His last minutes of the trading day, caught on tape.
[youtube:http://www.youtube.com/watch?v=Jnz-WsVoGX8 450 300]As for the market:
Gold has become a safe haven and the TBT trade continues to look good. Personally, instead of buying today’s dip, I opted to err on the side that Obama has no fucking idea what he is doing, with regards to a “bad bank plan,” via small FAZ, ERY buys.
Also, I stopped out of my TS position. I kept MT, FXI, CHL and BUCY, just in case we rally Monday. However, for the most part, I go into this weekend, decidedly negative on the markets.
Quick update on 2009’s “Four Reverse Horseman of Certain Death”-
ESS, MAC, FRT and SLG look terrible. And, don’t forget the 5th reverse horseman, KIM. That bitch is getting the stuffing kicked out of her.
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Be that guy got caught short into the japanese protection team. (JPT) LOL
More and more knuckleheads are talking about gold (and silver).
I think they’re trying to make that the next bubble.
They tasered his ass.
He should have had a V-8.
FINALLY! THANK YOU JESUS!
http://tinyurl.com/bh8xlb
From the Trends That Can’t Last files:
At Simon Property’s regional malls, occupancy fell to 92.4 percent at year-end, from 93.5 percent a year earlier, sales per square foot fell 4.3 percent to $470, and average rents rose 6.5 percent to $39.49.
My theory is that gold becomes the bubble to end all bubbles as everyone piles into this “safe” asset. I’m seeing more and more mainstream interest in the yellow metal.
This guy found out his wife slept with Dennis Kneale.
Sucks.
Don’t get too ahead of yourselves, bears.
You might find that you’re a little “premature” here.
_________
TraderCaddy Says:
He should have had a V-8.
January 30th, 2009 at 4:35 pm
____________
yep, those jap 4 cylinders will get you every time……
Gasparino: They’ve Put The Bad Bank Idea On Hold
John Carney | Jan 30, 09 1:38 PM
The plan to create a government sponsored aggregator bankto buy up the troubled assets from financial firms has run aground, CNBC’s Charlie Gasparino is reporting.
Senior officials from the Obama administration, the FDIC and the Federal Reserve have been meeting with top Wall Street banking executives to discuss the bad bank. But the same problem that killed the first attempt to buy up troubled assets may have thwarted this attempt: no one can figure out the right price the government should pay for the assets.
The idea was always to have the government pay more than the market price for assets. But if the government overpays by too much, it will wind up delivering a huge windfall to bankers at taxpayer expense. If it underpays, banks will just refuse to participate. There’s just know way for the government to solve the pricing problem–that’s what markets are for.
Here’s Charlie’s report, courtesy CNBC:
I CAN’T REMEMBER THE TREASURY DEPARTMENT BAILING OUT STEVEN COHEN AND ART SANDBERG. THEY’RE BAILING OUT CITIGROUP AND BANK OF AMERICA AND THE BAILOUT PLAN THEY HAVE ON THE TABLE RIGHT THE NOW, AT LEAST ONE THAT’S BEEN RECENTLY TEED UP IN THE PRESS WHICH IS ESSENTIALLY THIS AGGREGATOR BAD BANK WHERE YOU BUY ALL THE BAD ASSETS BETWEEN $1 and 2 TRILLION. IT’S BEEN LEAKED OUT THEY’RE LOOKING TO DO THIS.
THIS THING, ACCORDING TO SOURCES, TELLING CNBC, THIS THING IS NOW OFFICIALLY BEEN PUT ON HOLD. IT’S HIT A MAJOR SNAG. THEY CAN’T FIGURE OUT EXACTLY HOW TO MAKE IT WORK. IT WAS THE SAME PROBLEM BACK IN SEPTEMBER WHEN WE BROKE THE STORY ABOUT THE T.A.R.P. WHEN THE MARKET WENT UP 500 POINTS BECAUSE IT MAKES GREAT CONCEPTUAL SENSE. IF THE GOVERNMENT CAN COME IN AND BUY UP ALL THE BAD STUFF OFF THE BALANCE SHEETS OF ALL THE BIG BANKS. IF THIS STUFF CAN TRADE UP IT’S WORTH 50 CENTS ON A DOLLAR AND NOT 22 CENTS ON THE DOLLAR, EVERYBODY’S HAPPY.
MAKING THAT THING WORK HAS BEEN PROVEN VERY DIFFICULT.
THE TREASURY DEPARTMENT, THE FDIC AND THE FEDS RECENTLY, THE LAST COUPLE OF DAYS, HAS BEEN HAVING MEETINGS WITH SENIOR CEOs AT THE MAJOR WALL STREET FIRMS TO PRICE THE STUFF SOLD TO THIS AGGREGATOR BANK. YOU KNOW, THEY’RE MORE CONFUSED NOW THAN EVER BEFORE. THE FEELING I GET, AT LEAST THESE TALKS ARE ONGOING. THERE WAS TALK ABOUT A MEETING THIS WEEKEND WITH ALL THE CEOs TO TRY TO DO THIS THING. I HEARD THAT. THAT IS NOT HAPPENING, AT LEAST AS OF 10 MINUTES AGO. NO MEETING CALLED. NO WAY WALL STREET EXPECTS THAT MEETING TO BE CALLED.THEY CAN’T FIGURE OUT TO MAKE THIS WORK. THE PRICING IS AT ISSUE.IF YOU HOLD THE STUFF, WALL STREET HOLDS IT ON THE BALANCE SHEET, THEY CAN MARK IT TO THEIR MODEL 50 CENTS ON THE DOLLAR. OF THEY SELL IT, THE MARKETS SAYS IT’S 22 CENTS ON THE DOLLAR.
IF THE GOVERNMENT BUYS IT AT 22 CENTS, MOST OF THE BANKS WOULD TAKE MAJOR LOSSES. WE’LL BE BACK TO WHERE WE WERE A COUPLE OF WEEKS AGO. IF THE GOVERNMENT BUYS IT AT 50 CENTS ON THE DOLLAR, THE TAXPAYER COULD BE TAKING IT ON THE CHIN. THAT’S THE PROBLEM WE HAVE HERE. WHILE THEY MAY SHELF THIS AGGREGATOR BANK, THEY MAY COME UP IN WITH SOME OTHER ALTERNATIVE LIKE INSURANCE OR SOME SORT OF GUARANTEES ON THIS STUFF BLANKET ACROSS THE BOARD.
THESE ARE THE THINGS BEING TALKED ABOUT RIGHT NOW. THESE ARE CONVERSATIONS BETWEEN SENIOR — THIS IS AT THE CEO LEVEL AND WITH THE TREASURY DEPARTMENT.ONE OF THE PROBLEMS WITH DOING THIS THING REAL FAST, THEY UNDERSTAND THERE IS A SENSE OF URGENCY AND MARKETS WANT IT BAD.
STEVE LIESMAN BROKE THIS TWO DAYS AGO, THE MARKET WENT UP 200 POINTS. TIM GEITHNER, THE TREASURY SECRETARY, DOESN’T HAVE SENIOR STAFF ASSEMBLED YET. IT’S PRICING AND VERY DIFFICULT TO PULL OFF. THE FEELING I GET, AT LEAST RIGHT NOW, IS THAT THE AGGREGATOR BANK HAS BEEN PUT ON HOLD INDEFINITELY. THEY MAY GO FOR SOMETHING ELSE
THEY MAY DO A HYBRID. AGGREGATOR BANK GUARANTEES. IT’S HIT A MAJOR SNAG.
Meh, the “snag” was public knowledge. It was even discussed on NPR the other night.
Moober,
I understand she particularly likes successful money managers with Plutonium powered time machines!
A bunch of incompetents? How about they get their act together first and then present the plan? Oh well, first things first – Oblama signs a trial lawyer full employment act first and you morons out there can wait……and wait while the system melts down. So far, Oblama is trying to make cars more expensive – that should help sales – increase your utility bill – that should aid the consumer – who’s in charge here? Pelosi?
anyone know a good tax attorney?
8 is the number of years since 1928 that the S&P 500 has lost -5% or more during January. This year will best all of those, taking the crown of “worst January ever”. After the other years with greater than 5% January losses, the rest of the year went on to finish with a positive yearly return only 2 times, and an overall average of -9.2%. January made up the bulk of those losses, however. From the end of January through the end of the year, the S&P was up 5 times, down 3 times, with an average of -3.0%.
you deserve your own presidents
http://www.ft.com/cms/s/0/15f37800-ef05-11dd-bbb5-0000779fd2ac.html
US set for ‘big bang’ financial clean-up
By Krishna Guha in Washington
Published: January 30 2009 23:31 | Last updated: January 31 2009 00:19 The Financial Times
The Obama administration is gearing up for a “big bang” announcement next week that will combine a bank clean-up with measures to reduce home foreclosures and probably steps to kick-start credit markets.
The plan will involve an overhaul of the troubled asset relief programme – the $700bn bail-out fund – including strict curbs on compensation at banks receiving public aid. The Tarp overhaul is intended to restore public confidence in what is a deeply unpopular programme and ensure that taxpayer money is not used to fund excessive pay, bonuses and dividends to shareholders.
“There will definitely be a cap of some sort on bonuses,” said a Wall Street executive who has taken part in talks with the authorities. “The political climate is such that there is a need to punish Wall Street.”
The announcement will follow Friday’s news that the US economy contracted at an annualised rate of 3.8 per cent in last year’s final quarter – less than analysts were expecting, but still the worst quarter since 1982. The fall was cushioned by ballooning inventories, which suggest the economy could shrink faster than expected in the first quarter.
The “big bang” approach reflects the belief of Tim Geithner, Treasury secretary, and Lawrence Summers, National Economic Council director, that the Bush administration was wrong to dribble out policy initiatives. Mr Geithner intends to present a “comprehensive” plan that policymakers hope will command market confidence.
Details of the financial overhaul are being finalised and have yet to be approved by President Barack Obama, but it may include both the purchase of toxic assets by a “bad bank” and insurance-style guarantees for problem assets remaining on bank balance sheets.
Anti-foreclosure efforts are likely to focus on subsidising programmes that reduce unsustainable monthly mortgage payments, though there may also be support for schemes that subsidise the partial writedown of loans that exceed the value of the home. Treasury may also unveil new efforts to revitalise dysfunctional securitisation markets.
A great man once said “I believe the market will get its teeth kicked in in January.”
A great man, indeed.
Remember when E8 was mocking me the day that the market reversed off 944 in January and I said we would never see that level again? Where’s that sideshow been lately anyhow?
Anyway, with 850 a distant memory on a weekly basis, it’s shaping up to be another glorious funnel.
SRS needs to make a big move in the near future.
Devildog should be posting soon.
Right here asshole … you finally made a buck and want to brag?
Meh …
90% cash, enjoying a 1958 Glen Garioch, waiting for the next Absturz…….see you monday……thank you Fly.
Will the Great Man predict February? Want to see the POWER of CNBC? Look at today’s charts of PTY and PCN – Bill Gross was on and recommended them and you see the result. Gross owns over $20 mill of PTY so he helped himself for the day – I am sure that he did not sell.
IYR down 15.82% YTD
URE down 33.59% YTD
SRS up 16.98% YTD
iETF’s are only good for shorting or extremely short term longs.
I see dead bulls, cows and sheeples.
I start squashing goldbugs on Monday.
Have a great weekend BEARS!
DD …. Shorting gold via DZZ?
Devil Dog, with all due respect, I don’t think those in London or Europe will allow you to squash any gold bugs. They are losing faith in their currencies, as we will too this year.
DevilDog curse is in
Moobs —
WTF with Brentwood, anyway? Is it all thieves?
Did you know this asshat?
I’ll give him this… he gets an “A” for creativity… buying TARP bonds… lol!
_________
Employee8, YES DZZ. There are a lot of cows and sheeples following the goldbugs. Easy money.
Thanks Jake …. err, DD
Dog
Not for nothing, you called gold down on Friday and it put in a material rally. Now you’re doing the same. i’m gunna take that to mean gold flies up on Monday in a big, big way.
And no, i am not long gold, so you don’t have to wish and destruction on me, Dog. For the record I closed out my posi Friday morning your time.
The trouble with gold (for you) is that you know that if it doesn’t go down your whole deflation thesis gets knocked on the head for a six (cricket term for hitting the ball out of the oval)
gold will go down eventually, but not next week.
Thanks Jake …. err, DD.
I know you’re a liberal and all, but please, tell me you’re not that retarded?
________
The Dow sitting right at 8,000 and a slow Friday night open thread…
how bout a blogroll of positive news to start out the weekend?
1. The GDP was only down 1%, not 3.8%:
http://www.cato-at-liberty.org/2009/01/30/gdp-is-down-1-not-38/
2. Consumer Confidence is in a surprise rebound:
http://money.cnn.com/2009/01/16/news/economy/consumer_sentiment/
3. Any deflation risk is subsiding:
http://scottgrannis.blogspot.com/2009/01/deflation-risk-is-disappearing.html
4. Housing affordability surges to a record high
http://mjperry.blogspot.com/2009/01/housing-affordability-surges-to-record.html
5. Fortune 1000 are likely posed and ready to hire more than 700,000 new workers.
http://mast-economy.blogspot.com/2009/01/estimate-top-us-firms-have-over-700000.html
8,000 looks cheap to me.
GNE
j
took some money off the table today in GLD at 91.10. Good call on gold earlier in the week btw! I bought in on Wed at 87.10.
It was a good week. Bought some SKF on Wed at 120 and its sitting at 143 right now.
I have been short COF for a while now. Began shorting it months ago, now its sitting at 16- new lows!
I did have to cover some of my GS position as it started to go against me. But I got back in on it short on Wednesday when it hit 88. Now that bitch is at 81. May cover again and take some profit if it starts to turn. She moves real fast.
I don’t have the slightest idea what next week will bring. Of course as all on this board know, I along with DevilDog am a big big bear.
The stimulus won’t pass as is. There are even some DEM Senators against the pork.
The thing to watch will be the TARP. I think they will have to come out and announce they need more money. $350 billion is not enough.
Looking at the charts it looks like 815 then 800 is key on the S&P. closing below 815 looks like dooms day and Devil Dogs new lows may come sooner than a lot of people here think.
Thank you, Gordon. Brentwood should be proud of great patriots like yourself.
Contributor Occupation Date Amount Recipient
GRIGG, GORDON
FRANKLIN,TN 37069 PROTRUST MANAGEMENT/CHAIRMAN 8/30/08 $500 McCain, John (R)
Ditto.
Contributor Occupation Date Amount Recipient
GRIGG, GORDON
FRANKLIN,TN 37069 PROTRUST MANAGEMENT/CHAIRMAN 8/30/08 $500 McCain, John (R)
GRIGG, GORDON MR
NASHVILLE,TN 37209 PRO TRUST/CHAIRMAN 3/29/04 $500 National Republican Congressional Cmte (R)
GRIGG, GORDON MR
NASHVILLE,TN 37215 PROTRUST 6/29/04 $500 National Republican Congressional Cmte (R)