NO DEAL: Markets Dive Lower After Chinese Trade Officials Cut Their Visit to U.S. Short

News hit the tape that Chinese officials told America to fuck off and cut their visit short and stocks dove lower.

Is this disaster?

No, it’s more of the same horseshit. Trump has been bullshitting us about a prospective trade deal with China for years now. There will never be a deal, just more tariffs.

Is this the end?

No, but it does mean gold catches a bid and we might possibly meander lower for the next week or two.

Act now?

Possibly. I wouldn’t be opposed to hedges or even some gold here.

Can we reverse higher into Le Bell?

Yes, which is why I prefer to buy stocks towards the end of the day.

Good luck.

Greetings lads.

Yes, this is a male blog only. If you happen to be of the female orientation, I would ask that you kindly become non-binary and identify as a thing in order to be welcomed here. Violators will be thrashed at the gibbet.

GOOD NEWS for tariff haters out there. Generous Trump lifted tariffs on the following industries.

Single-cup coffee filters, plastic straws, dog leashes, patio torches, Christmas lights and skateboards are among the products to be exempted from tariffs.

After all, those who do not use plastic straws are environmental “nut jobs” — global warming believers — ordinary morons who still believe we landed on the moon. Sounds preposterous — but it really isn’t.

Stocks aren’t doing much today — but bitcoins and other SHITCOINS are soaring. Are you fellows with mustaches and beards getting involved? BTW: I will soon grow a beard and begin lifting weights again, so the dress code here will change with my caprices. You will have to grow out a beard in order to visit iBankCoin in the future, so get it cracking.

For those of you who identify as non-binary and do not have the eternal fortitude to grow a beard, due to dastardly genetics, you will be asked to leave. I am very sorry — but you wouldn’t walk into a Michelin rated eatery dressed like a homeless man — would you?

The flamboyant CEO of OSTK, the man who took on the short sellers a decade ago — recently stepped down from OSTK in order to do final battle with “The Deep State”.

Mr. Byrne recently sold his entire OSTK stake, valued at about $90 million.

An excerpt from his missive.

You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes. The Deep State and the oligarchy are entwined, and they won’t die quietly. There is going to be an enormous amount of return fire directed at me: the blather of the hedge fund choagies in the financial press against Overstock since I came forward is a manifestation of that (look back at what happened when I first came forward: there was silence for two weeks as the Bosses readied a new party line, then it came at us simultaneously from all directions at once). The agitprop press does not bother me (I hope it is helping you with traffic, though I have 0 idea, as I cut myself off from all information within the company the day I left). But wherever they go the organs of the Deep State (including the SEC) will surely follow. If I had stayed at Overstock or even remained a large owner of OSTK, they would try to break Overstock as a way of crippling me. With me no longer an executive, a board member, or even a shareholder, it becomes pointless for them to try to get at me that way. There are other ways they will come for me, but there is no edge for them to come through Overstock to do it.

Read full blog post here (please wear your tinned foil hat before clicking in)

Former $OSTK CEO on SEC: "Whenever I have had any question about whether the SEC would or would not do something totally outrageous in order to hurt our company to benefit their clients on Wall Street, they never let me down: they always did the evil thing. "

— The_Real_Fly (@The_Real_Fly) September 19, 2019

On $W:An economic downturn would hurt OSTK as well, but your firm has repeatedly shown the ability to roll with whatever punches get thrown, while Wayfair’s expense structure is so lopsided with expenses that run 2X their “nectar$”, they will not be able to adjust such an event.

— The_Real_Fly (@The_Real_Fly) September 19, 2019

Byrne willing to backstop $OSTK: "anytime after March 17, 2020 I can provide a capital injection if needed by buying back into Overstock."

— The_Real_Fly (@The_Real_Fly) September 19, 2019

Stocks don’t bottom on Fridays. You should expect lower prices, as all of the fashionable people head out for a early showing of the foliage up in the Berkshires this weekend. If you haven’t reserved your home in Lenox, MA by now, I’m afraid you’ll have to slum it at once of the many Bnb’s or perhaps even a dastardly hotel.

The market is doing remarkably well, considering all of the trade-war rhetoric. I suppose we could drop like a brick tomorrow, which would be a good thing for me — as I am positioned into a heavy and largess cash position.

The market exudes elegance and a certain je ne sais quoi that cannot be quantified. If should be appreciable lower. After all, repos and such. But it isn’t. Therefore, it is going higher.

“If it’s going higher, then why aren’t you 100% invested, fucked face?”

All in good time, Sir.

One does not rush art.

This just in fuckers. Looks like trade talks are going swimmingly.

NEW: “The United States is set to ramp up the pressure on China if a trade deal is not agreed soon, a key White House adviser said .. ‘These are low level tariffs that could go to 50 per cent or 100 per cent,’” he added

(via @scmpeconomy)https://t.co/2tt9aMJ29k

— Carl Quintanilla (@carlquintanilla) September 19, 2019

And for the Chinese side.

Both China and the US should cherish the current talks. Many US officials easily misread China's goodwill, think it shows Beijing's weakness. China doesn't like talking tough before the negotiations, but I know China is not as anxious to reach a deal as the US side thought.

— Hu Xijin ??? (@HuXijin_GT) September 19, 2019

DEVELOPING…

I’ve got my cash reserves up near 50%, following a spate, mind you, of successful trades.

BZUN +2.4%
NEWR +5.3%
SPWR +5.4%

No big deal, overnight trading like it’s no one’s business. You can attempt to replicate this sort of winship, but you’ll fall flat on your faces and break your noses.

What else is new?

I’m looking into some new issues. Stocks like NET are poised. The question is this: do I buy now or wait to the end of the day?

Truth be told, trading between the hours of 10am and 3pm is amateur hour, trades executed by Johnny Nobodies trying to catch the wave they just missed. More often than not, Johnny gets BTFO and loses all of his coin. In rare cases, he catches an intra-day melt up. But how often do you see that? If you’re buying now, you’re anticipating a 3pm ramp. But a lot of shit can happen from 10am to 3pm. From my vantage point, you’re betting off buying after 3pm and getting those overnight trades AFTER 3:30pm, in order to insure you’re not getting fucked on prints.

Having said that, it’s possible I could buy before then. No one knows what I’ll do, not even me. I might buy some fucking stocks right after this post and dazzle everyone. But in order to see it, you have to be a member of Exodus. Membership does have its privileges.

Some people email me and complain about that and I tell them “you’ve had it good for too long, a fucking 12 yr free trial of free Fly trades, you fucking ingrate.” Hard to argue with me. You’ll never win.

Shitty western nations will grow at a tepid pace of 2.4% this year and a slothful 2% next year, down from 2.8% and 2.3%, respectively — due to global haranguing, much to do about trade wars and BREXIT, according to the OECD. But thanks to third world shitholes who enjoy greater growth, the global scheme will grow at a 2.9% clip this year — down from 3.6%, representing, however, the slowest growth since the financial crisis.

As such, panic should ensue.

“What looked like temporary trade tensions are turning into a long-lasting new state of trade relationships,” OECD chief economist Laurence Boone told Reuters.

“The global order that regulated trade is gone and we are in a new era of less certain, more bilateral and sometimes assertive trade relations,” she added.

We are in an era of ‘less certain’ and although you’re too stupid to see it now, we’re all fucked. The economy is slowing. Rates are getting slashed left and right. Gold is barreling higher, all the while Saudi oil fields are getting precision bombed by shit-shieks in Iran. Everything you thought you knew about the world is an absolute lie. Space is a painting and the earth is flat like a pizza. Antarctica is a fraud, etc.

Buy stocks.

Getting bearish today isn’t brave. It looks like rage. The people who operate and run this market have much to lose and will not bend under the pressure of meaningless trade wars that affect the tax base of the plebs. The important and stylish folk do not care about higher expenses and do not sell their stocks, art, or win because the Fed is cutting rates and enacting a bond buyback programme.

They fucking buy shit — you dumb asshole.

Lower rates means easier access to capital, which in turn means companies who are distressed can be kicked on down the road to bury future shareholders, but not now. This is when you grab your balls and step in, not fade away, cowering in a corner like a girl.

“The Fly” will walk into the fire and come out the other end completely and entirely unscathed.

“In order to be a hero, you have to do brave shit.” -Fly, 2019.

It was supposed to go down. After all, the Fed admitted that things aren’t as peachy as they seemed, acknowledging liquidity concerns in the repo markets. The initial reaction to the hint of QE4 was sharply lower, ebbing towards -200. Then people started to remember the faded glimpses of their trading lives, involving the Fed and their meddling, and how it always led to disappointment when trying to bet on collapse.

The Fed is in control and always has been in control since World War 1. The idea that things will fall apart now is simply a reflection of personal disenchantment.

I had taken a hedge in LABD, but quickly recoiled from it and booked an intra-day loss of 2.4%. Today, on this day of infamy, I booked a series of losses, amounting to 6 bad trades of my past 10.

My past 10 trades.

NUGT +6.5%
(MNK -12.5%)
CCO +4.6%
(OAS -11.4%)
ENPH – wash
(CPE -10%)
DTEA +45.3%
(PAYS -9%)
(ECA -7.4%)
(LABD -2.4%)

Hardly inspirational and quite frankly an abomination. But bear in mind, Le Fly runs fast and hard, built from sturdier materials — impervious to the pangs that draw down and beguile mortal men. Just today, my new fridge broke, costing me $205, and to fix my infamous Benz, well that’s another matter all together. Upwards of $6k fixes it, mostly due to incompetence on behalf of my former mechanic. This of course is laying the groundwork for a grande market win. These small peon set backs are merely segues into a much larger narrative, one that has me reigning supreme over you with severed heads tightly grasped into my masculine hands — knuckles protruding outward, white and bruised, from the faces they were punching prior to your decapitation.

During today’s slide in the Nasdaq, presently down 100, Trump took the time from running the country to tweet this.

Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision! A terrible communicator!

— Donald J. Trump (@realDonaldTrump) September 18, 2019

More salt/shade on Powell.

Poor Powell, this man is being totally shit on continuously by Trump in a manner that is so persistent, one would believe Jerome fucked Melania.

This from the conference:

“If the economy does turn down, then a more extensive sequence of rate cuts will be appropriate,” he said during his post-meeting news conference. “We don’t see that. It’s not what we expect.”

“We made one decision today, and that decision was to lower the funds rate by a quarter percentage point. We believe that action is appropriate to promote our objectives,” he said. “We’re going to be highly data-dependent. I would also say as we often do that we’re not on a preset course.”

And this…

And there it is:
POWELL: MAY RESUME ORGANIC B/SHEET GROWTH EARLIER THAN THOUGHT

— zerohedge (@zerohedge) September 18, 2019

MOAR QE IS COMING, for no reason whatsoever.