The world is as sweet as industrial rain right now. I cannot tell you how emphatic I am to behold world conversion to unified boorishness. Through magical cigars and laws of the black art, the United States will throw solar beams of energy at its friends, who will bask in our glory and receive gifts of wonderment with great zip—never mind our enemies.
The equity markets will applaud the passing of tedium, in exchange for a more livelier variety—one that gives the commonality something to gawk at.
Nevertheless, I beg to differ with your plans to gallop the drudgery, through stockpiled subsistence and purified h2o. Rather, I advocate the distribution of mutton sandwiches and ample supplies of sweet nectar be afforded, while partaking in sport, so that you may bear witness to the final chapter of this epic comedy of woe.
Or, you can go to the park and toss the fucking football around with your stoopid [sic] friends, eat a philly cheese steak and down a few fucking beers, while the country burns to the ground (burp).
UPDATE: Peter Schiff’s response to his own fuckery.
[youtube:http://www.youtube.com/watch?v=wfC8nqyktUs&feature=subscription 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter
“The world is as sweet as industrial rain.”
My favorite Flyism.
Amen
We shall stand at the forefront of our Empire as masters of advanced infrastructure, technological achievement, and all forms energy harnessing equipment and distribution. They will become our greatest exports. -Halliburton, I mean, AMERICA
“Distressed debt is going to raise all kinds of havok with very good companies…” (Transmission ended.) – Brian Jellison CEO Roper Industries at Barclay’s Investor Conference Feb. 11
http://phx.corporate-ir.net/phoenix.zhtml?c=99690&p=irol-irhome
mmmm…mutton! Hope you didn’t cut the fat off!
Not bad.
Lovely!!!
Denninger as well as all over the web..
RED ALERT: FX Dislocation In Process – Updated (11:47 PM)
8:17 CT
I do not know what is going on here, and I don’t think I want to.
Someone, apparently someone in Asia, wants dollars. A LOT of dollars. There is a forced-liquidation event underway that is massive, it is against all asset classes and it is spreading.
It originated at approximately 7:15 CT this evening and originated out of Asia somewhere. All of the primary currency crosses got hit at once – Euro, Pound, Yen – all weakened dramatically against the dollar and it is still going on. The Asian stock markets got walloped at the same time in coordinated waves of forced selling.
At the same time the US futures markets got nailed as well, down some six handles on the /ES in a near-vertical drop. While this sounds “not that big” to move these markets in a coordinated fashion like this is a trillion-dollar enterprise – this is not some small company that went bankrupt, or even a large company.
There is no news coverage at the present time identifying the source of this but it is not small and contrary to some reports it is not “automatic selling”; this is forced liquidation.
Folks, if this translates into Eastern Europe where there are severe instabilities already brewing literally everything in the financial world could come apart “all at once.”
The worse news is that if this happens Bernanke will have killed us (in the US) by extending those swap lines all over the planet during the last six months. These will become utterly uncollectable and they are massive, in the many hundreds of billions of dollars.
To those who are reading this, I hope if you’re in the markets you are prepared for extreme levels of violence. You must expect that the authorities will try to arrest the destruction if they are able, but you must also be prepared for the possibility that we have reached a “critical mass” point beyond which “duck and cover” is the only winning strategy.
Unfortunately.
I hope I’m wrong; this is going to be a long night.
Haven’t stockpiled any food yet, but have price-shopped for freeze drieds and MREs. I want to watch it all unfold from my couch, so I’ll have to stock up on chips above all else. Never wanted it to happen, but I might as well have some salsa while it does.
We’ll know the end has arrived when Entertainment Tonight goes off the air.
Finally, an investment suggestion I can grasp.
As long as I can fidget on your lap and mack mutton sandwiches and gargle amrita, the world will be a rosier palace for this hillbilly sleeze-stick. Buck up, kritters, and we’ll overhaul the gluttonous cleavage of a puffy hernia together, as a singular Mind Unit.
As Bush once said, in a classically stupid and ill-timed fashion, bring it on.
Got my gold hedges.
Denninger says:
I do not know what is going on here, and I don’t think I want to.
Someone, apparently someone in Asia, wants dollars. A LOT of dollars. There is a forced-liquidation event underway that is massive, it is against all asset classes and it is spreading.
I received this email this morning explaining the problem:
Subject: Appears to be a $ shortage appearing in Korea – Asia buys USD today
the USD buying in full flight here across G10 and Asia today
USDJPY up 70 pts to 92.22, EUR cant rally abv 1.2690 yet so respect that on the day suppt at 1.2620/40 (stops abv 1.2725)
USD Asia is bid, USDCHF up a big fig, AUD & NZD on their lows but lagging..
USD Index back to Early Dec highs here at 87.25
There appears to be signs of dollar funding problem worsening in Korea again, which we think could exert some upward pressures on USD/KRW:
The way this credit crisis will end is through sovereign default. We’ve already had one.
dont kid yourselves, there is a direct correlation between a world toilet paper shortage & a temp dollar appreciation
I SEE DEAD BULLS.
Dog:
Gold was 875 when you predicted 500. Now it’s 963!
You deserve a beating.
J, I’ll be buying more DZZ today. Why don’t you buy some gold and stop your fucking whining?
Why didn’t you sell gold at 875 and stop your incessant predicting, Douchebag?
Your stupid fucking comments about gold was like a jingle that never leaves your head.
You really are the freaking devils dog.
Be careful where you short the thing, moron. Russia is converting a material portion of their reserves into gold.
Fuck Russia.
So don’t be a fucking wuss and go sell it, you doofus. Go right ahead.
Did you sell any at $875 or was that just a “prediction”?
I will. You’re such a pussy. Why don’t you buy some gold? It’s going to $2K this week. Fucking big mouth pussy. All you do is whine. Put your money where your mouth is. Fucking down under pussy.
Dog
I’m far from being a pussy, you huge wuss.
Look fucker every time you make a prediction we want to see a time stamp of your fucking trades. There’s no fucking point coming on here telling people that bulls are doomed if your “knackards” aren’t on the table with a risk the hammer will fall.
So time stamp the trades, doofus or stfu.
The next beep out of you needs to be when you tell us the rate at which you went short of gold.
so how short of gold are you from 875, you loud mouth wuss?
Actually, wasn’t it the Russian default that triggered the LTCM stroke which nearly took out the worldwide market in 98?
http://www.erisk.com/Learning/CaseStudies/Long-TermCapitalManagemen.asp
The ultimate cause of the LTCM debacle was the “flight to liquidity” across the global fixed income markets. As Russia’s troubles became deeper and deeper, fixed-income portfolio managers began to shift their assets to more liquid assets. In particular, many investors shifted their investments into the U.S. Treasury market. In fact, so great was the panic that investors moved money not just into Treasurys, but into the most liquid part of the U.S. Treasury market — the most recently issued, or “on-the-run” Treasuries. While the U.S. Treasury market is relatively liquid in normal market conditions, this global flight to liquidity hit the on-the-run Treasuries like a freight train. The spread between the yields on on-the-run Treasuries and off-the-run Treasuries widened dramatically: even though the off-the-run bonds were theoretically cheap relative to the on-the-run bonds, they got much cheaper still (on a relative basis).
What LTCM had failed to account for is that a substantial portion of its balance sheet was exposed to a general change in the “price” of liquidity. If liquidity became more valuable (as it did following the crisis) its short positions would increase in price relative to its long positions. This was essentially a massive, unhedged exposure to a single risk factor.
Smart guys. Not so smart move.
OK EVERYONE WATCH THIS VIDEO SERIES ON YOUTUBE:
It’s a parody of a downfall of an investment bank (remixed with subtitles of a movie about the downfall of hitler).
Nice try, Peter Schiff…that was some kinda spin. I can see and hear right through your bullshit. In context, or out of context…your comments are clear. Self-serving liar…plain and simple.
I’m hetero, butt this still feels gooooooood.
Eastern Europe is on the brink and will drag Austrian banks with them. The Austrian banks will destroy banks in Deutchland and the UK which will be a shit storm for the rest of us.
Sheer poetry Sir Fly…shades of T.S. Eliot. “The Lovesong of I.M. Fly.”
And, by the way, why in the heck does my Leave a Reeply info disappear after each post?
Jed has man tits. The big floppy ones.
How fucked am i with Fas here ?
dog
Gold is 970. Have you shorted yet, you fuck knuckle wuss?
Looks like a panic taking place before market hours. The question is will this gap down sell off at the bell as it sometimes does before continuing down or will this panic just keep going down?? The news is awful.
.
Cuervos and Gun slinger are spot on… If Eastern Europe is insolvent and defaults on its debt, apparently Austrian and UK banks have a lot of exposure. On Bloomberg UK in the middle of the night someone was on suggesting that they halt trading in certain UK banks to prevent collapse.
I’m not smart enough to predict the effects on the US markets of this spiralling out of control, but for a start it looks like nationalizing the banks has quickly gotten on the table in the US and UK. I’m very wary of what will happen to the US stock market, wondering if I should go to all cash and just wait it out? That’s my first instinct.
Opinions welcome, please.
Something must be wrong with the Presidents Day Holiday and the markets.
If memory serves me correctly (and that is a stretch) the market gapped down about 4-500 points on the Tues. after the Holiday last year.
Making a mental note for next year.
we report, you decide, LG .
Bennet Sedacca
08:55:00 AM
No positions in stocks mentioned.
Watch for a spring of 800 in Spooz
800 is obvious support in Spooz. There is also a ton of open put interest there. Many believe that that will provide a floor at 800. But no fast. If we blast through 800 and stay there, it could have the reverse effect and cause a cascade.
One thing is for sure. the folks on the Merc know the stops and re stacked below 800 and I am sure, due to the goodness of their hearts, they will try to run the stops, cause a ‘spring’ or false breakdown.
Whether it can rebound is interesting but I doubt it.
It may be worth a trade for those nimble enough (not me as I am looking for 550) and a move up into expiry.
But the risks are so high (never been higher IMO), I am not taking the chance.
More in an article later.
boca I am in ALL CASH right now….and thinking the same thing. I could jump into some FAZ or SRS here and ride this crash down but after the bell the panic may just keep selling off and maybe no ‘ short rebound ” I dont want to chase something but that may be what needs to happen.
Sitting on the sidelines keeps your money in tact but you arent making any either.
Welcome Fly and others opinions…
.
Fly what’s your take on GS given it’s earnings tomorrow?
FAZ FAZ FAZ . I love the smell of dead bulls. Starting with that Geithner speach last Tuesday, this is reminding me of that stretch starting around mid September when we started that drop from 11000 to 8000. I think we will end at Dow 6000 , S&P 600 by March.
stop loss on FAS at 6.75
Scalping BRCM long is the play for a few minutes.
Watching SMH and S&P 800.
This is nothing more than a mere gap down that will get filled. 6000 isn’t any kind of a reality til at least August or later. Lest we forget the lack of volatility last week when it should have been a lot stronger than it was. I don’t see any problem for a long position the whole week IMO. Rumor mills are not Sam’s Clubs.
well, I dumped my USO and bought a bunch of QQQQ puts, just in case. Might hang in there with my other longs for a bit.
Buying large blocks of DXO here. Also nibbling at FAS.
If this sell off continues and we test the lows expect the administration to come out mid day with some kind of announcement to cause some market fuckery.
It is completely apparent that the “professionals” on Wall Street always interviewed on CNBC have no more of a clue as to what to do in this market environment than the man in the moon…….
amatures and professionals are finally on an even keel in trading strategy.
bought some FAZ
this is going down
Observe WFC. I mentioned this being the next $5 stock. Short at will.
Remember, selling will lead to more selling. Don’t buy this dip. The government can’t save you now. They have used up all their bullets. Even suspension of mark to market will at best lead to a 2 day rally. Give in to the short side.
Patient men are being rewarded. My shorts on GS that I thought were lost money are now paying off. As are the SPY shorts, KIM shorts, The long SRS, SKF that fucker is on fire, and REW
amatures (sic) and professionals are finally on an even keel in trading strategy.
As far as you know… 😉
____________
Fly must be BUSY buying more long positions for the rally this week to S&P 1100.
I SEE DEAD BULLS.
No…I’m not even close to covering my SHORTS.
I like watching the stupid cows eat bullshit.
MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!
The banks, the banks, the banks are on fire! We don’t need no water! Let the Mother Fuckers Burn!! Burn motherfucker Burn!
who is John Galt?
Artist — you’re not the ship building guy on Stocktwits are you?
That guy is fantastic, btw.
________
Dog
You shorted gold right here, right?
I call bullshit…once again — pussified volume.
Sellers will be sorry today. Oatmeal time.
Watching homies DHI,LEN,RYL for a buy into ITB (homie etf).
DDog, what’s your take on GS?
Are there enough bulls in this market to keep this thing stable? The volume -panic seems to be subsiding but why? Why arent things falling off a cliff?
Perhaps the bears are afraid the government will come out with news tomorrow and this week to offset this down turn so they are not crashing?
How can any of that news really help?
Maybe we just tested the November lows and will now bounce back up?
.
Here’s my advice. Milk the red ink for what it’s worth but don’t be short past the close if you’re a short term trader.
Getting long BUCY @ 13.88
J, I’m double SHORT gold. I bought 4000 DZZ @ 20.08.
What did you buy gold at?
We already fell off the cliff
I’m not dog. I didn’t make a fucking stupid prediction like you did 100 bucks lower, fuck head.
Hunter,
I think GS is full of bullshit and will make new lows. However, I don’t touch the financials short or long as I’m not a government insider and I don’t know when the PPT is going to hit the buy button. Too many other stupid cows piled into “defensive” sectors that are fattened up for slaughter. MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!
Look this market doesn’t need volume to go down. Its going down. Who cares if its high or low volume. The fact is its going down. Maybe the market volume is low because there are less participants. Too many people caught with their pants down and have no idea what to do for now. As the market goes lower volume will increase. Observe the action in September. We started the leg down on low volume and as we moved lower volume increased. Don’t let the low volume fool you. Get short and you will be rewarded.
Poor J, still can’t man up and put his money where his whiny mouth is. Boo fucking who. Fucking pussy.
Jake,
You’ve mentioned Ronnie James DEO a few times – you think it makes for a tenacious long term hold at $44?
DEVILDOG…you have been short gold for weeks, if not months,…so now you say you bought DZZ at 20.08. You must have just made that purchase today…chart shows it hasn’t seen a 20 handle until today…so it sounds like you are cooking your books. Please explain how you have been short gold for so long.
JAFO
No…I’m not even close to covering my SHORTS.
Still shorting gold?
I’ve got a new name for you — “Zero Sum.”
Don’t cover now.
________
TraderCaddy Says:
Something must be wrong with the Presidents Day Holiday and the markets.
If memory serves me correctly (and that is a stretch) the market gapped down about 4-500 points on the Tues. after the Holiday last year.
Making a mental note for next year.
*****************************************
Your memory is piss-poor WRONG. On Tuesday Feb 19 last year, the Dow was UP 160 points early and closed FLAT.
This year it is DOWN big early, and probably will close with a small loss.
Release The Dog
Jed has man tits. The big floppy ones. Bigger than mine.
From Cronkite’s desk…”The Kansas budget crisis has taken on a starker tenor as agencies reportedly are considering suspending income tax refunds to manage budgetary shortfalls.”
Yeah, I want to get long this market.
Gold will not rally forever.
When Dow starts to rebound, the Gold fever will just fade.
The question is when.Will Gold make to 1,000?
Fuck off JAFO. My first DZZ purchase was last week at 22.17. Where do you get this short gold for months bullshit? If you don’t like me making money off stupid cows like you tuff shit.
What happened to that guy who was long 10k FAS ? I think his name started with a D. Kind of rhymed with Johnny. Hmmmmmm
Look this market is going lower. -300 at best probably down 500. Maybe 700. We may see sub 7000 today. VIX levels are still too low. PC ratio is still too bullish. I wouldn’t dream of covering here. This is that perfect opportunity to short the market and make tons of $$$ as the wheels fall off.
Chaun, you are the dumbest mother fucker that comes on IBC. Gold will go DOWN with the market you stupid fuck and the DOW is not going to rebound for about 15 years. Hopefully, you’re buying the market “dip” this morning for the new bull market. What did you buy this morning?
WMT is your tell (whatever the fuck that means)
I say it goes red
Hey, park it, CAP. Every single time you’re out gloating, you get your vagina poked. Donny will be back in a big way. He’s a sharp trader.
Jed has man tits.
GOOG back to 300 soon??
What did you buy gold at?
$250 an oz, physical, head of meat.
Considerably before your “long term play” of September 19, 2008.
By about six plus years.
__________
buying SFLY @ 7.85- 7.90
You’ve mentioned Ronnie James DEO a few times – you think it makes for a tenacious long term hold at $44?
I’d hold off to see if we stabilize here, but yes, DEO should be part of any long term port, as booze will continue to sell to bulls and bears alike.
__________
Wow the money is flying into the dollar, seeking safety. This is what happened at the start of the depression and what sparked protectionism. Will history repeat it self? stay tuned
Jake, good for you, however, I’ll bet I’m making a considerable amount of more $$$s than you off my 9/19 and 1/6 SHORTS. Keep your gold and when it goes DOWN to $250 you’ll be break even.
Sorry DEVILDOG…I call em as I see em…you are not being completely truthful about your current market positions. J’s point was that you are gittin skizzled on your gold short. I think he is suggesting he “sees dead GOLDSHORTS….MOOOOOOOOOHHHOOOOOOOAAAAHAHAHAHAHAH”
Thanks, Jake.
And to others re: living in Brazil, I’m pretty sure that resident foreigners with assets of something like $350K, which gives rise to a partcular visa, are NOT taxed on income and gains made OUTSIDE Brazil. So a tax free life on the beach would appear to be possible…
Devildog,
You are going to self destruct.. God have mercy on you.. You may want to look outside of whatever Hawaiian Taxi Cab you are driving on Shrooms.
little 2rich4u is DevilDog’s twin.
# JakeGint Says:
You’ve mentioned Ronnie James DEO a few times – you think it makes for a tenacious long term hold at $44?
I’d hold off to see if we stabilize here, but yes, DEO should be part of any long term port, as booze will continue to sell to bulls and bears alike.
__________
February 17th, 2009 at 10:34 am
DEO to $20.
I have a question:
If people start pouring back into the dollar will that obviously help bank stocks? Will FAS be better than holding FAZ?
I was thinking FAZ becus of all the trouble overseas but if the dollar becomes KING for a short while wont that help bank stocks?
.
Only $20 Devil Dawg? Not 45 cent?
Why so magnanimous today? Did you have a fistula removed?
____________
For Devil Dawg and others so inclined.
Get you through more than just today.
_______
Did you have a fistula removed?.
From his throat. His esophagus/throat doubles as his anal canal. It was the only way the doc could get the shit out him.
Marijuana, Inc, is having an IPO, ticker symbol WEED, they seem to have a solid business plan / client base…
FYI – $BKX has broken below a double bottom. The banks lead the way – lower.
Jake WOW that is an awesome version of Amazing Grace!
Reminds me of all the years I spent singing in choirs and A Cappella groups. Thanks for sharing.
.
I’m looking to buy some JNJ at just around 55 if it gets there in a few days as there’s a couple of good base bottoms there.
I have in front of me a huge bowl of oatmeal, cinnamon sugar and a giant spoon. Let the festivities begin!
My goodness, Trish is an airhead!
J,
Consider selling the 55 JNJ puts.
TOP
From what I have seen in the week or so I have been following this blog is that everybody agrees that CNBC is worthless. For those watching these goofballs today, it has to be obvious they are doing their best to set the bear trap. Hence the bulls will be free to graze if you treat this market as a swing more so than a day trade. Just my opinion because I for one believe the charts and trends more so than I do any news. I firmly believe once the pen is in hand today many stocks involved in this so called stimulus (MYRG for example) will have found their lows for the year. The Bamboo is probably being bombarded with longs as we blog.
Something is gonna break, up or down, waiting………
Time for a big bowl of oatmeal.
I’m going to cash out some of my bank shorts and go buy a Lamborghini Gallardo in Verde Ithica. I’ll have a vanity license plate THXDNNY or maybe THXDONY considering I effectively debanked that aforementioned person, blowing up his bullshit low 6 figure account and jacking up my 7 figure one.
Nice car.
FLY your Godly call on DUG over the past weeks looks like skittles -taste the rainbow
Other license plate suggestions:
GR8HEAD
SUXCOCK
EATMEAT
anyone else?
CAP…bad move on the car comments. Your comments can only bring you bad karma now. You fool.
TU
other pete
I never short options. Little rule of mine.
I’m saying I’d buy there but what if say Obama fell under a bus and Joe took over. This market would be down 3,000 points in a day.
Shorting options is an early way to traders grave.
Positive GDP numbers for 2nd 3rd and 4th quarter. come on Liesman. Give me a fucking break. You sir are dumb. Where is Santelli to rip into his ass?
This market is getting absolutely clownraped. Wow.
Lower we go, boys. Lower we go. All short except for SWHC.
Wish I had some gold longs to complete my end of days portfolio. 🙁
I’m with you T MOE….I cant stand Liesman and Santelli is my man! I dont think we will get a big bounce when Obama signs the stimulus bill as some think. I think the stimulus bill will be another weight around the market’s neck.
Timmay however can say things that will move the market drastically up or down-
For today, if anything, after Obama signs the bill I bet the market goes down a little more not up or just stagnates right here at this level.
.
J,
Interesting take. The only time I sell puts is if I was going to buy anyway. Like setting a limit order. But with selling the puts, I get paid for my limit order.
Not sure I understand how my risk is any different than just going long. I do understand the “what if” scenario you posed…but the same “what if” could happen after any transaction…including going long JNJ at 55.
I might be missing something. Either way. I am already long JNJ…in the 40’s (owned it for many many many years).
Good luck with yours.
TOP
I think today will end up being a WTF day.
7 8 9
Staring into the abyss
HOLY SHIT! STANFORD FINANCIAL IS A BIG FRAUD ($8B)?! What the fuck is happening to this world. Everyone’s big either a criminal, homeless, or unemployed.
Looks deep.
Can i ask regarding a technical problem for the website?
I don’t know if it affects others but whenever i open this page, i have to click refresh again on this page to get new comments appearings even after i just opened it from the homepage.
Anyone having the same problem?
mrkcbill is DEVILDOG’s landscaper.
I’m looking through the whistleblower’s report on Stanford. There are quite a few red flags.
Jed has a poster of Rosie O’donnell in his room
I hear the poster is on the ceiling, above his bed
@Carey
I have that problem…
Carey:
The force refresh is an as-designed Feature. Send your complaints to Vincenzo, the webmaster.
Message from Canada: Fuck! We are so sick of having a currency akin to the peso. For the last four months we have been giving the US our non-renewable natural resources for less than it costs to produce them, while severely fucking our environment, and the world’s. Our great leader’s heroes, Americans, don’t even say ‘thanks’ for this, instead they simply lower and lower the POO. Consequently, their big companies take over our Energy juniors who can’t get financing anymore because of the global financial crisis the Americans’ greed has instigated. They say Canada’s banks are in better shape, but so the fuck what? One small whiff of the noxious stench emanating from the colossal fuck up to the south will send those same piddly ass Canadian banks reeling into a miasma of losing their BFF’s. Canada, along with the rest of the world, has two choices:
1. Suck it up (literally) and beggar ourselves at America’s feet, so that they will recover and start buying all of our shit again for a decent price.
2. Fuck them and switch to an international currency for trade of some inherent value that isn’t a homonym to a low-end Italian car maker
“Also nibbling at FAS”
I think it’s FAS that’s doing the nibbling