Think big picture stuff for awhile.
GS just embarrassed themselves with a loss of $4.97. Sidney Weinberg is rolling over in his mausoleum.
Chinese vehicle production is down 15.9%.
Chinese iron production is down 16.2%
Chinese steel production is down 12.4%
In order to finance “stuff,” China is considering a tax of sorts on their coal industry. Analysts believe, if done, it might reduce the value of Chinese coal stocks by 40%.
Latest CPI figures point to deflation.
U.S. housing starts at a new low: 625,000, down 18.9%.
U.S. interest rates are approaching 0%, a la Japan. The only difference: Japan runs account surpluses. We are big ass borrowers.
The value of U.S. homes declined by 2 trillion dollars in 2008.
And the silver lining:
BBY beat the street this morning.
Maybe things will not get worse?
Look, stocks are always the best value, when things look the crappiest. That’s what the asshole dip buyers are betting on. They are “betting,” not investing, that the U.S. economy will somehow, miraculously, rebound and send stocks through the roof. In my opinion, barring any short term moves, this is pie in the sky gobble-grabble (that phrase means nothing. I just made it up).
In other words, all indicators are pointing to a weaker economy in 2009. While it’s true, if you wait for the economy to turn up, you will miss the lion share of the stock market gains, since it is a forward looking Indian Casino. It’s also true that in order to presume the economy will turn, one needs a modicum of good news, something/anything that can be a “mustard seed,” to borrow a phrase from the Great Larry Kudlow.
In my opinion, we’re just not there yet.
However, that does not mean men in green leotards will sideline themselves today. For the love of green grass and purple goats, THE FED IS GONNA CUT RATES TODAY. YAAAAA-HOOOOOOOO.
If you enjoy the content at iBankCoin, please follow us on Twitter
ES 888 is the line in the sand for today.
Btw, Bow Tie Jimmy started selling all his USD.
The Fly is Dog!
last two weeks in December are usually a bullish.
Jan. is when the hangover starts.
Why should I forget about stocks?
I’m long a ton of commodes and ERX looks to resume its schtepping und der goosens.
__________
Because you should.
Cubs — are you following that Atilla guy for all this ES input?
And are you talking about pre-market or for the entire day?
____________
Buy the dip in FAZ
Just shut up and do it.
I used to see that Madoff Jackoff at the Indian OTB Parlor.
We had a lot of six figure hot dogs together.
No, just going by my chart. My chart shows 890 as the resistance but today’s ES futures pivot point is 888.
If Atilla is saying anything, go with him 🙂
The post-Xmas hangover will be nasty.
I think this Atilla fella is dead wrong.
I hate China.
Funny. “This is the” is prefilled. I thought everyone was being witty.
Fuck the 3x and 2 x ETF’s I thikn that shorting XLF may be the better trade. The 3x and 2x etf’s have some pricing fuckery
Boomer–
your definition of wit is rather loose, no?
GS – simply a front for putting money with Madoff.
China – all their investments with Madoff.
Kudlow – life savings invested with Madoff.
The FED – an arm of Madoff LLC.
CNBC – Madoff
Bush – Madoff
The American Economy – Madoff
Stange, no? There’s no money left in the world. So how can the economy perform well in 2009?
Fuck Madoff, we’re going higher throughout 2009.
Not too fond of the “THIS IS” prefiller…I’m just saying…
I have a hard time believing the $50 billion figure for Madoff.
So do I Moe. It will end up closer to what he managed which was around $17 billion.
Fly that frost bite and shit is good for your time machine.
Market loves bad news …uh huh.
Home Depot
Wal-Mart (Ask yourself how a guy from Bentonville AR became the richest man in the world?)
BBY
All Ponzi Schemes
Welcome to BarberShop!
After Several weeks of complete fuckery, I’ve concluded it’s very easy to trade when the DOW is below 7,800 or above 8,800, and everything in between can cut your balls off.
good writing. thnks.
I have a feeling that the market will reverse today and that we will finish down.
“one needs a modicum of good news, something/anything that can be a “mustard seed,” to borrow a phrase from the Great Larry Kudlow.”
Please cancel my PPT pre-release subscription. Larry Kudlow is a Great Asshole.
fly – please ban the ip of this annoying person
– ah I see that there in added verbage for everyone’s handle?
Short story. Just started investing around 1980-81 and the economy sucked real bad and kept getting worse. After raising interest rates up to about the 14% level to kill inflation Volcker started cutting rates in the summer of ’82. The market took off in Aug. 1982 and the news kept getting bad and I remember watching the snow come down in Cleveland in Dec. telling my Father-In-Law the market should be coming down as the news is bad and getting worse.
Needless to say by the time I woke up in 1983 the market already went up about 60% and THEN the news started getting good.
Don’t know if today is similar but I told myself the that I won’t miss it next time.
Program your mind.
lol
Vincenzo the IT guy is having fun, at my expense, with this comment shit.
Hopefully, after he is done eating his baked clams he will put it back to normal.
Today’s tell: BAC
That Vincenzo is such a character!
Perhaps Vincenzo dropped last nights lasagna on the server.
Ask Vincenzo what the temperature is up there in his shed.
I will not change it back – I am in total control now.
I’m off to take a quantitative dump!
yay, power’s back on!
It looks like I got a better ROR while the power/phones were out.
Shit.
Hope the power goes back out.
It will be all the better when the shorts go on in Jan. should this thing last that long.
I told you to shut the fuck up and buy FAZ.
Now do it, bitch.
T-MOE — I think maybe $50 bn is the amount that passed through the Ponzi, but maybe was not “lost” per se.
Like our Social Security system, the only money that is lost is the last that’s put into the system.
Meanwhile… looks like Madoff relatives were literally in bed with the SEC!
_______
Where the hell has Devildog gone? If not today, then your last chance at new lows would be friday, with opex fuckery.
Tick…tock…..
@Napkin,
FAZ is not a buy here (if you want to maximize your gain)… it will be at the earliest on the last trading day of 2008… or at the latest… the day Obama is sworn in (When reality sets in). Tho i agree FAZ will gain momentum next year.
For that matter any short/put have nothing to gain until a day or 2 before 2008 ends.
Patience and preservation for the 2009 Bear might be the best move.
DXO/DUG/DIG/USO will be fun to watch tomorrow… i’m stuck with DXO and will look for an exit…
This Madoff story keeps getting better!