Following yesterday’s bloodbath, asshole dip buyers are out and about ripping out offers, especially in the basic materials. On the back of okay numbers from MT and RTP/Chinalco partnership news, the sector is getting a lift.
Already, I am long MT, BUCY and YZC. In addition to those names, I like MTW, SCHN, BHP and NUE for a trade.
As for the banks: fuck them. I have zero interest in playing the upside or downside.
My sense, we get a bounce here. My favorite longs are Chinese related, specifically FXI, CHL and JRJC. And, I like LNN (big short position) and ACM too, which are, as a point in fact, entirely unrelated to China.
At the present, my only meaningful downside hedges are DUG/ERY. I will stay short oil until dead and buried in a fucking pineapple coffin.
NOTE: Ag stocks look strong here too. There I like MOS, CF and SYT. However, be careful with those fuckers. Should they reverse, they can eat 20% of your portfolio, faster than Cramer apologizes for making RIMM one of his “four horseman.”
NOTE II: Remember to frequent CRONKITE, if you desire such things like “news.” He is “Johnny on the Spot” with the news and has been doing a bang up job.
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The Fly is God
Kidstock is a master fisherman.
The Gay Meatball is on CNBC……
reinitiating shorts at r1 837.50 esmini, stop above r2… I believe markets’ ass has been broken… looking for 100 down today, counterintuitive move.
Gay meatball. Interesting paradigm.
“Maw” says she knows for a fact Timbo has drunk too much diet pepsi from a gay bendie straw over the weekend.
China regulator says no real alternative to Treasurys – DJ
TLT on the move.
I miss Hank
Tiny Tim is not a long ball hitter. No bazooka
Fly, I just remember you calling Barney Frank a gay meatball a few weeks back. I laughed and have called him the gay meatball ever since…..but you coined it….
Zombie wears bright red lipstick.
Jed throws like a girl
DONNY – FUck u and your BS. Those are not the avg. cost basis of any of my positions. Just for the record I shorted all those banks stocks at higher prices as well. Unlike you I don’t roll the dice and buy or sell all at once. I covered my BAC short this morning at $5.95 and they had an avg cost basis of $6.4. So STFU. And FAZ is a trading position. I buy and sell it daily.
Unlike you I don’t come in here and brag about buying something thats already up 25% from my alleged buy point. You mentioned your FAS position after it was at $10 claiming you were in at the low 8s . I call BS.
Just for the record I bought 12k FAS just under $8 yesterday. Sold half above $8.5. Will ride the rest or sell at break even.
China regulator says no real alternative to Treasurys – DJ
Moron. They could float and then not have to take up so much shit which will be paid in debased greenbacks.
Hank was far more “pimplike” than this Geithner clown. At least with Paulson, you got the sense that he was being a devious fucker. With Geithner, you get the sense he is dressed in his Dad’s suit.
Ladies… Cap, Donny. Please stop squabbling in the war room. It ruins the site.
Fly Edict:
The ongoing Donny-CAP war needs to end. The war has lasted for a long time and has inflicted many casualties. Why don’t you ladies make up and go for a walk in the park, then window shopping on 5th avenue?
Short the shippers off the trade news
ipo debut: MJN.
They are fucking nuts to come public now.
By the way Fly, do you have any interest in selling hats and T-shirts of iBankCoin on the site?
I would love a few T’s that have a screen-print of exactly the PPT framed photo of “I am easily satisfied with the very best” just as it is as I see it on this page above (bar code and all) on a tan colored T.
Also the Morality one.
coffee mugs would be cool too…………
TRA is a beast. They reported yesterday and the stock closed green on a horrible tape after already having moved up 100% in a couple of months. It’s well bid again today.
Artist:
Would you buy the mugs to use for a formal dinner setting?
I like Visa (V) right here right now. Short 1000 at 54.50. Stops at 56.50. Will short some more between 55 and 56.
Let me repeat: America? Done. Credit card company at 43x EPS? Yeah. Right.
Donny, send Cap a Vermont teddy bear and make up
fly, why aren’t you talking about gold much? it seems like the no-brainer play, everyone’s talking about how it’s the perfect hedge against the weak american dollar, it’ll be a self fulfilling prophecy…it’s gonna rip.
Yea, then go into the Macy’s fitting room near the perfume section and burn through a set of rubbers faster than Devildog in his Viper. Woodshedder will watch, apparently.
Phil
I insist, market crashes do not occur in Feb. While your sentiments are on point, you may find yourself on the receiving end of a “fuck you, you’re dead” rally, should mark to market accounting be revoked, at least temporarily.
Fly YOU ROCK!!!!!!!!!!!
I just bought 1000 BHP @ 41.95
hmmmmmm
Please don’t mention that name again or I may just get into a plane, head to texas and choke the first middle aged Viper driving idiot i see on the road.
Henry
calm the fuck down. The market is weakening.
phil
v makes their bucks off transactions, not what’s behind them. Costco missed because people can’t use their credit cards except for amex there, and I have a list of other companies that I watch that miss for just that reason. Instead of shorting V, why don’t you donate your coming losses to Oxfam or some other venerable organization?
J, I would opt for the iBankCoin crystal wine glasses and crystal 24k gold engraved iBankCoin logo’d stem Brandy glasses (14oz) with matching cyrstal 24k gold etched and engraved iBankCoin logo’d decanter for the my dinner setting.
moving stops down to r1
mrkcbill Says:
Jed throws like a girl
*******************************************
Petraeus tosses a coin like a fuckin’ faggot.
Wait! Petraeus IS a faggot!
KIM bleeding again much to my liking. I m holding on to my shorts and be patient as the fucker goes to 5
Sorry but I guarantee you “THE MARKET” doesn’t have enough brains to break at the moment. It would take too much despair to CRASH here.
It’s just not there. That’s the way I see it
In Staten Island:
All of KIM’s strip malls are in danger. There have been multiple vacancies in recent months, with no new tenants filling the gap. And, the existing roster of tenants are third rate retailers, just dying to close up shop.
If we’re NOT going to CRASH then you MUST BUY yesterdays gift.
Sold Euro against STG. I sold STG earlier but I think i made a mistake the Euro is the one that looks clapped out and heading lower. So selling the cross makes me short Euro against the doll.
Is that SLV chart beautiful or what. Its at its 200 day today so it may hit resistance. If it pulls back to $12 I will add more. Money flowing out of Treasuries and into SLV and GLD.
REITs taking a beating today.
Fly,
Your thoughts on the Kindle…Thumbs up or down?
http://www.amazon.com/Kindle-Amazons-Wireless-Reading-Device/dp/B000FI73MA
Henry
You can buy here. Just don’t think it’s a “gift,” since it seems to be the gift that keeps giving.
love kindle
Prof,
I cant believe you’re falling for the Fast Mony Visa blowjob. Did you here their conference call? They expect 20% continued growth. It’s just not going to happen. I’ve heard all the cash-for-paper arguments for these credit card stocks. The point is that if any of that were true, VISA and MC wouldn’t have sold off so hard with the market. At the end of the day, they make money on transactions. I also believe that a precipitous drop in transactions (courtesy of a Depression) will more than offset the secular trend towards plastic.
Plus, these stocks are extremely rich. The market is buying into the 20%-plus growth guidance. It’s just not going to happen.
The Fly Bottom!!
I’ll use the Fly’s inability to ignore me as a sign he’s a little on edge here and we have a bottom.
make it 2000 total BHP under 42 cause I’m feeling lucky.
Shut up. I am net long and not feeling too good about it.
Here comes Lewis, the fucker is full of bullshit. Fire Him
the prof= charlie browns teacher
Dollar Strength is gaining momentum here. Maye the story about the Russians doing a default job of the Euro’s could be starting to play. US banks have little exposure to the commies, although I’m sure C and BAC will muster up a few $ billion.
I reckon that’s where the real strength in gold is showing from too. Gold / Euro has really broken though some very important chart levels.
I have to go waste my time today listening to an old fucker preach to me (and others) about fiduciary responsibility.
Donny will try to ignore CAP and move on.
Good luck to all!
Donny
8)
BTW, Fuck Off
Off to cop a cup of coffee.
Like I said
Fly you rock!! Even when you don’t intend it.
Come the end of day you’ll be drinking from your diamond encrusted challis.
not falling for fast money bullshit, but I know what they would say. you’re right, and I apologize, my wife was telling me that there is going to be a blow down in credit card use at some point, and I’m sure that’s what you’re aiming for. I’m not sure exactly when, but it will happen as the psychology changes. It’s a bit tricky though, considering that the more desperate people become, for example, the unemployed, the more they will use those cards. I haven’t been watching v. I did buy it for a few weeks during the IPO, one of my very few long trades. Good luck with that.
Fly
Although you have the the great time machine. I thinnk that you flux compacitor may have a short. Your quick turn to bullishness was confusing to me. The funnel was expanding waiting for more to jump in. Fade any rally and jump in the funnel before it gets crowded in here.
gs is leading this…
I see lower oil myself after perhaps a slight rebound in which i enter. my question is ery. tracks russell 1000 energy stocks. When it refers to energy is that only oil or does it include alternative energy such as solar?? anyone know
EGO for the gold, and SLW for the silver!
USA! USA! USA!
____________
One decent idea on the long-side. MUR — refiner trading at about 4x EPS upgraded by Goldman recently. It’s had a nice pullback. Might be good for a nibble around here. Just a thought.
added MTW $5.30
Prof
I haven’t followed GS, prof, however i bought MS at around (13.5 and then at 15 ish) a while ago as I actually believe in their story 5-10 years from now they could be dominant player in US banking. there are a lot of really smart people at both firms and over a period of years could really make a difference to the US banking scene. i really see MS as an investment and not a trade. The other thing is that margins in I-banking as well as wholesale banking business in the next 5 years will gravitate to these two as a result of the contraction.
Top four bonus recipents for Merrill Lynch was paid $121 million before the merger with BoA!…This is criminal!! The lack of moral ethics now is LEADING OUR DECLINE
The situation is this, outside of financials, all other stocks are still far above the lows they hit back in Nov. for example:
TSO @ 17.77 back in Nov @ 6.71
DRYS @ 4.89 back in NOV @ 3.04
AA @ 7.90 back in Nov @ 6.80
AMZN @ 63.47 back in Nov @ 34.68
Just a random sampling. So we have yet to really get close to the lows we have already seen, at this point the market is “better” than it has already been 3 months ago.
For me to see the doom story pan out, I have to see these lows across the board hit again and make lower lows from that point out, until that day happens we are just floating in limbo and trading in a range.
j
just saying that if gs starts making new highs today we’re going higher, that’s not always the case but my read on it today is just that. gs high today is 93.65. I’ll be watching the action there to determine whether to cover and will adjust stops accordingly.
I believe there is a slightly better chance of ending lower today despite oversold conditions… there are still too few people short the market here but that condition has been mitigated some after yesterday.
Somebody get a huge bag of ice so we can pelt those old men in the sauna, err Congress, to hurry the fuck up so we can get this rally underway.
DB
Do you know how broking works? People are comped basically on a commission basis and salary is a draw against commission. So those people like car salesmen deserve to get their money.
Coumo is just a sack of shit, who is insinuating himself in this stuff so he gets to be gov and then like the previous creep will end up getting caught in (this time) a gay prostitute ring.
These congressman are sucking the ass of the bankers,let’s remember that the banks make more contributions to the campaigns than any other industry
anybody up for a little time machine action?
http://www.youtube.com/watch?v=OAgWJ1Epkso
J, I do know how “broking” works, I’m on a “broking” desk, Executives are paid incentives not commissions…and my taxes used for the additional $20 billion B of A got helped pay that bonus pool.
We are going down soon, put on your seatbelts.
Just a thought on the market.
There appears to be more than a short term bottoming going on here.
Reminds me a bit of July ’82 or end of 1992 when C was $5.
Remember the market will discount at least six months out and the news will get worse and by the time the news is better the market will have made the bulk of it’s gains.
Just saying and watching.
Nice to see you so happy today Jake 🙂
bought NG @ 3.47
Crazy Congresswoman.
Nobody knows what she is talking about.
Yeah Baby. Banking and getting mortages should be fee free.
She is a Marxist anyway.
I think ken lewis is ready to punch maxine waters. He looks pretty ticked off at her.
that piece or the other one I read says also that 700 people were paid a bonus. Those aren’t execs, DB.
One of the dudes I read about some time ago was on a guarantee bonus. I don’t know about the other few but I would hazard to guess they were too. Cuomo is grandstanding and it’s really none of his fucking business as these orgs don’t report to state officials. he’s a cocksucker out creating trouble and a name form himself.
Forgot to add. Isn’t she the crazy lady who told the head of XOM that she wants to nationalize the oil companies?
Why oh why do these idiots keep getting elected.
Don’t answer that.
I know why.
I may follow Woodshedder into his cave.
I really like the way that Ken Lewis handles himself, I think it’s time to back up the truck on BAC stocks and bonds.
These hearings are a fucking joke. We have the dumbest people on earth serving in congress. Look at Maxine Waters. What a dumb bitch!
Why don’t they ask them about the real problem. The securitization and the secondary market. The trading and leverage used to trade CDS. Ask them about the leverage and the undo risk they took. thats where the problem lies. Not the fucking credit cards and loan modification. Notice how the I banks have not answered one question yet. They are the ones that packaged and sold the shit to other entities. What a fucking joke
I still think the King Of The Peanut Gallery needs his squack-box to be above the rest of the reagular Peanut Gallery. Would just make his position as King that much more predominant.
DRYS will fortune cookie soon and I will be bow-hunting Emperor Penguin from the warmth of my “Antarctic” series Viper super double secret 2.0.
With flaps.
T MOE- I suspect they don’t ask the right questions about the real problems because they are either stupid and or it will not make headlines for them back home.
The deep, deep south is a very cold place with mercifully few people, no banjos, plenty of penguin jerky, and a massive population of double inverse narwhal etfs.
Any weakness and TBSI/DRYS are dead
EXM is a good long (as a hedge) w/ those 2 short
“Bow Huntin Penguins”, lol
Anyboady know how to get streaming VIX on scottrader?
I’m more interested in streaming DIX
Why don’t all of you just pour into MU so I can unload my calls and make a few pennies
The first thing Maxine “we’re moving on up” Walters did when she got elected to the Senate was to get a loan to buy a Benz. lol
Vix: try $vix
What’s with the USA chant in support of a couple of Canadian mining companies?
Vix, on Scottrader Elite it is $vix.c
I don’t use Scottrade but I use $VIX on my streming quotes.
Dollar is going up like crazy…watch for risky trade being taken off the table…Market could be down today
Oops.
I see Granpa and pn already answered re: VIX.
This is a made for TV dramatization of “A week With The Fly”
http://vimeo.com/2998698?pg=embed&sec=2998698
Scottrader is piker
FLY,
How do you feel about shorting home builders?
Would one of you good people please explain the meaning of referring to Kudrow on CNBC as “mustard seeds”?
This mustard seed comment isnt used in The uk.
Short MOS with impunity. see you at 35$
Will the market be closed on Monday – Presidents Day ?
What’s with the USA chant in support of a couple of Canadian mining companies?
They are my medals, and I’m an American.
Besides, we will annex Canuckistan for its minerals soon after it implodes from lack of proper health care.
__________
CAP…even if the market is closed Monday…feel free to suck your own dick.
So far today looks like a classic Fib. retrace day. Shorts at 15:30 today?
Hell yea it will! Three day weekend baby!
http://www.youtube.com/watch?v=6cp2bJqff44
http://www.spiceplace.com/popup_image.php/pID/818
They are seeds of mustard plant, grow anywhere like weeds.
Kudlow uses the term to describe economic items which may give root to a rebound in the economy.
Just a catch phrase….by the way the economic condition of the world is like this stuff
http://www.scotts.com/smg/catalog/productTemplate.jsp;jsessionid=80C14A649F3AE5D5E2FDF26701895255?tabs=general&proId=prod70206&itemId=cat50064&id=cat50008
Phil,
Totally agree on V
Just look at that chart. That is a low risk entry point if ever you saw one.
Roger – I prefer it when your mother sucks my dick.
BTW Tell her I left the 20 on the bedside table.
the market looks like that shot of John Wayne’s saggy ass when he’s going down that hill in defeat in the Searchers with his daughter in his arms….
Gold is soaring. This modest uptick is bullshit. Treasuries are up in price so is the dollar. People are still going towards safety and quality.
This uptick is nothing more than a few shorts taking a few profits after yesterday’s melt down. Even if we get a nice rally towards the end of the day I think it will still be shorts taking profits. There are no buyers here
JakeGint
3 metals I like most right now (in order):
Gold
Uranium
Silver
Metals I will like 2 years from now after their stock prices reach rock bottom and demand begins to come back for them thanks to massive global infrastructure spending:
Molybdenum
Copper
lead
lithium
If you think military spending or high tech R&D will increase (5 years out):
rhenium
End of transmission from Mars.
And he said, Whereunto shall we liken the kingdom of God? or with what comparison shall we compare it?
It is like a grain of mustard seed, which, when it is sown in the earth, is less than all the seeds that be in the earth:
But when it is sown, it groweth up, and becometh greater than all herbs, and shooteth out great branches; so that the fowls of the air may lodge under the shadow of it.
– Mark 4:30–2
What kind of collateral??
CDS
the rigid rod of reality’s sitting on the side of the road having a smoke, thinking about when he’s going to make his next move. He gets bored if there aren’t enough suckers out there to fuck with. He’s trying to figure out whether to blow the balls off the shorts or the longs or maybe he’ll just call it a day, grab a six pack and go get wasted.
Ouch, CAP. Mom has been dead for 8 years…that must have been your sister. I am sure she appreciated the 20 spot.
Cheers MS, I get it now. I was kind of hoping it was sleazy put down though 🙂
Cap – looks like you got additional Vermont teddy bears to order
omig omig omig the spys just went red, come up with another stimulus program, omig omig omig
^ Thank God, I may finally get my SSO order filled
Any black swan put ideas out there? I’m looking for the lotto ticket ideas.
Thanks for ideas and thanks for entertaining me throughout the day!
If we close below 8000 DOW today it will be the first time dow closes below 8000 since the shit hit the fan. If this is the case the race to the bottom ensues tom.
Wouldn’t be surprised if PPT props up the market to close above 8000 at the end of the day. Today is very critical and very telling going forward.
XOM finaly face to face with reality. I am surprised my paper trade on DUG is not yeilding better return:)
Today is a very critical day, the end for the DOW today is in fact a most telling sign for the market going forward.
Oil has hit 36.21
Gold back up to 942.00
DOW still at the 7880 level
Today will be looked back on as the signal day for all ahead, if the DOW ends in red.
food (or early green pea seeds) for thought.
Joe “the Dow hasnt closed below 8000 etc etc etc”
http://www.google.com/finance/historical?q=INDEXDJX:.DJI
stopped out of BHP for a .20 loss.
bought BOOM
the market needs a beating!
BOOM @ 11.90
Brit,
You are right.
What I meant to say was that DOW didn’t close sub 8000 for more than one day. Today would be the first time we get 2 consecutive days of close sub 8000 if we close where it’s trading now.