No, at some point GE is not a buy. At some point GE catches a credit downgrade and shits down Immelt’s neck.
I just sold out of my entire BUCY position, into strength. It is not the price I was looking for, but fuck it.
MCO is catching liquid swords to the cranium, as investors realize that there is no point in having credit agencies that do not function properly. I say “MCO to zero.” Why the fuck not?
As for oil:
Oh boy. You oil barrel loving motherfuckers are about to get bowled on by men levitating on space aged hoverboards, who gingerly sip Monster Energy Soda, while kicking old men into traffic. There is no reason to be long oil stocks here. For the most part, most of the oil stocks that you see on your little bullshit screen will get cut in half again or file for bankruptcy protection.
I repeat: You do not walk away from a 70% decline in crude unscathed. The executives at XOM are purposely manipulating their share price, through buybacks. What responsible manager buys $15 billion of his own stock, inside of 2 quarters, all the while the core commodity behind his business drops by 70%?
Look, we all see what’s happening here, right? Are we clear? For once, I am trying to genuinely help you help yourself. There is no getting out of this mess. I am pissed the fuck off, just thinking about how my kids will make a living in 10 years. I am pissed off that our leaders are unable to instill confidence in the markets.
I gave the long side a try. I fucking bought a bunch of shit a few weeks ago, but quickly sold most of them out, when I sensed a change for the worse was a comin’. Right now, about 10% of my holdings are long, 35% short and 55% cash.
I will not add to shorts. I will not try to bottom fish. Believe me, something is going to happen real soon that will make you cry into your SHAM-WOW rag. With my money, aside from betting against oil (DUG, ERY)and select cre (ESS, MAC, SLG, FRT), I am sitting this crisis out.
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want to see the Fly in the ring with Chris Brown- open up a big can of whoop-ass…more entertainment than watching these markets melt.
Well, I’m in for some DXO long at 1.88.
Too slow……..
I’m All in Oil for next decade for my kid’s education.
Pete, at some point people will have to buy stocks, if they continue to fall the entire world will go into a destitute state and that will lead to massive crime, theft, store robbery, etc. (maybe thats who is buying all the guns, convenient store owners?) and eventually government intervention on a scale not favorable to it’s citizens….then leading into revolutions in those areas.
So, at some point buying GE would be in my line up but I just would rather buy on the way back up than try to pick the bottom.
Look at AIG….. anyone that thought 12 months ago that there was just no way it could go bankrupt and bought it when it fell from 40.00 to 20.00 ended up loosing their ass….. GE could easily hit 5.00 dollars before all the shit is cleared out.
Plus, the biggest problem we face now is the plan Obama just set forth will not do shit, that’s the fact.
The asshats at Pimco will rake in billions of dollars profits when and if the banks are nationalized since they will be on top of the list for getting paid in full on the bond side. And all those Pimco asshats are in bed with Geithner and all his chronies, not to mention in bed with the administration. Mark my words that is the way it will go down.
I’M MELTING! MELTING!
Kind of looks like me taking target practice at my grapefruit hanging on the trees.
Haven’t heard from Timmy “Tap Tap” Geithner in awhile.
Still waiting on his “detailed” plans for the banking system.
I am beginning to think they want it go down in flames so the Government can run our banking system.
Denninger –
Confidence has been lost across the board. If our government does not act decisively and quickly to restore confidence, forcing the fraud into the open and prosecuting those involved, along with setting forth a concrete path of action specifically addressing the issue of “nationalization” (in any of its various forms of dress) for financial institutions capital flight will accelerate, our financial institutions stock prices will continue on their trip to zero and our markets will crash.
My personal confidence is shaken and on the verge of being destroyed, at which point I may as well take my wealth and depart the system entirely with it, buying a piece of arable land, some chickens and goats, a passel of firearms with many cases of ammo and, just in case, some horses so I can still get around if we suffer a catastrophic economic collapse.
Yes folks, I do think it could get that bad, and it could happen very quickly if our government does not step up – now – to address the above.
Dow to 6000 by March 31.
Mars.
HOLD THE FREAKIN PHONES!!
You know what? I’m not selling 1 share of my SWHC on a run at $3.00!
Holding it all!
Can anyone recommend a large cap closed end fund,nothing exotic…just something that could do better than the SP500
Artist…Thanks. I hear ya. Good point on picking the bottom. I guess I was thinking in terms of upside/downside ratios. Clearly the downside is 9…and I am not sure of the upside.
I personally think that Immelt has lost all credibility. And for sure there is a divvie cut in the near future. I will wait for these events (div cut and immelt replacement) to unfold before buying what was once (and hopefully will be again) an American icon.
Pete
I’m not sure there’s going to be a reversal from the Geithner plan which is not to nationalize. there are some serious risks involved in nationalization. One is that it immediately places the non nationalized banks in a much harder position than they were before as deposits would go to the nationalized behemoths.
I think nationalization is going to get a hearing as it is already happening however that won’t be what they end up doing. I think Geithner will stick to his original plan and see how that works.
The two banks C and Bac are not that hard up at the moment as their balance sheets are sort of protected with the guarantee and there is no threat of them going down. They will will just get leaned on to sell businesses.
the banks will get a stress test and we see where that goes. However I wouldn’t expect much this weekend.
dismantling citi is not that easy.
Who told everyone to short GS at 97 then again at 92
T MOE!
I Covered just a little at 80. Raising cash for the next victim.
Fuck the partnership
Bears can’t get it done…took off my GS short.
Shorting the banks and insurers has become too easy a trade. My short profits in HIG PRU PFG MET BAC WFC JPM STI ZION COF are ridiculous. An average gain of almost 40% on those shorts and thats only this week. You have to believe this is going to swing the other way and real soon.
You thought I was crazy when I listed MET as a possible zero. How about now?
MET MetLife: A.M. Best downgrades issuer credit rating of MET and its subsidiaries; assigns ratings to MET’s Sr Debt Securities (20.19 -2.03)
A.M. Best Co. has downgraded the issuer credit rating (ICR) to “a-” from “a” of MetLife, Inc (MET). A.M. Best also has downgraded the ICRs to “aa-” from “aa” and affirmed the financial strength rating of A+ (Superior) of MetLife’s core life/health subsidiaries. Concurrently, A.M. Best has downgraded the debt ratings of MetLife and its subsidiaries. Additionally, A.M. Best has assigned a debt rating of “a-” to the $1.03 billion issue of 7.717% senior unsecured notes, Series B, due 2019 of MetLife. The outlook for all ratings is stable. The downgrades are based upon challenges facing MetLife as it manages through the turbulent economic environment. Given the weakness in current macroeconomic conditions, A.M. Best is concerned with the company’s exposure to real estate linked assets, primarily its large commercial mortgage loan portfolio and real estate holdings. While these assets have performed well to date, A.M. Best expects deterioration to occur in the commercial real estate market. The aggregate real estate exposure also includes investments in residential and commercial mortgage-backed securities. While remaining positive, GAAP operating earnings have demonstrated a declining trend during the past several quarters, and A.M. Best expects continued challenges to grow earnings in the current weak environment. Previously, MetLife benefited from higher variable income from alternative investments; however, now it has been impacted by the weakness in equity and credit markets. In addition, the reported gross unrealized losses–in excess of $28 billion–are significant and of concern given that MetLife’s overall risk-adjusted capital position is viewed as somewhat low for its current rating level. Nevertheless, A.M. Best notes a favorable liquidity position, which includes roughly $30 billion of cash and short-term investments in MetLife’s general account portfolio excluding about $8 billion of derivative collateral and the company’s likely ability to hold these securities to maturity. Nonetheless, coverage ratios have declined and its overall financial leverage at just under 30% is at the high end for the ratings.
So long as they don’t put a tax on those who watch Leave It To Beaver.
“motherfuckers are about to get bowled on by men levitating on space aged hoverboards, who gingerly sip Monster Energy Soda, while kicking old men into traffic”
You keep getting better, man.
Michelle Causo Cabrarra is a fear mongering whore!
TMOE- Thanks for that GS short. I covered mine too. Good for 8 bucks.
What your kids will do for a living in 10 years? Easy. Productive things that contribute. Tell them to go into something with unlimited growth. Like aerospace engineering. Whatever you do, don’t recommend service industries like financial planning, opening restraunts, etc. Get them building, designing, or manufacturing tangible things. High tech is the future as energy becomes more scarce over the longer term.
Just my 2 cents.
Mars.
Watch out for some of those CEF. A lot of them have high expense ratios and a lot of them also use leverage.
I have used them to get exposure to munis
There are also some a few good buyu write funds that pay a nice yield and that are trading at a nice discount to NAV. ETV, ETW to name a couple
Anonymous:
Get yourself some guns and butter
Fly. The process server is looking to serve me with a foreclosure suit. If they ask you please tell them I left the country and won’t be back for two years.
Thanks. I owe you.
I lied I sold 2/3 my SWHC @ 2.80
Fly, you think we’ll see oil $25 this year?
CAP-
I agree the short banks trade is becoming too crowded. Thats why I covered my shorts in COF and took some money off the table in SKF. Still going to hold SKF for the doom trade.
I’m still holding some GS shorts. although I did cover a little earlier at 80.
Patiently waiting for the Video Professor to announce a new CD on how to shoot a gun.
A quote from Alexander Hamilton in The Federalist Papers #12:
“The prosperity of commerce is now perceived and acknowledged by all enlightened statesmen to be the most useful as well as the most productive source of national wealth, and has accordingly become a primary object of their political cares.”
If Timmy and Obama nationalize the banks, do you think Hamilton would consider them non-enlightened statesmen?
yes
SWHC Sold it all…
Aint trading funny like that?
To Pete, that video professor comment is fing great! Nice work.
Henry, don’t give in……SWHC will beat earnings…..
BTW, check out CENX, talk about an ass whupin’
other that CAP….who else is pulling a Costanza with FAS?
If you are buying FAS, you best make it a day trade. I don’t think you want to get long banks over the weekend.
I understand that the Obama administration wants to take Hamilton’s picture off the $10 bill and relace it with Karl Marx.
Anon:
I’m watching FAS, but no position yet, waiting for the 2:50 PPT spike, but not counting on it
Why not get shorter if you are so bearish of the future?
Fly I am glad you changed your heading and erased the nonsense og higher stock prices in the future.
Fly and his followers-
I was disappointed in your somewhat bullishness one or two weeks ago after those small rallies. As I said then. Those rallies were nothing more than short covering. Shorts taking some profits. If we see a rally today to retrace, it will also be short covering.
again the shorts are the only ones with the balls to buy in this decline in order to cover and take profits
my pocket got en-lightened to the tune of like $4k this week. Fuck me.
Buffett is getting his dick stepped on in WFC. He filed with the SEC that he bought 2.2 million shares in his personal account during 4Q08. The lowwest price during the quarter was about $20, and there’s no way he filled up at the exact low.
The greatest investor of all time is down 50% in less than 6 months. I wonder if he’s averaging down.
It still hasnt set in for me that Obama is our president. I feel like our Pres (not meaning Bush just Pres) is on vacation or something and will eventually return.
When I see that New Age Kid on TV…I have a huge disconnect that he is the commander and chief -leader of the free world.
You guys…this kind of ‘gray zone’ stuff the markets are dealing with… is exactly what New Ager’s do. Obama is a huge Newager and believes he is the reincarnation of Lincoln. He believes he is a highly evolved soul that incarnated on earth …just to save stupid backwards humanity. He has a messiah complex…
I am an expert in spiritual evolution and especially New Agers and people with Messiah complexes…they cannot see BLACK AND WHITE, they see everything in shades of gray and therefore have a very difficult time making real decisions. Obama passed off the entire stimulus bill to Pelosi and Reid.
They see 100 sides to every problem, they have no real compass of right and wrong so …everything is plausible. Getting a New Ager to make a decision and then stick to it …is like living on quicksand.
They are truly useless people….I have had a lot of experience with them. Becus we live in a world that is lower level evolution (fear based), you have to be more of an ‘ Aspirant” level- someone who buys into fear based religions, police,guns, wars, right and wrong, reward and punishment idea and sticks to it. That kind of president will have the ability to make decisions based on reward and punishment, fear and everything else we have in this civilization.
When you get New Agers involved in situations (Disciple level), all boundaries of right and wrong get mixed up in their minds, rewards go to those who didnt earn it, the need to make everyone equal, the need to make everything neutral, the need to make everything a social program… we can all live in a commune and we all share the debts, no matter who is messing up.
They see all sides to every issue, they believe there is no real right and wrong so every idea or solution is possible. Because they believe in UTOPIA they have a really hard time dealing with the real world. They will constantly try and make this world into their idea of Utopia and they will fail every time.
Obama is stuck being a New Age Utopian and having to deal with ‘ fear based’ Aspirants….it doesnt work. He will either have to surrender to the real reality and start getting back to right and wrong decisions or he will try and gather all the New Agers who voted for him and destroy this present America and rebuild a new one based on their Utopian ideals.
.
TMOE:
I change headers to fuck with people. I knew it would be temporary.
Buffett is the new Kekorian.
Wow bottom just fell out on the dollar
These morons on CNBC STILL are painting this pig gold.
UNREAL.
Lady G,
Finally, something you wrote that I agree with.
My wife came home yesterday with hot dog shaped gold bullion bars.
I am shorting the GLD based on this in depth critical research.
T MOE sells a little SRS at 83 after buying at 52
http://www.youtube.com/watch?v=1ID0lqRTBWc
@SatanicChihuahua: Is your name a play on DevilDog? I came to the realization last night that it could be and was LMAO!!
Devildog will be making an appearance in 15 minutes.
HOV lost single digit midget status. It’s now a fractional digit midget at $0.90.
I hope SWHC gives me a chance to get back in a lil lower before earnings.
I’m not the guy who posts as DevilDog. I created this name as a goof shortly after I noticed his first post here several months.
@SatanicChihuahua: That’s kinda what I meant. Hilarious!
Still holding my SWHC. Guns, baby. Guns.
Holy shit. XLF below $7. Ok I’m a little nervous here. Time to chicken out of my Costanza trade ? FAS could go to $2 by Monday at this rate.
Yes. Obama the New Ager has Yanni music piped in throughout the West Wing.
Phil_from_Brazil Says:
Still holding my SWHC. Guns, baby. Guns.
Phil I’m with you in spirit!
I’ll buy back next week.
Internals on the NYSE are approaching that PPT 10-1 ratio. Sit tight and wait.
BAC about to break $3
The entire bull market in America of the last 25 years was a big credit bubble. Poof. Air. Bullshit. Nada.
It makes me wonder. If the NIKKEI is 85% off its 1989 high 20 years later, where will America be in 20 years?
My target last year when the DOW was 13,000 was DOW 3,000 eventually. But given what’s happening in Japan, and how fucked America is, we could see 1,500 DOW.
Done.
New post
SFLY is my LONG AND STRONG play right here
Largest single position. I Will add to it Monday.
Short gold? lol! Devildog be damned! Which makes sense, when you think about it…
Got some more DXO @ 1.81. Short cover rally due by 15:30. No one wants to be stuck holding shorts over the week end.
Berkshire Hathaway is highly levered. Will they become the next Ponzi scheme? I would not get near this fucker.
you stupid cocksuckers bled america dry runing up oil prices. reap your rewards in a depression. you no working pieces of lazy shit! go back to screwool and learn to fuck an arab not a fellow american……