Come Monday, investors will be introduced to a 2008 style “faces of death” tape. We’re dumping out here and I am going down in this fucker, bar mitzvah party in Tehran style.
Eat good and hearty over the weekend and enjoy the wife and kids. Come Monday, we are going to be jumping out of cylinder shaped windows onto the traffic down below.
Off to see about a gourmet hotdog lunch.
[youtube:http://www.youtube.com/watch?v=9_V8aQ53qoc 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter
Just when it seems like all is over.. the market will rally on some gove news over the weekend. Watch and let em rip!!
I was ending the day feeling like this was a climax with late firming, particularly the Nazdaq. You think more coming, eh?
A gap down Monday would be ideal and probably put an end to it for a little while.
Please go get a corneal transplant or at least wear some sunglasses.
You are scaring the kids.
sunglasses coming right up.
I swear you made the smile creepier, too.
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Nope. Just lost my eyes. My new gravitar should be populating soon.
Cool Dude.
Egggggsellent!
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firming?
Going into the weekend after a huge selloff and NO short covering pop?
The only buying WAS some short covering and the market still went down!
It is not done yet.
Just off the slopes and i see this bullshit market sold off just like i called early this. Momentum has change. Bears to roar once again
Given the PPT score isn’t that close to an Oversold condition (entire market), I think there’s more left in this slow grind down.
That being said.. what are some good ideas (not Ultra 3x Short) ideas as a hedge? I’m not unhappy with my long positions but I think it’s silly not to take advantage of this decline in some reasonable manner.
What are you down for the year 17% or dont you post that .
It cracks me up these douchebags going off the PPT and not watching the SPY .
You have trained your monkeys well.
i am about flat.
-17% is fucking ridiculous. Fuck off.
Here is what The Fly said on 1/14/2010 when the market hit the high of the year.
“Prepare for a sell off that will blind many and “de-sack” most. The Dow Jones will slide, under a “brick umbrella” of egregious sell orders, as money mangers yell out : “GET ME THE FUCK OUT NOW!””
He called this shit back then. Some acted, some didn’t.
Fly had that gut feel but didn’t sell enough. I did. I saved myself about 4% on the downside.
I cashed out quite a bit at the top fortunately. Not so fortunately I have been slowly but surely “asshole dip buying” this sell off.
Still, for the month I made enough to buy a hamburger, fries and coke. Hell I can even up-size that bitch. I won’t reach early retirement at this rate but it’s a lot better than being down 4%.
Just to attempt to keep things in perspective. SPY 100 was a tough nut to crack. Many couldn’t believe the market got that high. Going back to 100 is not the abyss but to be expected.
I personally have studied about 200 years of charts (it hasn’t helped my trading). What is going on the market for the last 10 years is what USUALLY goes on in the market. I personally expect the market to go sideways for 10-20 more years until debt is worked off and a ‘new’ invention (not an ipad) changes society like railroads, cars, internet etc. Until then, sideways, pump and dump. Exuburance and panic taking turns.
Anti-gravity. The Magic Carpet. And why not? Why cant a gravitational
field be blocked with some sort of interfering device?
Probably pull it off w. anti-matter, but the encapsulation process would likely be too dangerous.
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Previous secular bear markets would put us at roughly 2014 for breaking the all time high on the market but of course it varies a few years either way.
Agreud.
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Sounds good to me. That would give me time to buy up more and brag about how sound my strategy was in 2014.
????
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Hey all charters! Isn’t the S&P now more “oversold” than at any time since the March lows last year?
AAPL is trading at an 18 PE. Does anyone have any info the last time Apple traded under a 20 PE?
no. you’re an idiot.
Come on Danny. Reserve harsh words for people who deserve it.
SDOOMM (sprayed Drank out on my monitor)
So what exactly are you trying to say?
+110 to -53 in 6 hours……this is 2008 shit.
if this keeps up, we’ll be talking guns and soup lines again….fun shit….
SWHC and RGR will be back in the lime light.
Don’t forget “Romania” — never forget Romania!
And the tree goats.
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Just watch these videos to keep things in perspective:
http://www.youtube.com/watch?v=wXXQixLaC48
http://www.youtube.com/watch?v=uodKTWWmIs0
THIS is real 2008 shit.
I’ve saved these earlier just to remind myself how crazy things can get. We are not even close.
I called this top and calculated it with my fancy excel spreadsheet.
EQIX is down more then 5% since my sell call in October. You called me a liar and said I was wrong. I was neither. Booyah skidaddy!
Cramer, you said the Scott Brown election would produce a rally . If you know which stocks will go up or down, why are you wasting your time on tv? You want to help the little people? Why not open a Cramer Fund and let the little people buy in and prosper from your “talent”?
Mutual Fund Monday will see this market up HUGE!… 80% of Monday’s have been up over the last year and I think the last 15 in a row have been up.
The US Dollar is going to get trashed soon by Helicopter Ben so that the Wall St. Party can get started again. The Fed isn’t taking the punchbowl away they are going to spike it with 150 Proof. That is why I predict massive upside reversal next week!
Fed this, Fed that, and Fed up. The entertainment highlight of this bear market is going to be the moment when everyone simultaneously realizes that the Fed has no control over markets. On that day, Le Fly will wear burlap…and ashes.
Are you an agent of influence working for the Fed?
Ben, mutual funds have been selling stocks for many months – they have been buying bonds. It is yet another “critical” time in the market – the “correction” so far is the worst since March – next week comes the employment no.s.
Hold on a sec… do you think mutual fund redemptions are a good thing or a bad thing for the market, historically speaking?
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I was just responding to the Mutual Monday thing – the mutual funds have been net sellers. I think there is some kind of recovery going on – the consumer is not adding too much but exports, government spending and inventory rebuild should provide 3-4% in 2010. History says the low this year – whenever that is – and the high next year – whatever that is – will provide about a 25% gain.
Where the fuck are the Goldman HFT machines? Plug those bad boys back the fuck in or we’ll all be living in dumpsters.
They want to trade fractions of a cent – a 1/2 cent on a million shares is $5k. This drifting meandering down market is no problem for them.
They trade the trend.
They make the trend.
Burlaps sacks were up 8% in Mumbai.
http://www.google.com/finance?q=BOM:532806
F’in hilarious!
I used their sack at a one leg race at a picnic last summer.
I find myself aroused by this burlap skirt.
specifically, this burlap beauty.
http://www.greatgreengoods.com/wp-content/uploads/2008/06/burlapclothes.jpg
I had to stop in to see whether Fly was short yet. Don’t fight teh fed Fly. LULZ
It was a good day today from a political standpoint. We finally found a President who has the balls to stand toe-to-toe with the opposition for over an hour to answer their questions head-on. He didn’t even use a teleprompter – imagine that. It was a good day for our country.
Absolutely. We need more of it. Good for the president to have to defend his policies and for nut job Republicans who repeat Fox News Gintisms to be called out on their paranoid rants.
You mean like the White House needing to get involved in college sports? That’s what a prez is for?
lol. Some “libertarian.”
Of course it’s easy to lie from the bully pulpit and say your opponents won’t cooperate when you’ve locked them out for 13 months. It’s even easier when you have the WH Press Corps curled up and sleeping on your lap, like Ernst Blofeld’s white kitty in a second rate Bond flick.
Luckily, there’s more than the main stream networks out there now to respond to this codswallop.
And no one’s “buyin'”
So sorry, commies.
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Oh for fucks sake the “Liberal Media” is one of the most tired cliches around. Dubya never was held accountable for anything. But everybody got to know the full details of every single transgression that Clinton had.
Give it a fuggin rest.
You’re right, of course.
The media were absolute lambs to Bush and his Administration.
Who can forget about the those page one New York Times warm and intimate hagiographies of Vice President Cheney and the darling glamour shoots of Abu Ghraib prison in Vanity Fair?
Thank goodness you lefties held their feet to the fire!
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More on Dear Leader’s “Standing Up to the Deep Minority Party Detractors” today.
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Nobody here talking about getting bargains by buying dips any more …likely we’re getting close to a bounce.
We’re still full on feedin’ frenzy over at my blog, so give it two or three days.
O’ course, I has to whip ’em some.
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Questions for Le Fly and/or Jake Gint:
The both of you have gone on about Bernanke printing. Is this a propaganda ploy on your part? You hope to convince like minds of the reality of such assertions?
Let’s pretend the Fed can print, and I mean effectively print. Investors in US debt would immediately demand higher yields, right? Of course they would, only stock investors are stupid enough to take dilution in stride. What, then, happens to all the trillions of dollar denominated debt that needs to be rolled over at the current low rate interest rates just to continue debt service? What, you are going to dial Cramer and ask him to cut the head off a chicken to stave off the inevitable defaults of such circumstance? As Sartre would say, there is no exit. Stop with the Bernanke printing talk, it’s pure propaganda, and there isn’t a shred of evidence to support it.
If a bull printed in the woods, and the bond market didn’t hear it, then it didn’t happen. Period.
Anon:
The printing press is created by the Fed buying those securities. Also if you’ve noticed, they bought a load last year effectively monetizing and bond rates have gone up since yield lows.
Thanks Ozzie Jay. I’ve given up trying to teach “Money and Banking 101” at least for the weekends.
I’ve hated that textbook since freshman year in college.
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Bloomberg shows 3.58 on the 10 yr. And yet you talk about printing.
College? I suppose you audited some courses from a correspondence school. That would explain your distinct lack of knowledge about Money and Banking…at any level.
Sure, kid. Maybe some day we can go out for a pale ale, and compare sheepskins.
😉
In the meantime, Ozzie Jay already answered your query. Your lack of comprehension would be worrisome, if I were to take your money & banking proficiency seriously.
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This is really an ugly tape if you’re long as the bottom feels like it will fall out again. However I think ti won’t.
Good news scares markets into thinking the Fed and major CB’s will tighten and remove the punch bowl which is a reasonable concern to have. People also fear the anti-commerce nature of the loons in Washington.
I think the market is in for a hit over the next few months as people correct for these possibilities.
My take is that the Fed will trail growth and not act ahead of it, so eventually the tightening will be seen as a good things. Growth will continue and will increasingly appear as occurring without government/Fed support. It will take a while before that happens.
We could end up at 9000/9500 on the Dow before this is done. However from there I think we will head straight up.
Loons in Washington?
You mean that Libertarian’s Dream of a President, Batrocks Obama? Why, Ozzie Jay, he confronted his detractors today with a SOTU II in Baltimore.
Didn’t you hear?
All the Dem Undergrounders on board here will tell you “he shoots, he scores!”
(sorry, capitalize the “He’s” won’t you?)
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Hi Neighbor. Funny you should mention a Bar Mitzvah, Tehran style.
Steve, Jr. wanted his entry into adulthood in either Tehran or the Scores strip club in NYC. I had to veto both.
Mrs. Steve wouldn’t understand the Scores location and his Uncle Leo from Miami Beach, being an ex- IDF sniper in the ’67 war, wouldn’t understand the Tehran location. Plus bagels by the nuclear fuel and uranium enrichment plants in Tehran did not seem appropriate.
We are still looking for a location and please remind Fly, Jr. that Steve, Jr. wants him to help carry the Torah.
Dude, what is your deal?
Have gun will travel reads the card of a man…….a Knight without armor in a savage land……come on sing along.
My “anxiety attack induced selling” a week ago saved my hindquarters. I dumped almost everything then.
Still long oil and nat gas.
On Monday we are going to open with a massive dip, probably somewhere over -2%., maybe even approaching 3%.
However, before the days is done you will see a bounce back and the beginnings of the recovery. That will mark the lowpoint of this particular correction.
Start buying folks, we’re going to have a nice bounce back.
Could be Toosdee.
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Fair enough, Toosdee it could be…Monday’s haven’t been the dippin’ sort over these last few months.
Oh yeah, That Libertarian Dream Batrocks Obama really showed them nasty GOP Congresscritters today!
A triumph of the will, even!
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You heard it here first…………
We waffle for the rest of this 1/4 then the anal axcretement will hit the air moving device in the 2nd as the treu picture showing the heinousness which is CRE starts to unwind, ending in a massive bellyflop into the cesspool which is the Tittibawasee River here in Michigan. Look it up, it’s on the map.
That’s the longest sentence I have composed since third grade.
The simple fact of the matter is that gubmint unemployment figures have the same value a Ball canning jar full of dog shit sitting in your kitchen cupboard. Unemployed people don’t buy stuff. Many are running out of or actually don’t have $$.$$ with which to pay the rent or mortgouge and buy food at the same time. Now factor in the the feds and states cannot keep renewing unemployment checks forever and the pitchfork brigade will come out of the closet and into broad daylight for all to see. Housing is not through with it’s descent by any means and that will soon extrapolate to the commercial side of things.
I sincerely hope that by June the foist you can all tell me I am blowing smoke from a 25 cent cigar but I think not.
Mayor Bing from Detwat was just in our state capital asking the reps for an egregious amount of money backed by state issued bonds. He proposed 20 year variety. When asked what capital projects this money was going to fund he replied that it was sumply for operational eusage, IE; keeping the streetlights on. ………….20 year maturity for that?????
When does Detroit become a ward of the Fed’l Gubmint, like DC?
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While there are a lot of voters (unions and those living off social programs) i doubt that even the feds want to touch Detroit or Flint… It ain’t pretty down there with square miles of abandoned buildings all over both towns.
Yo Fly, where is your breaking point? Or are you planning to just ride the Dow back down to 7000?
Fly, I feel for you; you are in a difficult position…for the past few days you have been behaving like a schoolboy…so your only salvation would be a BIG bounce WERY SOON …like yesterday:))
Shorter than Danny DeVitos toenails ovah heah. Well positioned for the shit flume ahead.
No worries mates. I had a solid 8.5 buy me a drink tonight. Good times are here again.
Always a good sign.
Cheers.
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You got way too cocky for your own good Fly. I saw this coming. Now you are in shit deep hole and if you didnt bail out and raised cash to 100% you are your worst enemy. Holding 16% cash last week was STUPID. Clearly the market turned but you were in denial.
Sorry man, but you need to put in some alert signals to hit you on the head when you get stupid and in denial. I’m sure you gave a good deal back in profits at least 10% this week. You still did well but if you aren’t out by now, the 10% in profit loss will turn into a bigger double digit number very quick.
The Phantom “I Tole You So’er” Douches are here on schedule. Where’s your comment from last week, again?
Right.
Thanks for the always reliable buy signal.
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XOM is a buy
Let’s say Greece does default on its debt. Who the fuck really cares? Russia defaulted on their debt back in ’98 and they’re still around. Sure the markets took a big ole donkey dump but they recovered within 3 months. It wiped out LTCM; but those brainiacs had it coming.
In the end, what will really be the result? Does the name “Greece” get removed from all maps and replaced with “Place your Corporate Ad Here”? Iceland defaulted last year and it hasn’t meant a fucking thing to me.
Greece is a little bigger than Iceland an is part of the Euro. It would raise concerns of sovereign default risk where you don’t want it which is other parts of the EU and the big fucking gorilla of them all- Japan, which is running a Debt to GDP ratio of 230%.
But it ain’t as big as Russia and we’ve already been there done that. Basically I guess Greece and Iceland = BFD?
Greece by itself doesn’t matter. However Greece sheds light on the UK, Spain, Portugal, Italy , eastern europe and Japan.
Pimp, you don’t want the “grecians” to default.
Really the biggest problem for us, market wise, would be the dollar getting bought up as a flight to safety.*
Again, this market is entirely dollar driven. We literally live and die by it’s action.
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*Luckily, I expect gold too will stay strong in this event.
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Got done reading a story to the 4 year-old son and it reminded me of one of the funniest things I recall on TV. Thank God for Youtube…
http://www.youtube.com/watch?v=DPy2alWEZ-U
lol leave the fly alone, killed it last year, called this correction the DAY before it started, nor is it game over, your all jumping the gun, although i’m 25/75 long/short…cheers!
I had the 5 horse in the 5th race too bad I didn’t bet it. lolz
I am sure most have seen it by now, but in case you haven’t:
Wall Street 2 trailer:
http://www.youtube.com/watch?v=9tNun95UvXI
Don’t you know the Fly wins even when it appears he is losing badly?
In other news, my friend at Nucor said they were running at 75% capacity. The largest orders he’s seen are for armor plate.
Well, you certainly don’t want to buy Nucor when they are running at 98% capacity….
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Jake said:
“Oh yeah, That Libertarian Dream Batrocks Obama really showed them nasty GOP Congresscritters today!
A triumph of the will, even!”
It blows me away to believe that you could possibly be a successful trader with the biases that you have. Usually, traders that just believe what they want to believe, as in the case of your blind loyalty to partisan politics, would just get destroyed as they fail to accept what the “truth” of the market really is.
You sit there and tell me to “walk away from the teevee” – “pick up a book” you say. However, in your lazy fuck way (so quick to make a point), you blast Obama – not with your own analysis, but with the analysis presented by national review online. The article attempts to compare what Jeb Hensarling (R) Texas said about deficits vs. Obama’s response.
Video (BTW, voice sync was not accurate so I have no way of knowing if the audio was altered):
Jeb (1:35 into video) “What were the old annual deficits under republicans have now become the monthly deficits under democrats”
Obama (3:25 into video) “Let’s talk about the budget once again because I’ll go through it line by line. The fact of the matter is is that when we came in to office, the deficit was 1.3 trillion dollars…1.3, so, so when you say that I have a budget that is 1.3 higher than…a monthly deficit that is higher than the annual deficit led by republicans that’s factually just not true, and you know it’s not true.”
Jeb never clarified while he was making the point, or as follow up to Obama that he meant “republican congress”. Obama specifically stated that the deficit was 1.3 trillion when he took office, obviously referring to his administration rather than the congress. However, this obvoius point is lost on Daniel Foster the author of the article that Jake is offering up as some sort of truth.
Mr. Foster then goes on to “fact check” Obama’s statement but he falsely puts forward the base assumption that Jeb was referring to a “Republican controlled congress” from 1996-2007. Truely amazing. If in fact, Jeb was referring to a “republican controlled congress” rather than a “republican administration”, why did Jeb not correct the President when he said that Jeb’s statement wasn’t true after clearly stating that the deficit was 1.3 trillion when his administration took office? Because that was not what Jeb meant; however, it doesn’t matter to people like Mr. Foster and Jake who will twist the facts to further their cause.
Ya Know Jake, you hide behind personal attacks demeaning people that you do not even know (“move away from the teevee” “you gotta get out more” “read a book”), but the truth of the matter is all you look for are those that blindly follow what you say because….well, I don’t know why. You blast others for being liars and relying on slanted material for facts. In fact you sir are what you claim to hate.
This one was too easy.
Sorry, I’ve been banned from responding, Lungsac.
If you want to take this over to my blog, however, you’re welcome.
We can discuss Dear Leader and his inconsistencies all day long.
Here’s a starter — I’ll cede you that Congress controls the pursestrings. Hint — that’s not good news for your side.
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looks like things ahead are going to get a LOT more interesting:
http://www.telegraph.co.uk/finance/comment/7119986/Should-Germany-bail-out-Club-Med-or-leave-the-euro-altogether.html
Love to read Ambrose’s stuff, but he often leans to the overly dramatic.
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