How much bad news do you want?
We have fraud at one of India’s revered IT firms, SAY. The whole country is without work, according to ADP. INTC shit the shower. Retail sales are a joke. They’re actually clown funny. House prices are still dropping. Although rates are dropping, jumbo mortgages are still pricey. And, to top it off, banks are going to need to write off another $40 billion, during the first quarter, according to analyst Meredith Whitney.
Amazingly enough, despite all the bad news, the market is hanging in there, sort of.
Over the past week, like it or not, the biggest winners have been the worst names, such as FIG, MCGC and ACAS. Everyone has been making such a big deal over the rally; yet, year to date, we are up less than 3%.
If Friday’s employment data is similar to today’s ADP data, look for sentiment to turn on a dime. The tone for January started bullish, but can end in a fucking clown cannon, on its way for a field of string beans, if you know what I mean.
Due to my bearish sentiments, I sold out of a variety of longs this morning, including ITW, BAC and half of my C.
At the present, I am holding AKAM, VCLK, NITE, C and a little FAS, just to name a few. Just so you know, I own lots of stocks, in small quantities. The point: I have reduced my long exposure to 15%.
At the same time, I couldn’t help myself, I bought some SSG (short semi’s) @ $71 and more SRS @ $52.50.
Although I am skeptical of this decline, due to my recent short sale mishaps. I have the confidence of a hungry mountain lion, trapped inside a conference room filled with 3rd tier bloggers, that I will be right, in due time.
Top picks: short NOV, short XOM, short KIM.
NOTE: I bought DUG @ $23.25.
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Yesterday you doubted your short KIM and VNO. Why? I figure it will take very little time for the retailers to burn through the small amount of cash they made over the holidays. Then we will see some failures. Creditors can’t renegotiate every line of credit. There will be some failures and KIM will get hit
Here comes the hammer on crude and on EXXON may they burn in their oil hell
Fuck oil
COMDX DOE Inventory Data: Crude shows much larger than expected build
Dept of Energy reports that crude oil inventories had a build of 6682K (consensus is a build of 800K); gasoline inventories had a build of 3334K (consensus is a build of 1000K); distillate inventories had a build of 1790K (consensus is a build of 1100K).
I sold my DXO and USO. I’m now short DIG. This means we can be buddies again Fly.
Also, I’m not sure I understand about the cannon and string beans. Are you picking on us Southerners?
Barry Ritholtz’s blogpost today was interesting regarding GS increase in oil and decrease in gold allocation in their commodities index.
True, all the news is bad, Fly, but all the FED needs to do is print MORE money and give it away until the problem is solved.
I’ve always wondered what it felt like to be shot out of one of those things.
I’m very distressed the world doesn’t recognize the greatness of the Messiah.
Consequently, I’m circulating a petition to rename the nation’s capital Obamaville. Georgetown will become Obamatown. Let’s make K street O street while we’re at it.
It’s of great importance, some might say it’s a national emergency, that this change be made. Who’s with me?
Adding XLF daytrade. Out of the Funnel and smelling the roses.
How absurd are accounting rules?
“The company (SVU) posted a loss of $2.94 billion, or $13.95 a share, compared to a profit of $141 million, or 66 cents a share, in the year-earlier period.
Excluding non-cash impairment charges of $3.1 billion, or $14.57 a share, to write off goodwill to reconcile the stock price to book value per share, the grocer said it would have had profit of 62 cents a share. ”
And the shares are up.
The Contractor:
Go buy some ERX and find out.
Say what you want about Bush, but at least he was always on time
It would be better to rename Baltimore Barrymore.
what up with MON?
the gambler’s rallicy is over.
enjoy your 5yr recession.
I jumped in the funnel.
Long SRS and GOOG puts. Rest in cash. Stocks will soon be wearing giant asshats.
jungleegirl, how about that action in MON? they had a great report today I think. I’ll be able to make my bean tacos with expensive “modified corn” tortillas soon, yeah!
Jungle-
MON had good earnings and raises guidance
i funneled too Boca
I sold Euro, bought a put option in aussie for 1 month at 70 cents and bought USdollar ag cad.
let’s see this funnel work
Housing will suffer for years…..
Not really suffer in my opinion (fuck the greedy asses, my house is paid for in full), but suffer from a buiulders stand point. I was not stupid enough to buy a house that cost 50% more than I could afford just because some limp dick loan officer told me I could borrow that much…..he/she was looking out for themselves since they made a commission based on the loan amount….of course loan officers over the last 6 years would offer loans for WAY more than the person could afford since their income was based on %%% from the loan amount that they suckered some schmuck into signing on for.
NOW…. since all that has crashed to the floor, and now that banks have reversed to the loan practices of decades ago where now you will be required to put up 10-20% cash up front and only borrow 80% to buy a house, do you think, after 6 years of people living on credit and 100% home loans that anyone has 20% cash sitting around to put down? Absolutely not, for 6 years people have gotten a bank loan for a $200,000.00 house in one day with zero down, and now they will need to be required to have 40,000.00 in cash ready in hand to put down to buy the same house?
You will see housing stall for years, since every lame dick in america has eagerly lived at their max and on borrowed money for 6 years does anyone think that over night people who have zero savings will just whip up 20% cash?…….NOT going to happen.
Watch for housing to stall…….
boca did u get a message from me?
For those interested in the on-the-spot retail report:
Sales continue to be very busy BUT my average sale is only one-half the dollar amount it used to be. Also if I go for the “fast nickel instead of the slow dime” my dollar amout would be only one-third of my previous average. That’s devastating for most retailers, I’m lucky to work from my home with my own storage instead of paying rent in a retail space, and my inventory cost is very low, unlike many retailers. Any retailer with rent or lease overhead is about to get “banded” when the usual post-holiday sales slump hits at the end of January/beginning of February.
Can’t believe James Altucher recommended Ebay as a buy yesterday in the Financial Times. I’m just not seeing growth possibilities there, put the money somewhere else.
Good thing I’ll be able to eat cucumbers, cantaloupes, and tomatoes from my garden. Thinking about adding corn.
I prefer to talk here in public, LadyG, thanks.
silver queen, and yellow golden corn dude…..
Go buy some ERX and find out. (10:42)
Whoa!
Prescient time stamp, Signorelli!
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doesn’t seem like there much of an omnivore’s dilemma in the world, now does it?
boca no problem- I’m fine with that as it will keep the discussion in a very narrow range.
boca, I like ebay long term…paypal is the future….these guys have an evil model for making money.
I like any tech company I write checks to….YHOO…EBAY…MSFT!
legal toll-booths
lady g is hitting on boca, good shiz.
Watch for housing to stall…….
I rename you “Carnac the Magnificent.”
Please remit your deposit for one feathered turban.
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Just got a call from NY Times trying to sell home delivery for the Sunday paper.
I laughed at them and told the person I hope they go out of business since they don’t know how to run a real paper.
Thank you, my bovine friend, Sir Jake.
doesn’t seem like there much of an omnivore’s dilemma in the world, now does it?
You’ve answered your query on MON.
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No, no, thank YOU, sir!
Mooooo!
😉
________________
LOL like a junkie looking for a fix Broker A finds solace in SRS. Nothing wrong with that. Hold your head up high we (I) still respect the shit out of you and your opinion.
TC —
You gotta feel bad for the tele-sales-dork —
“Yeah, I getta lotta that.”
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Just got back from my break from West Palm/South Beach…
I highly recommend you “old people” to hit up “Sky Bar” in South Beach…lots of models there; amazing looking women…reminded me of Goldielocks and got me in a bullish tone for 2009.
Happy New Year everybody…lets make some fucking money!
Message to all cows:
Watch the dollar.
DXY, UUP.
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bought 50k XHB
bought 50k AA
looking to buy back oil sometime today or tomorrow.
Please stick Lady G in the funnel. Thank you.
Hey TraderCaddy, the person that called you wanting you to buy the NYT delivered was probably from a call center in India anyway………I now have my feathered turban on….fit’s well Jackgint…..
Jake:
I rename you “Carnac the Magnificent.”
Where’d you put the damn mayonnaise jar?
Big Mike:
They must’ve loved your Corn fed Hoosier Ass down there in Greater Havana.
Serious, in MetroSexual City, the less lispy man is King.
HNY to you too, and Coach Crean. He’s a keeper, no matter the tally this year.
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Jakegint….not jackgint…sorry about that…….
^^^^
(Chivas excepted of course, but he’s “olde school,” anyway.)
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LOL
jungleegirl LOL you’re killing me, good sense of humor there
mrkcbill, Paypal is truly astounding as a moneymaker. The problem is with the rest of Ebay. I don’t think for the short term even Paypal can make Ebay go up. For the long term, I’m waiting to see what business model it morphs into. Without a good Ebay sales model, Paypal won’t get those lovely fees on Ebay sales. The problem is low dollar amount sales on Ebay are great, but higher value items are sucking wind, don’t forget Paypal makes more on the sale of a higher value item.
Chivas:
The oil data did not scare the Jesus out of you?
Fly
the below article will feel like you are being blowed…enjoy short XOM
http://seekingalpha.com/article/113163-exxon-apostasy-a-closer-look-at-the-oil-giant-s-real-valuation?source=yahoo
Futhermore, did you see the oil data?
Bulls, get in the castration chute, cows get in the funnel.
no it did not Fly. price always precedes news as you know. even if this is only a bear rally, i think it’s got further to go.
jungleegirl mind ur own business.
boca will be reading some information soon, I wanted to extend a kindness to her and offer her my email if she had any comments to make on what she was reading. She apparently will have no thoughts about it and therefore need no discussion. Fine with me, I was just trying to be kind and helpful.
Boom….I dare you to leave those backwoods of toothless Tennessee and come over here and give me a push down that funnel
🙂
See ya soon babe……
.
ADBers love RIMM
What currency is oil traded in — globally?
Petro… something or others.
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$$$$$$$$
Market showing resilience in the face of constant armageddonesque news.
DD…?
Bueller…?
Caution!
Ed HOC-huli in a steroid infused rage at being sold off this morning!
Watch for multiple “horse collar” personal foul flags!
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Is anyone watching CNBC?
Dennis Kneale is SUCH A FUCKING ASSWIPE IDIOT!!!!!!!!!!!!!
You’re a bunch of giddy/coked out motherfuckers.
Chivas,
Thanks for the straight manning. 😉
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Fly,
Who? Me??
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LMAO both at Jake and Fly.
No. the horse behind you.
You have to be coked out to make the midday interesting.
Fly, in an earlier post you mentioned AOB as a firecracker Chinese stock. f.y.i. there could be 12.4mm of supply at $9, as they have $150mm of converts with a $9 strike. just letting you know.
fly, color on the oil data?
aside from lord’s work: amen.
EU will cut by 50bps soon.
Taking everything into account, will someone explain to me why the dollar will go down in 2009.
And begin:
“The problem is low dollar amount sales on Ebay are great, but higher value items are sucking wind, don’t forget Paypal makes more on the sale of a higher value item.”
I believe that problem will solve its self in the coming years. You seeee, the people with money to buy the expensive items dont know how to use a computer. ALL IN GOOD TIME.(generation gap)
The oil data you ask?
Oh, it was only 8X WORSE THAN EXPECTED.
Clack! Clack! Clack! Clack! Clack!
Screeeeeeeeeeeeeeeee!
Sha-boom! Poof!
(cough! cough! cough!)
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Just got me a bluetooth Apple Mighty Mouse for the Macbook Pro. Luvs it. Worth $10/pps on the CRAPPLE. Mighty Mouse will save them. 🙂
Re: eBay. I collect and flip vintage music gear on eBay, personal stuff, high end vintage guitars, shit more expensive than you can believe a guitar could be. Sans Shed. Nuthin selling. Can’t even sell a used Gibson I am tired of for $650!
Anyone want a nice SG with Duncan Seth Lover pickups? Any takers?
I am stunned by the ball-less nature of the bears.
Time for a sandwich.
^^^^^^^^^^^^^^^^^^^^^^
Sound of Bush/Obamanid Fed Printing Presses overheating and exploding.
(Scene)
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Artist – Yes he is… but Charlie meatballs said “shit” on on air so it makes for good entertainment.
No. Us.
http://www.youtube.com/watch?v=T1_zadUaiIo&feature=related
EU has to reflate too you know.
We are not the only ones who are in a pickle.
http://www.minyanville.com/articles/MSFT-emc-adbe-novl-sy-CDNS/index/a/20546/from/ameritrade
Fleck with a 2009 outlook or lack thereof
Jake – Props for nailing the call for the 10:30 AM bottom.
imo, the $ only goes down, if at the end of day fiscal and monetary policy works. even if that happens, that armagedon is taken offr the table, the decline should be nice and slow.
I am stunned by the ball-less nature of the bears.
Ain’t ya never heard of the Stock-home Syndrome?
Holmes?
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Short logic will be smashed by end of day. Shorts to be squeezed to death under the pressure of bullish blind faith. No reason to believe in a rally here so I bet we get one.
Long AFAM, AIPC, SWHC, AAPL, AKAM, and DVAX lotto ticket.
EU has to reflate too you know.
True, but why do you look to the West when you should be looking to the East?
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Yogi —
I wish I could accept your props but
1) I was joking, and
2) I said we’d be back up again by 10:30.
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^^^^^^^^^^^
I just realized that, while metaphorically speaking what I just said about currencies was true, from the actual NYC geographic perspective, we should reverse the compass points (East/West).
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Picked up another 1k shares SRS at 51.
What the?! First was ARTC, now Saytam!
No one is goiing to want to be long going into Friday’s unemployment number. We finish near the lows today and move lower tomorrow.
long fraud
short SEC
Those fuckers at PNC in Pittsburgh are trying to take a steel pipe to my head in the most Colonel Mustard-esque fashion. Or should I say Ketchup-esque? Eh, condiments are for sailors.
lies are the tools of the devil
“Eastern currencies” have been going up, only because of the whole “reflation theory.”
The euro and dollar are the only ones that count.
SWHC huge pistol order from South Australia Police Force (SAPOL)
Boomer – I collect guitars – what is your ebay link?
In a delfation the $ should (has done) appreciate. As the global credit losses are dollar denominated. As those losses are covered with other assets or currencies they have to be sold and $ bought to fill in the hole.
Same happened (happening) in Japan. As their asset crash unfurled the Yen was as strong as heck.
But any $ bullishness has to be tempered somewhat by the sheer amount of $$$ that Obama and his buddies are going to print and dilute.
Thats why I bought FXB at 145. I shorted calls against it unfortunatley. A win but no cigar. 152+ last.
Boomer,
I need a Gibson Hollow body for my 14 year old?
Here he is– the one on the far left.
http://www.youtube.com/watch?v=4eL6xg5JDec
mrk, a-dorable.
nearly took my mind off the funnel.
Thanks Stuart…gets it from Mom…they don’t allow me to clap my hands or snap my fingers to music.
Also trying to teach all my boys about the funnel.
Thanks for sharing, mrkcbill! They are great! You must be proud. That is you shouting, isnt it?
Did you take him to Larry Carlton? I think you mentioned that once.
I dont have a Gibson hollow body I am selling. I will look out for a Gibson hollowbody ES335.
Do you have a Guitar Center near you? Make a Saturday trip with him to play a few and tell me what you think.
Very nice, mrkcbill. 🙂
Boom …thats his coach shouting..he’s the one that started the music school which been a very good thing for my 2 youngest sons..3rd son is a drummer and 2nd son is upright bass in KU orchestra.
I took him to Larry Carlton and going to see his favorite some dude named Scofield who is coming Jan. 31st.