I’m getting the fuck out of here—off to my local dentist, so that he may torture me.
Right or wrong, I am sticking with my present weightings, which is 50% long, 25% short (exclusive in oil) and 25% cash.
Fuck around, those silly bastards from Congress will eliminate mark to market accounting and send this bitch 1,000 points higher. If you notice, the market tends to trade with a bullish or bearish bias for only short periods of time. We get sharp drops, which last for 3-5days, followed by bear market squeezes.
The text book says, barring the country descending into civil unrest, we are due for a fucking rally. I know: “blasphemy.” However, rallies never announce themselves in advance. They sort of sneak up on you, when you least expect it, and blow your brains out, providing you are short.
Top picks: FXI, CHL, MT, BUCY, ACM, LNN YZC with bountiful oil shorts via DUG/ERY.
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Im running out of things to say about mrkcbill…dammit
Yes, let’s return to “mark-to-fantasy” accounting. It was so much better with less transparency. Fraudulent 10-Ks are easier to do too. That’s worth a 1,000 points in a leotard.
Jed had to wear hockey equipment to school
Jed is from Canada?
just kidding.
Is cap gonna suck his cock if the market doesn’t crater?
just went long LNN, FXI and Carolina
I get the feeling Obama’s PPT will make it so. I mean the guy has his own font for God’s Sake.
cap will suck his cock either way…up or down market
Fuck, I should really pick out a stronger moniker for iBC
I bukkake Cap
Fuck, I should really pick out a stronger moniker for iBC
===========
here is one you would like: Retard
Fas here to hold for two day trend rally ?
Fly what do you think about long rimm short nascrack?
I wonder if Cap swallowed.
Can talk nah asshow – at dentish!!
demotivational calendar from thinkgeek
http://www.thinkgeek.com/homeoffice/posters/b04d/
January – Government If you think the problems we create are bad, just wait until you see our solutions.
February- Propaganda. What lies behind us and lies before us are small matters compared to what lies right to our faces.
March – Blogging. Never before have so many people with so little to say said so much to so few.
April – Customer Disservice. Because we’re not satisfied until you’re not satisfied.
May – Tradition. Just because you’ve always done it that way doesn’t mean it’s not incredibly stupid.
June – Procrastination. Hard work often pays off after time, but laziness always pays off now.
July – Opportunity. I am Dr. Adewole Aremu- a director with the Union Bank of Nigeria in Lagos – and I wish to speak to you most urgently about a matter regarding the sum of $39,000,000 US Dollars…
August – Hope. May not be warranted at this point.
September – Sanity. Minds are like parachutes. Just because you’ve lost yours doesn’t mean you can borrow mine.
October – Give up. At some point, hanging in there just makes you look like an even bigger loser.
November – Meetings. None of us is as dumb as all of us.
December – Corruption. I want either less corruption or more opportunity to participate in it.
Mars.
First two day sub 8000 DOW close in over 5 years. Welcome to the funnel.
Go fuck a sea urchin. We go higher.
GET ON THE SLEIGH!
“Go fuck a sea urchin.”
Tried that, still pulling spikes out of my jimmy. We might go higher just to get more dumb bulls on board then go lower. Sleigh ride is over.
what’s going on with DRYS?
Aw Shucks
World equity markets did not react as badly to the Treasury’s airball of a plan as our market did, though various accounts of what transpired were nearly unanimous in concluding that what was promised to be “shock and awe” turned out to be nothing more than “aw shucks, we’re confused.”
It appears that the Obama financial team has even less of a grasp of the issues than did Bush’s. I hope that’s not true and I hope that they do better, but thus far they’ve been anything but inspiring. Granted, they haven’t had a whole lot of time on the job. But they certainly had time to formulate their plans — especially Geithner, who was at ground zero as the whole process unfolded. (Of course, he was at ground zero while the bubble was brewing, but that’s another subject.)
A BlackBerry in Every Pot — Not Without Its Consequences
Turning to the market action, the early going saw an attempt at a bounce, but that quickly fizzled. The market never made much progress in either direction, though stocks spent most of the day slightly higher. The standout loser was none other than the madly loved Research in Motion, as the company preannounced that they have margin trouble. Obviously, even though they’re able to sell phones at lower prices, the high end is being hurt. Which comes as no surprise, given what has happened to Wall Street, mortgage bankers, etc.
Away from stocks, oil was 3% lower, the dollar was mixed, and Treasurys were higher. But the real action was in the precious metals, which popped for about 3%. Today saw a classic breakout move in gold, with huge volume in the gold ETF, which has been continuing to scarf down bullion.
(Precious-metal stocks took note of the breakout, though in the first 30 minutes or so, it was interesting to see that with gold $37 higher for two days, many of these stocks were net-net lower — a sure sign of disbelief, not the giddiness that has been suggested by many observers.)
Break Out the Bubbly
I’m not sure what this portends for the next few days of trading. But today’s breakout, combined with the other technical action in the gold stocks, is definitely bullish. I believe it is still rather early in the big bull move for the miners, even though they’re all off their lows by a fair margin.
Having said that, the corrections that occur are guaranteed to be violent. Those of us who are bullish on gold/silver and hold positions in the metals and miners need to be prepared for plenty of that. Obviously, the up days are fun, while the down days are depressing. But the biggest challenge will be to stay with your positions as they march (with fits and starts).
Positions in stocks mentioned: None.
Artist,
DRYS has problems in the capital markets, has declining revenues and massive debt. It has many lenders but has, I think, only announced two work outs – I don’t know exactly but I think it only covers about 15% of the total debt. I bought death puts on these and since I cashed out a third with 100% gains I haven’t paid too much attention.
However, I do expect that it will fortune cookie and be forced to restructure more radically (or vice versa). But then that’s my book…a small part anyway.
And is that Fuckery Band alive or dead? I thought I heard them near the close, but maybe it was just Pearl Jam…jamming…
Hiya guys, Bernie here. I guess you heard the news about my wife Ruth and the $15 mill? Vell, listen to my side – visit my blog and I vill convince you dat it vas all a coincidence, see? Da Fly is doin a great job here – really fabulous, but I like my vay best – know vat I’m sayin?
Buy GDX or its inhabitants.
Then go down the corner, smoke a cig.
Come back in six months.
Fugheddaboudit.
_____________
Yes, fugnutz, buy and hold.
_________
Bernie again, GDX? Vat bout AGQ? For somevun who needs a little action – know vat I’m sayin? I have that Midas touch, you know.
DRYS is fucked. their debt is obscene. no value in their stock.
It was a benchmark day for the market. That being said, going forward we should consider how we can add value to the bottom line and stay ahead of the curve so that at the end of the day we stay proactive.
oh, sorry… I’ve come down with meaningless corporate phrase turets.
buy usa stocks!
buy buy buy !
again
i know i’ve been saying that for the last 50% down
and I’ll keep saying it
hell, it ain’t my money 😉
2/3 ‘s !
Today 06:40pm
(US) The Harvard University Endowment lowered its holdings of publicly-traded equties/funds in Q4 by 2/3 – WSJ
omfgitsjd, “meaningless corporate phrase turets”
FUNNY
fucking harvard. they’re always fucking things up for everybody else. dicks.
Jake,
You prefer gdx vs. gld? Why? TIA.
I want to know, Fly…
..iz it safe?
Bernie, back. Vat ve do vit duh gold is play mania and bubbletime. Ve suck duh public in – use Cramer’s tactics of pump it and den dump it. I vill dump at $999.99 – don’t be a piggy, no?
holy fuck- I think I found Devildog’s picture.. and the comment’s below prove it!
http://www.sorry-mom.com/dudes/980
Going DOWN tomorrow and so is gold. S&P and GOLD both to $600.
Hmmm, the futures say S&P is down -0.1 at this moment. I’ll be DAWG was sitting on the edge of his seat waiting for that one.
DOG, if the S&P goes to 600 tomorrow, I will personally coordinate a collection to send a professional cross dresser to your home.
You know, I was just looking at the money.cnn.com headlines.
Bank CEOs flogged in Washington
Stocks rise on stimulus | Bonds rally
Foreclosure fix: Heat is on Obama team
U.S. budget gap grows to $569 billion
Flogging, rises from stimulus, bonds, heat is on Obama, gap grows…….
Freud must be turning over in his grave.
The intermediate move to 600 started yesterday for the S&P and will start tomorrow for gold.
Shorting oil is extremely fuck tarded. It is at the bottom. Any idiot can see that. Wake up flybag.
DEVILDOG;
THIS IS YOUR FUTURE
http://www.youtube.com/watch?v=KmppgnVQVHQ
Brushbuck- I own GLD as a core holding. Have owned it since it debuted. However, the miners need to catch up to Gold here, so GDX is the better bet until they outpace gold again.
_____
Devil Doofis- what happened to your new lows today? Will you have any capital left when we finally do turn down again?
___
Bernie, here. My wife Ruth’s dog, Fu-Fu, von best in class at Westminster. Dat Devildog vas worst in show.
http://www.tooshocking.com/videos/3088/Dog_Humps_A_Duck
Devildog’s repetitive mantra is a clear example of the wish being the father of the thought.
http://www.tooshocking.com/videos/493/The_Vagina_Biting_Dog
books not crooks Says:
(US) The Harvard University Endowment lowered its holdings of publicly-traded equities/funds in Q4 by 2/3 – WSJ
******************************************
Yeah. Their stock portfolio lost 67%.
Speaking of gold, here is a link (about two/thirds of the way down) where the author states that this is the third time in the last 80 years or so where the price of gold has exceeded the S&P. The first time was in the Great Depression (deflationary) and the second time in the inflationary ’70s.
http://www.financialsense.com/Market/wrapup.htm
Also read the part of the article (which I commented on in the PM) about how billions, if not trillions were about to be withdrawn from MMAs and the collapse of our system. This was in Sept. and the Fed and Paulson met in secret with Congress about the problem.
Watch the vid at the bottom – enough to scare the crap out of you.
http://seekingalpha.com/article/119619-how-the-world-almost-came-to-an-end-on-september-18-2008
Obviously something is going on here with DevilDog which I do not understand but he is right, S&P and gold are both going to see 600 attached to them before September. And I am a goldbug which makes it hard for me to say this.
Dow might see another 8200 before the real descent but more likely it has started the descent in earnest yesterday and confirmed today by closing sub-8000.
GLTA
Yep, saw that. A run on the banks/holder of wealth is always bad when you’re in ponzi mode.
Jake,
Thanks…makes sense. I’m in the process of trying to repair our IRA’s, and am considering gold as a portion thereof. Don’t (can’t) daytrade, so need to think in terms of 6-12 months minimum. Given that, what would be your recommendation. Am asking, because obviously I would value your input. Agasin, TIA.
@DEVILDOG
While I don’t see such a dramatic pullback in the S&P, I agree we’re likely to get close in the near future. But why do you think gold is headed in the same direction?
New lows for DeeZeeZee, tomorrow, next week, next month …. in fact, I think I’ll bankrupt that egregious DEVILDOG anal rapage etf, no vaseline.
Git ready. Here I cum ….. 😛
Fisrt,
Oil is NOT at the bottom yet.
Second,
Gold still has upside even as the market falls. As fiat currency looses value, a lot of folks will flock to gold.
Third,
The USA needs more investment in high-tech and cool space missions. If Obama doesn’t see that, then he’s an idiot.
Mars.
Brush- right now I’d be cautious. Not sure how old you are and how soon you are going to need that money, but I like a 40% cash cushion, with the rest broken out between GDX, GLD, SLV and a silver miner or two. Currently I own SLW, but SSRI is on the radar. TBT is also a consideration (I like it long term) but watch TLT for your signal.
___
First off, I’m a Canadian. Our housing market is just beginning to crumble. RIM (our ONLY real company, besides the gold producers) is in the shitter. People here really are stupid. The west (oil/gas) is fucked. In Ft. Mac (near the fucking north pole) beer cost $10 a bottle and a 3-bedroom house cost $500,000+.
Australia is like the retarded and violent cousin of Canada. Nothing but Linux and mining.
Europe are a bunch of arrogant, stupid fuckers.
Soviet russia is about to fuck the world.
China are a bunch of fucking rice-eating retards with ZERO experience on the world stage. Banking with China is like putting your money in dot-coms. Retards run that ship.
So what’s left. yes, the US has lead the world into the recession… but that’s my point. You couldn’t look around the world and see the mess. Every other country in the world had the opportunity to learn from the US, and they didn’t. Not a single one.
So as a Canadian, I say the greatest country in the world is the United States of America. First in, first out. That’s where I bank coin!