You are gonna do it! A dozen years later, you are about to break 7,000 on the Dow (again), to the upside, which in turn will cause brokers to rejoice and dart for their office stairwells, in order to do lines of coke and shots of tequila—out of heavily salted glasses.
Grab a girl and rejoice!
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douchebag commentators will be lining up to say “OMG TESTED SUPPORT, IT’S BOTTOM ON THE DOW”. over the weekend, fucktard “middle-america publications” time magazine and usa today say “recession over?”, and then we head straight back down to zero.
Great concert! I was there. I recall they backed up the Celine Dion
Hey, I’m dancing on Chairman Mao’s sarcophagus, if that’s any indication of joy.
Capitalism is making a comeback.
OT- Interesting Twitter application:
http://www.newsweek.com/id/187008
http://video.newsweek.com/#?t=14657820001&l=1825927394
great video. brought a tear to my eyes.
So far away, nobody stays in one place anymore, it would be so fine to see Arts face at our door.
http://bigpicture.typepad.com/comments/2008/10/the-single-best.html
Great interview with Barry Ritholtz.
“Get Long Tourches and Pitchforks”
http://finance.yahoo.com/tech-ticker/article/204909/Get-Long-Torches-&-Pitchforks-Bailouts
Citi lowers EPS ests on Offshore drillers tonight and adds RIG as a Top Pick:
excerpts:
“We Lower Our Oil and Gas Price Forecast — CIRA’s energy research team has lowered its outlook for oil and gas prices in light of a revised assessment of the global economic downturn and its impact on oil and gas demand.”
“Jack-up Markets Weaker Than Expected —
…New rig supply is coming at a time of weakening demand, causing international day rates to drop 50% from their peak, to a range of $80,000 to $100,000 in most areas.”
.. “We see no evidence that the shallow water market’s weakness is spreading to the deepwater market.”
“Our Top Picks Are RIG, DO, and NE — These companies are trading at our below their peer group average multiples despite having superior assets and earnings power tied to the deepwater market. We have Hold ratings on ESV and RDC and Sell ratings on PDE and HERO. ”
(note: all those ratings are unchanged, RIG target went down to $98 from $107 , PDE trgt goes down to $14 from $17)
**and RIG gets added to Top Picks Live tonight.**
Hey Chivas,
Talked to my sister last week. She knows of your son but hasn’t met him. Says that the developmental docs and neurologists are kind of in different silos, but she has a couple of Downs patients and was familiar with his work.
So he’s officially famous. Now don’t get all “celebrity parent” on us and end up on TMZ.
Hope you’re feeling better.
Anton,
feeling better, thanks for asking.
also, thank you for the feedback from your sister. please let her know that if i can facilitate anything between them, to just let me know.
lol. no celebrity parent, but a real proud one. i have always felt that people like your sister and my son, contribute a hell of a lot more to this world, than people like me.
It appears there was a post on the last thread that questioned my comment about easing of mark to market. This is the article I was reading when I mentioned it:
http://money.cnn.com/2009/03/10/news/uptick.fortune/index.htm?postversion=2009031016
Does it not faze anyone that the entire economy as a hole is seriously down, so much so that the DOW has gone from 11,200 this day 12 months ago to 6500 yesterday, and one man, from Citi comes out with a memo that says Citi actually made money for the last 2 months without any verification, and the entire markets goes apeshit over that one piece of “bullshit” news (you know he’s lying) and the stock goes up 50% in one day over this crap, AND, every other stock that NO ONE wanted yesterday also goes up 15 to 40% across the board.
AND yet, actual real news that isn’t a fucking lie, serious news of UTX laying off 11,600 workers….let me repeat, ELEVEN THOUSAND SIX HUNDRED workers, and not only doesn no one give a shit, because of the Pandit lie, UTX stock goes up with the bullshit 8%???????????? WTF is going on here?????
ALSO in other news today the IMF comes out and says the USA is seriously fucked……… and that news is cast aside as well………..
SO, this is the type shit that makes people stay out of the markets and every one wonders why the fuck no one wants to play any more……
I certainly hope people wake the fuck up to reality tomorrow and see that today was ridiculous, other than trading along for the day. Good God people, does everyone actual believe overnight all the credit problems and foreclosures, and 8 plus million people out of work has all gone away and everything is fixed out of the fucking blue just because this cocksucker from Citi says he made fucking money, in a memo to employees?
The only thing I know of that happened today that was positive is the fact that Michele “cuntbag” Cabrera will be soon servicing Chavez’s horse.
When Merdith Whitney talks about SPREADS, my nuts get very tigly.
http://www.cnbc.com/id/15840232?video=1058189231&play=1
Does anyone truly believe that the US is that weak? I don’t.
The Eagle might be a little battered and bruised, but it’s far from dead. This wasn’t the first bear trap in US history. Probably won’t be the last either.
Yeah, a good day, led by bullshit and mayonnaise.
I was telling someone about this “Fly” character, just before you made a right “balls up” of a PCR sell.
You’re good, but nice to see still human!
-total props all around anyway.
iBCers, you haven’t seen me around lately because I’ve been enjoying the Good Life up in the iBC penthouse (the PPT), but I wanted to update CAP, DevilDog, and the like with the news that I banked BIG-DICKED coin today, funded by your accounts.
Please enjoy the new ppt testimonial ads with my compliments. All true stories
ASIA GREEN! US FUTURES GREEN! LOOKS LIKE IT COULD BE A GREEN TYPE OF DAY TOMORROW, NO? Kenny Lewis already said that BAC was doing well for the first two months – the banks put a moratorium on foreclosures and their cost of funds is low so there can be some “surprise” numbers but something had to set this rally off anyways.
Smith Barney cutting both ests and target (now $9 from $12) on GE tonight. Just in time on that call..
Hey FLY,
I hope you got permission from Scott Bakula’s “man partner” (they were totally gay together; just watch how they looked at one another)to use his likeness. We don’t need some sort of frivolous lawsuit disrupting the site now do we. Feel free to use my likeness should you want to. Below is a link.
Hugh Hendry on cnbc europe tonight-2am et. I highly recommend watching
http://s.wsj.net/media/0309pod03.jpg
Death: Needleboy has some issues.
Seeing that Fuckery up on the marquis like that…
My life is complete.
ps: Paul McGuiness is to U2 as Hugh Hendry is to the Fuckery:
Pure.
Fuckin’.
Magic.
*Cue rally music, please*
http://www.marketwatch.com/news/story/Hiring-plans-sink-lowest-level/story.aspx?guid={35DBA231-11CD-4C4E-BDF2-13F106F9E7A9}
I wonder how the uptick rule will effect the 2x and 3x short ETF’s. Aside from possibly more volume..
I guess the inverse ETF’s just won’t move up and down as much, so forget about the Skiffles and the Triffles, I imagine they will then need to bring forth the 5x short etc to keep those addicted to the ‘really big swings’ happy…
“We take money the old fashioned way. We burn it.”
– Farmer Smith, looking northward from a closed Barn door
Sell your longs in the morning pop and short at will 740 SP.
This beast is mortaly wounded and won’t be able to stand for more than a day or two.
Might even want to start building a position in gold and short oil.
C profitable…Now that’s some funny shit!
Hugh Hendry is the man.
He keeps simple things simple. I had to learn that the hard way.
.
On the 12fth (sic), let’s say congress decides mtm should be relaxed like Al Sharpton’s fro. Then what? Doesn’t the SEC have to implement it? How long until it takes effect? Could be that the mkt has already bought the rumor and will sell the news. If so, that only makes for a two to three session rally. Pretty lame, Milhouse.
Is it time to re-visit UYG?
That’s about as entertaining as this bullshit web site for Skagit River Woods — http://mysite.verizon.net/resw3gdw/
-Jake
no cnbc europe for the west coast (seattle at least). we get infomercials of guys trying to ‘make people millionaires selling real estate’.
Could someone please provide a link to Hugh Hendry’s comments.(no CNBC, just Bloomberg).
Last time I heard him he was calling for a financial collapse in 09, collapse of the Euro, he was short gold stocks, and heavily into bonds.
Of course he is from the same country as me, so I am totally biased!
Hugh looks like he had a very hard night last evening. Still bearish and still likes government bonds, although he does admit that were could see bear market rallies.
Fair enough.
However Hugh was also the guy who liked Japan.
Any guesses for today?
I’m thinking we close slightly lower than continue the downward spiral, as old widowed grannies consider going back to work serving breakfast at ihop.
Mars.
If this doesn’t stimulate you, then you are gay.
http://4.bp.blogspot.com/_i1xPnZCtbMA/SYDO-j57IOI/AAAAAAAAAWA/MMWHH-vh3EU/s400/nancy_pelosi.jpg
American Express cut to SELL by Goldman this morning.
Ouch.
Omfg – you found my long lost sister!
Bill:
Mind if I boink your sister?
OMF – not at all.
Be careful though, she’s a real firecracker.
Goldman cowards.
AXP cut to sell.
blows
Fly…selling axp?
If AXP blows the downgrade off then you know this bear bounce for financials is real.
SLB and HAL shrugged off downgrades yesterday (SLB has another one today from C).
Just out “sources say the SEC has firmly decided not to suspend the mark=to-market rule”
Driving in I hear a guy on CNBC a politician say we don’t have a panic like we did back in September…Now its just a crisis. We don’t have that sense of “Is My Money Safe”?
WHAT MONEY?
AXP should have a bounce today for the first few minutes back into the green, but could dwendle back to red, but there again I might start a new short position here since yesterdays moves were based wholly on lies and fuckery, we are back to reality hopefully. AXP when working as it should, should print a 7.00 handle soon, but COF is the card that should go to zero if one does, AXP should be able to weather the storm.
Remmy-your qouting an unidentified source…perhaps not…but likely mkt to mkt- will be adjusted..stop talking your positions..no one cares. If you short financials then stay short…bull shit is annoying.
COF was raised to buy at Stifel, et al this AM.
http://www.reuters.com/article/ousiv/idUSTRE5294BJ20090310
or would you still believe Barney Frank?
PS. I use stop loss orders. Don’t assume I have open positions.
Just out “sources say the SEC has firmly decided not to suspend the mark=to-market rule”
Of course they would say that. However lets see the tweaking they’ll do with it.
They were never going to come out full on and suspend it. They were always going to say it’s operational and they’re making a few changes around the edges.
That’s just my view though.
In any event the Fed is the one that supervisors the banks and Bernanke has already said he isn’t in favor of doing away with it, however “tweaking” with it is okay.
Hey Fly, just buy BRKA and you get AXP and a lot of other stuff.
TraderCaddy, yeh and Moody’s graded subprime bonds at AAA also. we know how that has worked out……
No one on financial TV for the most part has been close to calling this last year right except Meredith Whitney, she rates all credit cards as junk as of yesterday, so, read into it as you want.
Bear like me we hurt and bloodied yesterday, however the big rally allowed me to relaod on some of my shorts and ietf’s.
I am now 50% short and 50% in cash. Short SPY is my biggest position. A drawn out bear market rally could hurt me, but things have not changed in my view. More layoffs were announced yesterday and today by big companies. The Citi news was just to save the stock from going the way of AIG in the near term. They did not count in the loan losses for the quarter in their bullshit announcement yesterday, and those loan losses are increasing.
There has been no capitulation IMO. VIX has yet to pop. That could mean sellers are exhausted for a little while, but Panic will set in again in the next few weeks as people get their quarterly statements and as banks start to report and more money is requested to pump into them.
On another note
Fuck XOM and the all the oils. Buy more DUG
WHY does it it take a fuckin’ MONTH to re-institute the uptick rule, and WHAT IS WRONG with doing so?
Sounds like Geithner etc have a vested interest in running stocks DOWN<
They should implement the uptick rule, but make it a nickle difference instead of one-cent, so it actually has some teeth.
Plus the SEC needs to hang a few small time investors who use forums to organize bear raids on stocks. That would help cut down on the chatter out there. It would put the fear back into bears who’ve had it pretty easy lately.
The rest of us won’t allow a few reckless traders to push the market down to zero.
Squeeze em till they break.
You show me a stock that has been raided and I’ll show you a fucked up business. I never attack a company that has sound fundamentals and that is transparent.
Short squeeze yesterday in VNO is over. Attack is setting up again
T Moe, i recall you saying your position in SPY was 500 shares (250 at 71, 250 at 72 if i remember), and now you say this is your biggest position…
here is my question…
why not use stops and/or close out your positions, lock your profit and reload when the market starts/looks like it will fall again? with positions of your size you have no liquidity problems… you know?
just asking out of curiosity
Squeeze em till they break.
You watching a porn movie or the stock market…
Geezus there is a lot of misdirection out there.
on other news:
http://finance.yahoo.com/tech-ticker/article/205657/Why-the-Pandit-Memo-Is-Meaningless?tickers=c,%5Edji
nanon
Stfu up you don’t know what you’re talking about.
Shorters actually help the market with lots of liquidity. For every buyer there’s a seller. How the fuck do you assume the shorts always make money. You seen the carnage in BAC , WFC in he lat few days?
Done for awhile.
Thanks GDX.
The uptick rule won’t matter much IMO.
There never was the uptick rule when shorting an etf.
Of course that may change.
Shoulda stayed laaaawng GDX, TC.
Sell the calls against it, that’s what I do.
But accumulate that sucker.
What happened at the tourneys this past weekend, btw?
__________
Today’s day trading short sellers are pure evil. They spread rumors and stories and raid stocks. I don’t have a problem with stocks falling (or even shorting stocks, per se), but the speed of it is the problem.
There appears to be colusion between day traders to pick on a specific stock and drive it down to nothing. People pile into the ultrashort ETFs and we end up with panic selling every day. I’ve seen in on this forum and all over twitter.
The game will be over soon. I’ve heard that the SEC has been monitoring the chatter for a while, hopefully they will start arresting some small-time guys. Just to make the point that it doesn’t matter how much money you run, if you manipulate stock prices they will take you down.
Jake- My attention span is about 15-20 minutes at most.
Even in my IRA I trade daily except for that I use Rydex funds.
They have 2X mutual funds that can be traded intraday in and out @10:30 and 3:55PM.
The kid started strong with a -2 in the first round and then faded a bit in the next two rounds. Ended in 22d place although was named athlete of the week at school for previous weeks win.
Thanks for asking.
anon:
You’re obviously long from long way away. Don’t blame short sellers for hitting a stock that deserves a new arsehole. You can’t legislate away economic laws. If a stock goes down it goes down.
^^^^^^
What a bunch of bullshit
I was talking about Anon’s post, not J’s
Anon, the SEC did a great job uncovering Madoff and and the other joker whose name escapes me. Even when handed the info on a silver platter, they could not figure it out.
And now you think they are going to be able to do something about Legal activity that is taking place across thousands of transactions from thousands of traders?
I find that unlikely, to say the least.
Uh oh, Big brother is watching. Everybody ssshhhh.
The SEC is bad news this year.
The Big Ten is even better in BBall this year.
Wrong SEC TC.
does anyone know why orange county choppers rang the opening bell?
GE new lows of day
that other joker is perhaps stanford? by the way an adult by the name of mary shapiro fined stanford for misleading ads concerning cd’s for 10 g’s then closed the case against stanford. she also worked, ahem, under madoff at the nazz. it’s good to have adults at the helm…
TheArtist- The only thing I read is that the Paul guy form the show is ringing the bell to celebrate his new book.
http://www.nyse.com/about/newsevents/1236338671930.html
Student Athlete Award too, TC, you must be very proud.
Hope you are teaching him trading on the side.
___________
With GE unable to holds it’s previous days highs this market looks skittish again.
Earlier I shorted the Euro and went long dollar Yen.
Shorted Euro at 1.28 and went long dollar yen at 9810. Stops are pretty close.
Can someone put out a BOLO for the Fly…no post in 16 hours…is he still alive?
Woodshedder wrote:
“Anon, the SEC did a great job uncovering Madoff and and the other joker whose name escapes me. Even when handed the info on a silver platter, they could not figure it out.
And now you think they are going to be able to do something about Legal activity that is taking place across thousands of transactions from thousands of traders?”
*******************************************
All we want the SEC to do is re-institute the Uptick rule.
You got some kinda problem with that?
GenerationalEarl:
Why do you wish to make it more difficult to trade from the short side than from the long?
Do you actually believe there are more short traders out there than long? And if you have faith in your trades, why should you care?
Don’t you believe in free markets?
__________
^^^^^^^^
(rhetorical)
________
Anyone here have any thought on long EEV? Looks like a pretty nice entry point
I suspect Fly is spending time in the PPT forum.
We are more like the Delta House from Animal House and the PPT forum is probably like the Omega House.
We are toga parties and food fights.
Lady G. is like Neidemeyer in the PPT.
I just can’t figure out who here is Dorfman or Bluto.
Since I went to “College” I volunteer to be Senator Blutarski.
__________
TraderCaddy…he aint on the PPT either. I think he may be downtown, fixing to kill some Goldman folks.
christ…..the power lunch asshats are on…….. time to switch to bloomberg….
Fly’s Neighbor Steve, run over and check on Fly, he is AWOL, hopefully he got out of AXP and made about .10 per share.
Fly must still be home.
His car is still up on the blocks in his driveway.
I will send Fly, Jr. over to find him.
this market should stop being such a little pussy and squeeze the shorts, christ. booking wins if things turn red.
I’m feeling sort of blah – rundown – tired – I need a stimulus – not to worry – Nanci Pelosi has Stimulus II ready, baby! Tell me this is just a nightmare and not real.
If you liked GE at $9.30 you should love it at $8.55
now everyone is a fucking Technician….this Cabrera stupid mexican skank needs to pick the vegetables in Chavez’ garden, then service the corral ponies..stupid bitch.
Wheres GW ?
Hope all is well….maybe he quit posting when Fly went all PPT?
We will know tomorrow if today was a bull trap.
Jake Gint Says:
“Why do you wish to make it more difficult to trade from the short side than from the long?
Do you actually believe there are more short traders out there than long? And if you have faith in your trades, why should you care?
Don’t you believe in free markets?”
***************************************
The vast majority of individuals and funds
buy stocks for the longer term. They have limited resources, and if they REALLY want to buy long they can raise their offering price.
It is not the usual practice for these folks to collude to drive stocks higher- and if they DO, the public which is invested 95% plus LONG will benefit from the HIGHER prices.
Short sellers do not have the well-being
of MOSTLY LONG pension funds and individuals
in mind when they do concerted short selling.
They should and MUST be restrained.
Fly get your punk ass back in here and post before you lose your mustache.
I found Pops.
He is okay. Just watching soaps on television in his new speedos.
Generational Oil- why not institute a down-tick rule? Before you can buy a long, there must first be a down tick.
Jeez. I would think that after 5 years of bogus earnings you would have realized that you have all been fooled.
Now, to make matters worse, you want to set it up so you can continue to be fooled. Markets going up do not make a sound economy or a sound company.
Sound companies are not shorted into oblivion.
You have been sold a lie and you have bought it, hand over fist. The lie is buy and hold. Instead of adapting to reality, you choose to gloss over it, close your eyes, tap your heels three times, and wish for things to be they way they used-to was.
Generational Oil, you are out of your league here and you misunderstand a fundamental fact about markets. That fact is that markets seek to discover value and uncover fraud. A good, sound, fairly valued company will not be shorted into oblivion.
Another fallacy is that you seem to believe the public benefits from higher stock prices. While this may be true, when a company that is undervalued is bought up to fair value, the public benefits. However, what did inflated home values do for the public? What about inflated stock prices? That didn’t work out so well, did it?
Your arguments are weak, faulty, and you do not seem to have enough trading and economic experience to understand where you have erred.
because the markets are not perfectly rational.
they aren’t perfectly rational because its participants aren’t fully rational.
humans are predisposed to have a greater aversion to fear than greed from gains. because of this, the impact of forcing the markets down unexpectedly is greater than forcing the markets up unexpectedly. bear raids really fuck things up sometimes.
Wood what do you think about these CDS’s that are being valued at ridiculously low levels thereby destroying tier 1 ratio’s? How is it fair for market inefficiencies to destroy entire companies? Look at Enron, a good case for a company that the shorts were correct on and needed to die and it worked just fine with the uptick rule in place.
the only people that hate short-side traders are those that were long a stock that got gunned down. 😛
Hey short basher…. Short sales are used as a hedge against stock price declines, theiving management fraud, poor business practices, crooks, and failed leadership. Typical investors use it as a hedge against their long positions so they aren’t bankrupted if a thief takes over a company or some sort of disaster strikes.
What we have seen here recently is a disaster and it wasn’t created by short sales. Those investors smart enough to have insurance on their own positions with some short hedges weren’t bankrupted by this total market failure. It would seem if you had your way, then all the longs who were in the market would be bankrupt.
If your 401k was toasted, then shame on you for not having enough diversity to protect your investment. Take some accountability for your own stupidity and STFU.
Check out the goatfucker congressman getting his ass handed to him.
Full on tool.
http://www.foxbusiness.com/video-search/m/21948997/congressman-sounds-off-on-taxing-trades.htm#q=defazio
“enough diversity to protect your investment.” roflmao.
“shortsellers do not have the well being of mostly long funds and individuals…” again roflmao. entertaining thread today…
veb, I take it you don’t consider a short hedge a diverse thing to do.
Contractor- CDS have nothing to do with shortselling or the uptick rule. If you put a CDS on the market, and no one buys it, the value for that CDS is zero. Zilch. Nada. Its no different from a pair of shoes. If no one will buy the shoes, what are their value? Well, someone may come along and offer 10 cents for the shoes. Then, they are worth ten cents. You have let the complex construction of these instruments confuse you. They are no different than selling shoes, cars, gold, or other assets. There value is only what someone is willing to pay for them.
Entire companies aren’t destroyed by market inefficiencies. They are destroyed by making many egregious mistakes, over and over and over, all the while expecting that the mistakes won’t matter because they’ll get bailed out.
She’s got a serrated edge
that she moves back and forth
It’s such a simple machine she doesn’t have to use force
When she gets what she wants,
she puts the rest on a tray in a ziplock bag
Market Fool — grand kudos for posting that piece… EVERYONE should click on that, and grit their teeth through it to the very end.
I have never seen a greater example of the typical Democrat mindset:
I KNOW BETTER than you…
I SHALL DICTATE how a market shall perform to my utopian diktat…
and guess what… CONSEQUENCES BE DAMNED!
Wow! Unfuckingbelievable.
____________
The uptick rule sat there for about 87 years. July 2007 it was removed. Why? What drove that decision? Why would a rule that had helped instill confidence and a sense of fairness be removed at a time when those with half a brain knew that a big fat world of shit was just around the corner?
i find cash is best during daze like today. i find shorts the best in a crash. i find longs the best in a bullish situation. i’m an indi, i don’t need to hedge positions as if i’m managing billions.
That DeFazio guy appeared to be a bit pompous, smug, condescending, and trade restricting.
Who kidnapped Jamie Diamond?
That’s Richard Gere talking.
There’s no question that the uptick rule is the right thing to have in place. It’s elimination in July 2007 was nothing more than a science project to see if there would be a bear raid.
That still doesn’t make short selling an evil thing.