iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
22,010 Blog Posts

Very Hard to Win Here

We’re deeply oversold, amidst a Citigroup Inc. [[C]] meltdown. Who could write such a horror story?

This is “the no trade zone,” especially on a Friday afternoon.

Frankly, nothing else matters, but the fate of Citigroup Inc. [[C]] . Most likely, they will become the proud recipients of a “government deal,” a la AIG. Aside from that, everything is peachy. The world is round and my television is a rectangle.

Commodity stocks are bouncing, but I don’t trust them.

One thing to note is weakness in treasuries, thank God. Once this whole flight to quality love fest is over, [[TBT]] will be a dunk shot win.

Until then, go eat a sandwich, raise cash and go wax the car.

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34 comments

  1. Woodshedder

    Eat a sandwich – check
    Raise cash – check
    Wash the car – too damn cold

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  2. Dr. Frankenstien

    He’s alive!

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  3. Woodshedder

    My son and I are watching Tyranosaurus Debt, on School House Rock. Seemed appropriate.

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  4. Paradigm Shift

    Time frames have compressed to the point of hourly rotation.

    Those are tough moves to catch – it surpasses even my ADHD threshold.

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  5. I’m looking your comments as coming from a contrarian lately

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  6. alf44

    …a great man once said…

    “Money is an ass” !

    ——————

    Whatever that means.

    .

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  7. Dinosaur Trader

    That can’t be it there, right? I’m not long and nervous that 7449 is the new short-term bottom.

    Lack of volume and panic tells me it isn’t but we did just rip 200 points…

    This will be an important close.

    -DT

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  8. Donny

    UYG = 3.45

    O-my!

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  9. Needle dick the bug fucker

    My ship is taking water, listing hard starboard. Her rubber lifeless, her sails punch less. Yes we are adrift, the relentless pounding of mother market. Reminding her captain she is in control that voyages through Drake passage, will be met with extreme pain and famine. True it is the shortest path for those galleons that trade in gold and spice. We are told with risk comes large rewards. We will not be stopped Cape Horn be damned, we must prevail the King counts on us.

    Fly im gonna wax my unit.

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  10. Big Mike

    Boy, I think the political will for a Citigroup bailout would be very thin…I think we could see instead, something along the lines of the previous Wachovia/Citi deal.

    How funny would it be if Citigroup did buy Wachovia before, then the government needed to bail them out?

    Speaking of which, what the fuck is wrong with BAC and their latest buying spree? Alas Countrywide, Merril, now increased stakes in some fucking bank in China?

    Careful here, watch for ratings downgrade…

    I pretty much gave up hope going long in this whore of a market…

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  11. j

    i heard rumors all day that china is buying gold, but I discounted that as bullshit. Maybe I shouldn’t have, seeing the way it trading.

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  12. The Fly

    Gov’t has no choice. With 2 trill in assets, they have to do it.

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  13. Joe Trader

    This is so great I can’t believe it. Oh wait, maybe it isn’t so great! Which is it?

    Time to think, fast, and wait.

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  14. jeff

    Got to hide the drug money that was laundered with a bailout.

    C = Mena drug money + golden triangle

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  15. scum bucket

    Thar she blows! Ready the harpoon! The Fly has gone totally despondent, only another 50% down before we hit bottom cap’n. The close today will be ugly because no-one has the ballz / cash / margin to go long over the weekend. Black Friday awaits, I expect it will live up to its name.

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  16. mrkcbill

    Confidence is fucking buried with this drama….NFW all of these lame ducks can conceptualize the enormity of these issues.
    Is “The Kash Man” gonna bring us out of it.
    Is Lex “my cruise is booked” Luthor.

    Long…Bottled Water, Marsh mellows, and Bok Choy

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  17. Donny

    Big Mike-

    JPM & BAC had a plan when they started absorbing others … became too big to fail. Roubini was talking about this 5-6 months ago. Many thought he was crazy, now we know better.

    Wells Fargo did it with Wachovia.

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  18. Jakegint

    Bumped in reply to Bruce’s:

    …. The Great 1/2 white/ 1/2 black hope will be on the job soon enough.

    Wrong, he’s on the job right now. Two sentences from him drive this market back up 1000 points, for a start.

    “Ladies and gentlemen, let it be know we have no intention of raising capital gains taxes, in fact we are thinking of cutting them. Also, we will not raise income taxes and are considering cutting the corporate tax rate to 20%.”

    Those two sentences would make him a hero, from Day one.

    Of course, those two sentences would also make him a Republican.

    ____________

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  19. Karl Marx

    I just looked into the abyss.

    C’s off-balance sheet “assets” are a trillion dollar liability. To paraphrase my satanic disciple Ralph Nader, C, like an American auto share, is unsafe at any price.

    If anybody wanted it, it would have been taken by now.

    There is no more petro$ or guvmint cheese for these mofos – just bok choy, served at the tip of Chicom ICBMs, demanding much higher interest rates.

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  20. mrkcbill

    Donny,

    I’m thinking of putting egregious money on Sooners tomorrow am I on the right side of this bet?… I can’t take this Threesome on Westinghouse TV…swithching to porn

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  21. Sancho Panza

    What would Don Quixote do? That is what I am wondering.

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  22. Too Big to Fail

    Did someone mention me?

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  23. Juice

    Jakes got to be digging this PM action ! 🙂

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  24. jcvtwo

    I wanted to buy MS at 10, now that it is 9.25 I don’t want it.

    Are the gangsters at LVS worth 3.15?

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  25. DannyBoy

    http://www.dallasfed.org/research/indepth/2003/id0304.pdf

    This is from 2003 but an interesting read.

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  26. Neil Sedaka

    Bennet Sedacca

    11:40:00 AM

    No positions in stocks mentioned.

    Got symmetry?

    The NDX, from the 2000 high to the 2001 low was a 72% decline.

    Click to enlarge

    The BKX has now declined, you guessed it 72.26%.

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  27. Donny

    Sooners = Victory!

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  28. Neil Sedaka

    Bennet Sedacca

    11:31:43 AM

    Position in UYG and XLF

    BKX reaches my downside objective

    I have been looking for 30-35 as a low in BKX followed by a sharp bounce to 50.

    My firm is, for the first time, in a long time, via UYG and XLF, long financials.

    This is not a huge position for us, but as lousy as all of this feels, perhaps, this is where you buy ’em.

    Like they say, buy when you can, not when you have to.

    Like Coops said, if the 730-750 area doesn’t hold, ouch.

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  29. Too Big to Fail

    Can someone please tell me, who’s Neil Sedaka?

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  30. Big Mike

    Fuck Citigroup; If you were to play a bounce on the equity, why do it with the possibility of going to zero, when you could easily bandwagon on JPMorgan (stock down near 50% since debacle)?

    Plus if the government would step in, that would be more dillution for the common stock holders. This morning one of those douches from PIMCO said one thing that made totally sense: Why risk putting money at the most junior investments, when the senior investments is near totally guaranteed? Remember what past history showed us, the equity either gets wiped out or highly dilluted.

    Top Pick: Short oil equipments, casinos, regional banks. I will short some APPL here, just because I think the Iphone is gay as shit.

    Again…don’t forget rating agencies and dividend cuts that undoubtebly is yet to come.

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  31. Thunderpup

    Everything looking bullish for stocks except stocks themselves. UUP down, VIX down, treasuries down. Weak selling volume. Sold the rest of my SPY puts when these started diverging.

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  32. Jakegint

    Jakes got to be digging this PM action !

    Yes, I must admit, it brings a wan, faint smile of recognition to my fevered lips.

    Now, if only my other enemy, UUP would die, then I would be in “relative” nirvana.

    Which is like being given a two inch “relief de-ratchet” on the ballsac wrack.

    _______

    _________

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  33. Needle dick the bug fucker

    Karl Marx Says:

    I just looked into the abyss.

    C’s off-balance sheet “assets” are a trillion dollar liability. To paraphrase my satanic disciple Ralph Nader, C, like an American auto share, is unsafe at any price.

    I would love to see a link.

    Donny and Big Mike,

    You make a great point as does Fly with the “to big to fail to big to save”

    Bottom line we need the kitchen sink thrown at the problem…

    FASB has to change the mark to market accounting rule!

    Mark-to-market is an accounting methodology of assigning a value to a position held in a financial instrument based on the current market price for the instrument or similar instruments. For example, the final value of a futures contract that expires in 9 months will not be known until it expires. If it is marked to market, for accounting purposes it is assigned the value that it would currently fetch in the open market.

    As much as this rule touches common sense, toxic assets are way more complicated. FASB’s mark to market does not take this into account.

    In other words financial instruments are far more complicated then the accounting word can account for.

    Now im not an accountant my wife is the degreed accountant in the house. But street wise and logic roided. This accounting standard has to be changed. Or should be reworded.

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