoming more positive. Until then, I remain “out of the way.”
What Does “Stay Out of the Way” mean? It means I am tactically neutral. For investment partnerships, it means very little exposure either way and for long-only accounts it means being as close to benchmark weightings as possible. I would slightly underweight those areas exposed to the “global growth” trade that has proven to be a myth – Energy, Materials, and Industrials) and slightly overweight Large Cap Domestic Growth areas such as Health Care and Consumer Staples. I want to stand ready to take advantage of better prices as they present themselves, and it is much easier to do that from a neutral rather than negative position when credit finally begins to improve.
The only good news is that finally, the global financial collapse may bring the “shock value” news items that could help stabilize the global markets – even if it is temporary.
Are CNBE reporters permitted to own stocks?
Fly – are you Jesuit trained?
Good – Go fuck a tree
Is it normal to be dripping sweat while you sit at your computer and trade?
LEH Auction today. Bid of .0975 on the dollar so far.
Auction link: http://www.creditfixings.com/information/affiliations/fixings/auctions/current/lehbro-res.shtml
Thanks for the link Kiwin!
Minyan Peter
10:30:57 AM
Position in SPY options
Avalanche Control
At this risk of driving completely off the reservation, I would offer that what we may have seen at the open this morning was PPT avalanche control. (6-700 point moves down versus 1,000 points)
How? Buying bank stocks thanks to new provisions under TARP.
Why? If the stock market closes due to circuit breakers, money market funds close as well. And Monday the banking system is closed for Columbus Day while the stock market is open. Talk about a liquidity nightmare?
While I have believed for some time that nationalization of the banking system was a necessarily part of the solution, I would caution hopeful investors to look again at AIG (AIG), Fannie Mae (FNM) and Freddie Mac (FRE) for the implications to share prices.
The major banks will be saved. The shareholders of the major banks, however, may not.
HOLLY SHITBALLS! Look at fucking CHK off 20% more for the 3rd day in a row. Good god.
CLNE anyone????
What does the LEH auction mean for the MS/GS/AIG fucktangle?
Dylan is freaking intense this morning.
Dude’s been working some late hours.
I think I saw a small bit of white powder under his left nostril.
Seriously does anyone want to discuss what has happened to CHK. This is something that is fucked up. They have to be going under or something. What the fuck.
What seems to be happening is one group of longs capitulate while another group of bottom pickers come in. These new longs capitulate followed by any round of bottom pickers. Those new longs eventually capitulate. We’re having multiple capitulations here. Monday looked like the perfect capitulation. It wasn’t . Today looks like capitulation. it probably won’t be.
What we’re seeing is deleveraging. This whole era of over leveraged investment banks and hedge funds is coming to an end. Perhaps what we’re seeing right now with this whole collapse is not abnormal. Maybe the last 25 years was abnormal. The explosion of credit. The ease with which anyone could get a mortgage or car loan. The whole debt bubble.
That aside, maybe its abnormal for companies to be trading at 20-30-50 even 100 times earnings. Maybe thats abnormal. I know a lot of developing countries that have publicly traded companies that are trading at 1-2 times earnings. And yet here even old school companies that are never going to experience high growth rates like GE and MSFT are trading at 10-15 times earnings. Perhaps we’ll go back to a more normal market where older slow growth companies trade at 5 times earnings and high growth companies like GOOG and AAPL trade at 10 times.
Never mind I have answered my own question. All I can say is FUCK.
Please read all my posts as if Dylan Rattigan was narrating…..
Fly…good luck..I fear UYG will be your SMN of October…tough to game. USA Bank and Trust….
Remember when Fridays we use to throw up the Golden Bull, Burnt Toast pics…go long shit like Don Danks..good times.
I’m wondering the same thing Komrade Karl. I’m guessing the fact that GS is looks like it is heading back to the lows doesn’t indicate a good thing.
Where’s Pharm?
100% long. You’re a fool. Perhaps it will make you rich, perhaps you will lose half your annual gains. But whatever happens your emotions are running you. In this case…greed, and that is the curse of a loser.
Thar goes MS.
Pharm is the Big Lebowski on this subject.
How bout a burnt toast rally!!!!!!!!!!
Chivas put it up there please!!
The credit markets being completely and totally shut since the LEH bankruptcy absolutely guarantees economic disaster.
It’s quite amusing watching the plunge protection team waste more Chinese money buying bank stocks at the open to create an illusion of buying.
Still waiting for a melt-up…where is it? Maybe not today!
To keep things simple I have only 2 tabs in my IBKR trading interface with the following ETFs set to BUY:
RALLY: UYG, QLD, EWZ, KBE, OIH, DIG, UWM, XME, UYM, PBW, TBT
CRASH: SDS, QID, SKF, DUG, TWM, SRS, DGP, EEV, FXP SMN
I already banked coin off opening UYG bounce. Trading 1-minute timeframes.
Any comments/suggestions?
Nice. I’d like to get to something that simple.
Jake, gold stocks really haven’t acted like they should have ever since the introduction of GLD (in addition to higher energy costs hurting the mines). GLD has siphoned alot of investor money IMO. For example look at where NEM was trading in the mid-90s (I recall around 60) when gold was half the value.
More’s the pity for holders of GLD. I’d short that and buy GDX if I had even more gigantic balls, but I’m having trouble finding pants that fit as it is….
_______
In other words leveraged 30 to one, there are NO assets to cover that.
Needle dick, all due respect, but I have clients — operating companies — with shitloads of cash just sitting there, doing nothing now for the last eighteen months.
The companies that deal with gas & electricity are even more so.
Jake,
My question is this. If The US and EU are levered that high. How can it all be covered. Musical chairs, 20 people dancing around with only 5 chairs left?
If it cant then that might explain the “race” to the bottom.
help me out. Thanks Chuck
Shit loads of money, ok. But with all the debt on banks, financial companies, insurance companies books. How can it all be covered.?
This reminds me of the market right now.
http://www.youtube.com/watch?v=aRn5-LQCg2s
I guarantee Fly is beating the dog snot shit out of his trader servant and is therefore, too busy to post.