“The Fly” is all about having tea parties, where he throws, mind you, old fucktards into idle bodies of water, while eating rocks.
Fuck this market. You have no business taking a position here. The only sector on fire, aside from gold, are the generic drug stocks, mainly because the government is set to crucify big pharma, no doubt.
Take a look at WPI, TEVA, PRX and MYL—all on fire.
Now, don’t be a douchebag and start buying up here. It’s important to know something: NEVER go all in on a stock that is hitting new highs. If you want to own it, buy 10% now, 10% later and leg into the name, over a period of time.
With that being said, we are in a bear market people. The best plays are short sales. Over the next 6 months, I love my chances being short FRT, ESS, MAC, SLG and KIM. Commercial Re is not a place that you want to be long.
Eventually, stocks with high cash levels will be in my buy zone. And, no, that does not include XOM.
Names like DRIV, NITE, KBR, COGT and SNPS are value plays worth exploring. If AAPL drops another 20 points, I’d consider buying that too.
At the end of the day, the market is broken into little pieces. Don’t try to pick them up.
If you enjoy the content at iBankCoin, please follow us on Twitter
How about some SRS
mrkcbill is the nicest person on this blog.
I am done with that whore.
I’d rather get surgical and short indiv names.
As Gann says with regard to stock prices…”Time is more important than price, wait for the right time not the right price.”
OIH looks strong over 76.50 could go to 80.
Jed
Now that’s being clever. Well done.
“The best plays are short sales”
Nice to see that you have come to your senses Fly since you were getting long last week or so. I guess ass beatings do work to help people see the truth
PRU getting the axe
America’s New National Symbol !!!!!!!
http://leavittbrothers.com/stocks-options-futures-trading-charts/2009/02/national-symbol.cfm
To all here;
The entire house crisis right now is only on homes that were bought since 2003, for all the millions and millions of americans who bought homes 8-10-15 years ago, they are fine.
The entire fuckery right now is based wholly on stupid asshat home buyers who were stupid enough to buy a house 2, 3, 4 years ago who were so stupid they had no clue they were paying 400,000.00 dollars for a 200,000.00 dollar house in the first place.
So ALL of this is only to help the stupid fuckers who bought recently…..
I built my house in 1995, I have paid it off in full and have no mortgage, in fact I’m getting ready to add on an addition starting in April, and I’m paying cash to do it……how do you say? The answer is I save money, alot of it. I’m not one of these dumbfucks that lives paycheck to paycheck and lives at the absolute top of my income scale, I save 70% of my monthly income and spend 30% on living expenses.
So all these dumbfucks that bought these outragiously priced houses that are underwater can drown for all I give a shit.
The whole situation is the highest government interventioned taxpayer ass fuckery I have witnessed in my lifetime.
Hey, guess what, I bought a new GMC 4×4 a few years ago, it now is only worth half of what I paid for it, can the government send me a check for the difference when I sell it so I can recoupe all of my costs?
Very good odds for rally to start by next week. Bears outnumber bulls by 35%. Market has a rally 95% of the time when Bears are at this level. Even at 95% odds I will wait for verification. Dog this is for you!
Wrong again Jed— Zombie is the nicest guy on this here blog.
Jed eats lunch at Arby’s
Out of my COF shorts yesterday but I like watching it burn. Maybe they will pull their dumb commercials
My neighbor is short selling his house!
I’m shorting my neighbor’s house
We made some offers on houses in foreclosure and the banks wanted primo market value. We laughs at them, they laughed at us. I guess they like government money.
@TheArtist:
“Hey, guess what, I bought a new GMC 4×4 a few years ago, it now is only worth half of what I paid for it, can the government send me a check for the difference when I sell it so I can recoupe all of my costs?”
If you lived in your GMC, then yes, you could.
I’m taking all my “savings” and shorting the fuck outta this bitch. This is TOO easy.
Actually I retract my statement about a rally. I think we close down today. Sell off into the close. I just get the impression there are no buyers only short covering.
@The Artist
AMEN
Santelli is God
Anybody playing USO with me?
This bitch is on fucking FIRE!!!!
FYI, I remain short:
V
GS
BBBY
BBY
AAPL
AMZN
HOTT
CPKI
Longs:
SWHC
USO*
*If USO manages a close above 24 today, I’m making it a swing trade addition, with a stop at 22.75 and a 27.50 target.
If we close below 24 on USO today, I’m out.
Did I mention to continue to short APOL and CPKI with impunity?
@Phil_from_Brazil
Is SWHC a play on all of the guns the foreclosed homeowners will be buying to keep the Sheriff out?
Looks like a fairly big move is coming up shortly.
ZenProfit, Phils SWHC buy is a play on Rick Santelli’s soon to come revolution………
New Poster,
Thanks for the tip on CPKI.
Those clowns are beyond fucked. After earnings, which were a disaster (though they “beat”), the stock somehow rallied 40-50 cents, I doubled my position into that move. I now hold 8,000 shares of CPKI @ an average price of 11.30.
That clown is fucked. The multiple is even more out of wack: 32x EPS in a full blown Depression.
These are my target cover points:
2,000 shares @ 8.00
2,000 sharss @ 6.00
4,000 shares @ 4.00
-Phil
Couldn’t agree more Phil. Short 5,000 myself.
FWIW, my broker called and said they might have to liquidate 1,000 sh of my HOTT short position if they couldn’t borrow shares from elsewhere. What do you make of that?
GE ready to break $10
SKF testing day highs
It’s reported by media in my country, that Citigroup has stopped lending out. They refuse to take new mortgages.
Btw, I also have XOM short and DUG long (forgot my oil sector exposure).
HOTT? Yeah, it’s a pain in the ass. I’ve done 2 locates on that so far to avoid having my shares called in. My avg price is 8.95. Lots of guys are short. Ask your broker to do a locate outside your brokerage firm — your odds are better of finding shares to keep your short.
Hmmm, how long till the market shits itself
SWHC is a play on 2 things:
1) I believe they will beat when they report in March. The 4Q 08 number will be especially good because of a surge in gun purchases made by buyers concerned about an anti-gun Obama administration.
2) A surge in crime in America as unemployment and foreclosures continue to ignite. Fear will prompt private citizens to buy more guns for personal protection.
That’s my thesis.
cbsw- we dont lend to Aftardistan…go play with ur goat.
Wow, GE… Amazing…
The stock is getting fisted by clowns. To think this was once a symbol of capitalst strength… look at it? Now it’s almost in the single digits.
CNBC is going to be bracing for a bailout soon.
@ Artist
I agree with your sentiment but don’t forget about those who were using their homes as ATM’s and doing multiple cash-out refi’s.
They bought their houses, saw values appreciate massively in some/most cases and took out the equity to pay off credit card debt, car loans, buy ___ and basically live beyond their means.
It takes a village to pay a mortgage ; )
Its a sad day in America today.
GE = C,BAC,GM,AIG
10—7.50—5—3.50
Fly enjoy selling Apples little brother….this fucker is burnt like Mozilo’s face
New America….Feb 19th Depressing
5more days of this and we’ll finally be at zero!
Market has just gone into ShamWow overdrive.
Bullshit bottom-callers like Bill Miller are watching their portfolios get mopped away.
Why is Obama in fucking Canada?, why is he standing there talking about fucking NAFTA? Why isnt he standing over Geithner screaming at him to get his fucking arse into gear with some kind of announcement that might give the street the slighest incling that have any fucking clue how to resovle this world of shit that were are falling into?
I for one would just like to get this bottom stuff over with. Crash already and let’s get on with our life.
.
DevilBear, did you get your SRS at $56ish?
fuck oil
We’re in grind mode. Sure, there will be crashes here and there, but it’s mainly about slow torture now.
Hmmm… LOPE to report @ 5pm and down 8% in the past two hours. Almost as if somebody leaked bad news.
Nah, that can’t happen. SEC would never allow…
Oh shit.
ROME IS ON FUCKING FIRE
WILL THESE TWO ASSHOLES SHUT THE FUCK UP!!!!!!!!!!!!!!
GE below 10 now.
Meredith Whitney time!
MVIS is still up during this shit. WTF
MVIS was upgraded from sell to hold.
@TheArtist, very logical, but not entirely practical for all.
For my part, I was just finishing college in ’95. I had neither the means nor the need for a house at that point. Fast forward to 4-5 years ago, I had my first child on the way and finally the means to buy a family-sized home in a decent school district. Would’ve loved to have waited 5 more years hoping for prices to fall, but my family had to live somewhere.
For my part, I’m fine. My ARM just reset down from 4.125% to 3.25%, I have a home I can enjoy for 30 more years, and the FAZ/SRS I bought a couple weeks ago is shooting through the roof. I’m a happy camper.
But all is not well here in the neighborhood. This is the SF Bay Area, where homes north of $1M are hardly mansions. In the $1M to 1.5M range, these are ordinary family-sized tract homes. My neighbors are 2-income families of professionals (engineers, low-level managers, etc.)
The only homes I’ve seen sell in the past YEAR are REO or short sales where the prices have been dropped hundreds of thousands below what these families paid. The typical buyer would require a jumbo mortgage (currently at about 7% interest) and a 25% down payment. That’s a big change from a few years ago, and not something that most people are going to even attempt when they’re worried about their jobs.
Despite what Larry Kudlow thinks, California is getting worse right now. These REO/short sales are meaningless, because they’re not normal market transactions. Real families are not in the real estate market now, and won’t be for some time. This residential real estate market has much further to fall before any sort of equilibrium sets in, and the Obama plan will do nothing to help this problem.
ahhh merideth..
Obama is in Canada for two overt reasons (and likely many others that I’m not aware of). But I am of these:
1) To discuss a Canada/US GHG Cap and trade scheme. (Which will fuck Canada because our production is rising while USA’s is relatively not doing that)
2) To learn more about the oilsands so he can do a better sales job to the USA to buy more of it. These efforts will be tied together.
Over the next few years, Kearl will come on, boosting Exxon’s oil production immensely (did you see the 1+ billion barrel reserve add to Kearl alone?
COP has more oil sands leases than anyone. They have 10 billion barrels of it. Waiting to do it with SAGD. But that is a much longer term prospect than Kearl. That’s why Buffet likes COP. That and the fact that COP is North America’s biggest refiner.
Just to learn ya a few things.
End of transmission from Mars.
And yes I know Buffet sold some. He went from 84 million shares down to 80 million. Maybe he needed a new gold plated hang glider. Or needed to free up some cash for something even better (investment-wise).
Mars.