NOTE: For the record, the White House spokesman, Gibbs, seems dumber than former mouth pieces.
NOTE II: If I wasn’t so disciplined, I would be selling short cre names here. However, I must remain in cash. So, I will just have to talk shit about my life and other egregious stories for the next week or so. Any requests?
UPDATE: ARREST PAULSON AND LIQUIDATE GOLDMAN!
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fly, you are fun to read. kind of like watching a train wreck…i never know what you are going to say – or how outrageous it is.
i wish you would give a stock idea so i could bank some moolah. i’ll press one of your sponsor ads if you do.
the fly called the rally yet his picks were mediocre.
All in all hes a great guy.
Here’s Fly’s 2 ideas:
1. Pay for the PPT and get your stock idea.
2. Fuck off
Indeud…
“People can have whatever quirks and kinks they want, but leave the fucking bugs out of it!” says Oscar Legbo, America’s golden boy of bicycle racing.
Fly,
Get off your ass and get short. Didn’t you see that gravestone doji today?
Tell us the story about how your grandfather got rich shorting the ’29 crash into the fucking ground.
That’s my favorite bedtime story.
I will short HME, ACC, MAC and WRI
How many times do i need to tell you?
My picks were better than yours, considering TNA boosted from 11-15 inside of 2 days.
Fuck off clown fuckers.
Junk
I cannot. It is a matter of necessity that i be in cash.
Fly’s grandfather was Jesse Livermore…
As long as we don’t end up with the princess of the NWO conspiracy theories running around yapping ’round here – the PPT induced quietude on the boards has been, well peaceful.
http://www.youtube.com/watch?v=hnLweMNQoiE
Asshat Gibbs has the forehead of Zach Karabell and the mind of a sea cucumber…
I’d like to hear about how you found your blue radio.
@Cuervos: Yea; what happened to that soapy stuff? Not in PPT either lately. (Shhhhh.)
@Fly: Why did Steve sell out? Did he have an Alt-A?
Indeed.
how about some real estate advice – my dipshit realtor keeps telling me how great the interest rates are…I can get 400,000 at 4.25% or I can pay cash. But I don’t see how my home value will go up in value for long time (Texas). In a few years..when tax rates go up with interest rates, same home will cost twice the payment for new buyers, even at the same price.
The Fly will be nominated for one the many Assistant Treasury jobs still open. Can’t have any conflicts
Can’t wait to watch the confirmation hearings
Wait, maybe I was wrong, I think the Fly will take the blue radio and his cash and buy the Mets. Didn’t the Mets owner get Madoffed???
Speaking of Congressional “hearings”, they’re dragging that goat fucker Ed Liddy before the “kangaroo court” soon. Let the grandstanding and buffoonery begin!
New Car Smell Fly. He will look 10 years older in 2 years and he can only give his opinion and make things up for so long before his own kind turn on him. He just started answering the tough questions….
Fly,
I par-taaaaayed with Roubini on Saturday in his posh abode. He says this rally is bullshit. He says to tell you to get short.
Fuck the PPT I’m going to the OTB where I can get my money’s worth!
Forgot the Fly’s recent moves, which unless you had biff’s almanac some would say is close to perfect. My man is the best writer of our blogging history. Not even close. Wittiest mofo alive.
fly,
my request:
you tell us stories about the celebration rituals you have and that you’ve had with trading firms in the past.
thank you,
ham-bone
I want to hear some tales of bad times for the Fly. My math says that he popped out a kid at 20ish, so some shit must have hit the fan at some point.
You staying in cash by regulation in case of redemptions or for you own trading discipline?
Grrrrreat, Jim Rodgers is on Bloomie tonight, wonder how his farms are doing?
Fly, why is it disciplined for you to stay in cash while you believe it is good time to short CRE? some indicators tell you not to?
LOL biff’s almanac now that would be a funny story how fly got a hold of that one…
If you’re playing requests:
You’ve been trading through a couple of recessions and 9/11, any stories about how you got through those times?
What’s the biggest trading mistake you’ve ever made?
What’s your best call?
About how much money were you running before your career change?
If you were a tree, is Knightsbridge Capital involved in your career change?
About how much longer will it be before this site and the PPT shrink into tiny, heat wave obscured images in your rear view mirror?
Where did you meet up with the Tabbed Bloggers?
Reading anything good… besides your own blog, I mean?
Sign the petition to CNBC.
Fair warning: there are left-of-center types behind this. Don’t visit the site if you fear cooties.
Dear CNBC —
You knew what the banks were doing, and yet were touting it for months and months. The entire network was. — Jon Stewart
These now-legendary words were a wake-up call. We’re asking you to wake up.
Americans need CNBC to do strong, watchdog journalism – asking tough questions to Wall Street, debunking lies, and reporting the truth. Instead, CNBC has done PR for Wall Street. You’ve been so obsessed with getting “access” to failed CEOs that you willfully passed on misinformation to the public for years, helping to get us into the economic crisis we face today.
You screwed up badly. Don’t apologize – fix it!
CNBC should publicly declare that its new overriding mission will be responsible journalism that holds Wall Street accountable. As a down payment, we ask you to hire some new economic voices – people who have a track record of being right about the economic crisis and holding Wall Street executives’ feet to the fire.
Please show us that you hear our voices loud and clear.
Sincerely,
Story Request: What are some of your most leveraged, ballsiest trades you’ve made?
I want to hear if it is true that The Fly was caught, sans smoking jacket, with a chihuahua and a half-dozen eggs.
^^^^
Ott, I believe you are confusing “The Fly” with “The Mickey Rourke.”
Which, as I understand, happens all the time.
Good suggestions
I am going to use this thread as fuel for my writing this week.
Keep them coming.
The Fly was caught, sans smoking jacket, with a chihuahua and a half-dozen eggs..
…and a studded, chartreuse dildo (without a curve in it), fashioned out of children’s modeling clay.
Whether any producer has wanted to buy yer life rights or hire you to write scripts. For an A Team remake on HBO, perhaps…
“I pity the goatfucker.”
Great Depression Redux
http://news.yahoo.com/s/nm/20090316/pl_nm/us_mexico_usa_trade
Anton,
Which one? “9 1/2 Weeks” Mickey Rourke, or “The Wrestler” Mickey Rourke?
Got a few TMZ-type questions, too:
Who’s the biggest asshat you’ve met in the business?
Any “crazy client” stories about running money for insane rich people?
Anybody we know in the loony client category?
I gots a million of ’em, but that’s enough for now.
And if I haven’t said it before, I hope this career change is everything you want it to be for you and your family.
this is really cool
http://search.twitter.com/
Mexico should be fucking annexed.
Interesting, Fly. I entered SNDA in and it took me to Howard’s tweet.
major distribution day after follow thru bullish day proves bulls are running on fumes of empty monster energy cans
I want a story about the beaten up kitchen radio!… and a picture!
timmy “the claw” !!!
… liar,liar.
I get it. Good one señor!
Childhood stories of when you knew you were going to be on Wall Street. The way some little kids follow baseball stats in the paper with their grandpa.
My nephew was reading baseball stats in the Detroit FreePress when he was four years old. Now he is a professional golfer. LOL. Long story.
Rod,
Technically a distribution day, but the Dow as only 0.1% away from a flat day and the S&P only 0.4% away. Closing just a tad higher would have been considered by most to be bullish. Only the NAZ logged a convincing distribution day. It looks more like churn to me, ending in a gravestone doji. I still think short-term reversal, but this one could have some legs yet. Also, those with strongest fundies (tip of the cap to Fly), were down considerably more than the the blue chips; closer to what the NAZ put in. That speaks of underlying weakness in this rally. It pulls back, makes another run, then pusses out as the financials are the only ones pulling the honey wagon at that point.
The geitner merlin hat with the title is hilarious. As egregiously stupid as things are getting, I can’t resolve the situation to ignorance and stupidity. Nobody, and I mean nobody, can be that stupid.
Congressman Peters – Michigan has a proposal:
“It is beyond outrageous that the very people who brought AIG to its knees and helped create the current financial crisis are scheduled to receive hundreds of millions of dollars in bonuses while tax dollars keep their company afloat,” said Rep. Peters, a Member of the House Financial Services Committee. “These bonuses are in effect a raid on taxpayer dollars. The legislation I’m proposing will get taxpayers their money back. Congress must act swiftly on this matter to show AIG, other companies receiving federal support and taxpayers that we mean business when we say that tax dollars are not to be used to enrich company executives.”
Congressman Peters’ bill would create a 60 percent surtax on bonuses over $10,000 to any company in which the U.S. government has a 79 percent or greater equity stake in the company. Currently, AIG is the only company that meets this threshold. The 60 percent surtax would be added to the normal income tax rate, meaning that bonuses received this year by AIG executives paying the top 35 percent tax rate would be taxed at 95 percent. The remaining 5 percent would likely be paid in state and local taxes, so taxpayers would fully recover any AIG bonuses paid in 2009.
If I wasn’t so disciplined I’d roll up on AIG with my AKM and 75 rd drum mag.
…silent but deadly
Please, please, please tell the story about how Earthlink (and the company that made their cd’s)was once traded (for maximum gains).
Thanks for that news
update
On the Mex trucks… I thought Barack would be glad to compared to FDR, but it appears he wants to be the next Hoover too!
The whole AIG bonus issue is just running interference for the real issue.
Fly – more topics/idea starters for your consideration:
When you decided to manage money
Crazy client stories
Crazy broker/colleague stories
Your new career move
Write from a new alter ego’s perspective, perhaps for when you are 100% cash? Or during certain times of day? Create a faux CNBC persona?
Comment on the regulars and departed of iBC, describe our virtual neighborhood, and our respective places in the ‘hood. Who is the butcher? The priest? The postman?
Location-based stories…stories from the garage, the fridge, the car/commute, etc
Flashbacks/childhood
Exactly, Omg– the issue is not about paying AIG employees, but rather nailing out the company in the first place. Why spend money to bail it out if you’re going to shut it down via punitive taxation immediately thereafter?
I smell a misdirection rat.
____
Citi on ENER (and Solar) tonight:
ENER target gets cut to $13 from $20
excerpt:
Cutting estimates, maintain Sell; this is why solars can still go lower —
With the stock down ~25% in the aftermarket and now at tangible book, the biggest conclusion here is probably that other stocks like FSLR and particularly SPWRA (~2.5x tangible and a more stretched balance sheet) still have potentially significant downside w/ENER more likely just dead money. We are encouraged by the production cuts, but ENER still not capitulating on pricing or margins and net cash likely to go negative before YE09 so from a timing perspective, we’d rather wait at least for guidance to change our Sell.
win
i think im buying some rtn pretty soon
in b4 cool story bro
Not as big a fan of twitter search as I am of Twitter Trend on my iPhone (don’t really like the iPhone though) and tweetdeck
Yo, Shark – I’m waiting for the latest iPhone to upgrade from my POS. But I read a NYT article recently that totally dismissed 3G for speed and voice quality. Anything else I should know about the iPhone? Friends all love theirs, but most also have a work-issued crackberry.
No Iphone service at SXSW Austin. Major Fuckup by ATT during interactive portion of festival.
@ Treepart:
Amazing how Congressman Peters is outraged by AIG bonuses. Seems to me that Congress has been pissing away taxpayer money for years. Where’s the outrage there? Only solution is term limits for the whole group in DC. And when they are sent home, make them abandon their special retirement program and join Social Security with the rest of us mopes. Long MON.
Ah, yes, just as we all suspected – condo-building will lead us out of the housing recession… 😉
—-
I think the tax rates on AIG bonuses should be set at 150% or 200%, minimum. Whenever we can identify actual individuals who helped destroy the world, they should be made to suffer. Use their bonuses against them. Should probably go for wallstreeters in general.
From Optionmonster.com/Brian McCormick
Despite swings, levels are unchanged
Once again, levels did not change dramatically on a closing basis yesterday from where we were Friday. Although it did see a big pop and drop across the board, the session yesterday left levels more or less where they were in the morning. At best that has stalled upward momentum; at worst there is the potential for this to have been a top, capping the recent uptrend.
If listed resistance levels can become support, that will be bullish. But If we break down through the support areas noted below, that would be equally bearish. This is very much still a bear market.
Nasdaq 100 (NDX)
First support is at 1136.13. First resistance is now at 1172.71.
For the Nasdaq 100 Index Tracking Stock (QQQQ), first support is at $28. First major resistance is at $28.87..
S&P 500 (SPX)
First support is now at 740. First major resistance is at 764.90.
For the Standard & Poor’s Depository Receipts (SPY), first support is at $74.65. First resistance major resistance at $76.87.
Russell 2000 (RUT)
First support is now at 376.81. First resistance is now at 401.52.
For the iShares Trust Russell 2000 Index Fund (IWM), first support is at $37.30. First major resistance is at $40.17.
let me tell you this story (from thehun):
“Three contractors are bidding to fix a broken fence at the White House. One is from Chicago, another is from Tennessee, and the third is from Minnesota.
All three go with a White House official to examine the fence. The Minnesota contractor takes out a tape measure and does some measuring, then works some figures with a pencil. “Well,” he says, “I figure the
job will run about $900: $400 for materials, $400 for my crew and $100 profit for me.”
The Tennessee contractor also does some measuring and figuring, then says, “I can do this job for $700: $300 for materials, $300 for my crew and $100 profit for me.”
The Chicago contractor doesn’t measure or figure, but leans over to the White House official and whispers, “$2,700.”
The official, incredulous, says, “You didn’t even measure like the other guys! How did you come up with such a high figure?”
The Chicago contractor whispers back, “$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence.”
“Done!” replies the government official.
And that, my friends, is how the new stimulus plan will work.”
London sez:
I think the tax rates on AIG bonuses should be set at 150% or 200%, minimum. Whenever we can identify actual individuals who helped destroy the world, they should be made to suffer. Use their bonuses against them. Should probably go for wallstreeters in general.
Well, one thing the American Congress does better than shutting the barn door after all the horses have escaped is punitive redistribution, so you just may get your wish, despite it’s risability.
_____________
Aside: I am reading Michael Palin’s Diaries: The Python Years (1969-1979) and it’s really an interesting time capsule of London in that period. The shit you guys put up with (strikes, random power shutdowns/slowdowns, IRA bombings, outrageous taxation, near Marxism in the Labour Party) is astounding. It’s a credit to the people of Great Britain that you have remained a viable nation despite all of that. Gives me some hope for America as we enter into our own age of stupid socialism.
One other thing that’s kind of funny in a stereotypical way — Palin goes on and on about his dental troubles. What is up with you people and your bloody teeth?
_____________
Since things are slow I took a good look at GLW to try and figure out the FLY. I have one thing to say to you FLY. You are a fucking SAND BAGGER ! Don’t worry I have a lot of respect for your blog. Like I said it beats CNBC.
I assume you are not doing any thing because you are doing time for your last SEC conviction. Are you getting posts out using a smuggled mini computer and wireless connection?
In any event, I hope the time goes quickly and you find research opportunities while inside.
LOL — looks like old Hank Greenberg has some “Fly” in him…
“(Of course)It’s “too complicated”… to take someone who has been driving a… horse and buggy…. and put him in a … spaceship!”
ROFL.
Of course I liked this one:
“Governments can’t run companies…. governments have trouble running governments!”
____________
Oh for goodness sakes people, he’s in the securities industry.
It’s a pretty mobile group of people, even when we aren’t “living in interesting times.”
Dispense with the fantasy arcana.
__________
Hot off the presses… this recent MON research report from Mo Stanley might even be strong enough to ward off the Devil Dog curse:
Investment conclusion: We believe that the ability to
lower refuge with next generation corn biotech will be
exponentially more important to farmers than the last
biotech game changer (i.e., the triple stack). We expect
seed companies without compelling refuge reduction
products to become either market share donors or
licensees of those who can offer refuge reduction (i.e.,
either way we believe that Monsanto wins). Importantly,
we expect it to be incrementally difficult for any seed
company to successfully commercialize the next 3 corn
genes (drought, higher yielding and nitrogen utilization)
without offering compelling refuge reduction as well. Of
the 60-65mm US corn acres eligible to be planted with
refuge reducing biotechnology, our model allocates
15mm of those acres to Monsanto’s competitors. We
estimate that an incremental million acres captured by
Monsanto is worth between $0.06 and $0.08 per share.
_____________
Goldman is behind some of AIG’s demise, so is JP Morgan. Investigations from congress were so prevalent in the last 8 years. Where are the investigations now?
“When Mr. Cassano first waded into the derivatives market, his biggest business was selling so-called plain vanilla products like interest rate swaps. Such swaps allow participants to bet on the direction of interest rates and, in theory, insulate themselves from unforeseen financial events.
Ten years ago, a “watershed” moment changed the profile of the derivatives that Mr. Cassano traded, according to a transcript of comments he made at an industry event last year. Derivatives specialists from J. P. Morgan, a leading bank that had many dealings with Mr. Cassano’s unit, came calling with a novel idea.
Morgan proposed the following: A.I.G. should try writing insurance on packages of debt known as “collateralized debt obligations.” C.D.O.’s. were pools of loans sliced into tranches and sold to investors based on the credit quality of the underlying securities.”
“Goldman Sachs was a member of A.I.G.’s derivatives club, according to people familiar with the operation. It was a customer of A.I.G.’s credit insurance and also acted as an intermediary for trades between A.I.G. and its other clients. Few knew of Goldman’s exposure to A.I.G. When the insurer’s flameout became public, David A. Viniar, Goldman’s chief financial officer, assured analysts on Sept. 16 that his firm’s exposure was “immaterial,” a view that the company reiterated in an interview.”
Now we all know that Goldman had 20 billion pay to them by AIG. That’s was tax payer money. Liddy was a goldman board member, Paulson was Goldmans former leader. HOW can there be no investigation?
whatever happened to the bit about how they aren’t stupid they just have alterior motives and agendas?
Oh wait, that was the fed. But I think the government just lies constantly, it’s pretty obvious, just swatch the lie to me show.
I think the government is half stupid, half masterminds playing a different game. We all think they’re making a stupid move because we believe they’re playing checkers, when they’re actually playing chess. Same environment, and board, different moves and agenda.