Humorously, the ASX hit a session low of -6.66% this evening — all based upon the explosive oil war that broke out over failed negotiations between Russia and Saudi Arabia. Essentially, House of Saud wanted a supply cut and Russia told them to fuck off. So House of Saud opened the spigots and here were are on crude, astonishingly lower this evening by 21% to $32.70. These are the Financial Crisis lows, by the way. The observant eyes casts its glance upon US shale producers, who have a very high cost of production. The US has been fucking with Russia for so long, this is certainly a point in time where they can exert some pressure themselves — as 10 million jobs in America depend on crude, or 8% of GDP.
Moving on, Dow futures are down 1,100 fucking points, and -377 NASDAQS. I walked into Monday without hedges, just a fuckload of cash and virus stocks. I am also short treasuries, which will end up in a rape — seeing the 10yr now at 0.55%!, off by 15bps. It hit a low of 0.5%. This is a market crash, no doubt about it.
FTSE futures point to a shocking decline of 5%.
My course of action is simple: close my eyes and buy the open — averaging down like a man into the maelstrom of what looks to be the beginning of the end of our financial system. It was a fine run — but now it’s over. My options are numerous — because of my cash position. However, I just cannot shake the idea that the CORONAVIRUS might at some point dissipate. The issues at hand now, as a result of this, might be more severe. A financial crisis has blossomed, fueled by leveraged loans and junk bonds, 10% of which is oil and gas. More than that, commerce has all but ended in many areas of the world. All of this might be temporary, but how long can companies hold on?
One thing is indelibly clear, if there was ever a man more deserving of a stock market crash, fucking cheerleader in chief, it is Donald Trump. He has earned this. Presidents should not interfere with markets.
NOTE: Keep an eye on DLBS, which was terminated Friday. I also expect other ETNs to be terminated into this volatility. VIX futs are +22%.
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It has been 12 long years in the wilderness, but i am here for this event.
We were just at record highs right?
Showtime! Is your suffering over? Got any money left? 🙂
Lol. He waited 11 years and now can’t enjoy the fun!
Every crash was just after record highs….all of ’em.
Welcome back huggie!
This is like dealing with a bad case of drug-resistant genital warts after you spent 6 figures that you stole from your “charities” to raw dog some random porn star.
My kinda market. Bears are much more interesting.
Last time it was just the banks dying. This time is better because there will be fewer grandpas voting for Trump and his puppets in Congress and wasting my tax dollars on Viagra.
Biden is a far better choice.
Whatever you say, Biden is inevitable. People will elect Jimmy Carter if the Dems want him to be the nominee.
When a sitting-POTUS died in office, even in the case of the much underrated James Garfield, the nation at least respectfully mourned.
This time the reactions will be different, as the Trump presidency get dismissed as a hoax that “a lot of people” (my favorite Trumpism) wish never happened.
Ugly indeed. I’m 20% short via SQQQ. 80% cash. I love it.
I’ve not made as much as I thought when the markets crashed. Moved too fast. But s&p 666 is a long way off.
Record highs
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50% cash but wish it was 100%. Also wish we had a real president. Smh.
Well, at least we have a real crisis. With idiots in charge.
Pence is a true believer. Rapture and all.
What would Obama be doing now? Handing out the cure? He’d be lying his ass off just the same.
Umm, nope.
I like the Karmic nature of voting Trump though. Literally lethal in some cases. Ha!
WHEN THINGS GET SERIOUS YOU HAVE TO LIE
it’s in the job description
False equivalance.
Politicaisn for ages have lied about what they are *going* to do, and greatly exaggerate the benefits and undersatte the drawbacks of thier policies.
But no US President in modern history has lied about the *past* as much as Trump. For example, why is that so many Trump supported beielve that coronavirus is a a hoax while virtually no Obama supporters – or even independants – beilev that?
Another example: Obama was clearly lieing about “you get to keep your doctor” in order to pass the AHC (which the vast majority of Americans now support). However, you won’t find him saying that that all Americans *did* get to keep their doctor after the bill passed.
There are some things you lie about, and some that you don’t.
Trump never called COVID a hoax and his supporters don’t believe it’s a hoax. He said that the MSM was making more of it than it is and THAT is the hoax. Still remains to be seen how big this eventually gets. He certainly doesn’t seem too worried about it.
https://www.foxnews.com/politics/trump-bloomberg-coronavirus-60-minutes-hoax-claims
Your “his supporters don’t believe it’s a hoax” claim is also demonstrably false because they real life said that to me many times.
But Obama! ?
I could have used Bush or Clinton just the same.
100% cash would be no good for me. I like my QQQ Puts just fine
This feels like a Bear Sterns event. Is Lehman around the corner? Phenomenal.
Cue the 1918 Spanish flu. The second wave was more powerful. Would more than likely destroy the planet before the election.
No joke, so much forced selling going on. Did you see the DAX?!!
Fly, it’s good that you have some cash, because you got sucked into a bull-trap like a piker.
“Still, there’s no way I’m planting any SPY/QQQ, etc., even for a short term bounce. No matter waht happens on Friday, here’s what Monday holds:
1) Likely scenario is as I already predicted: 600-1000 total confirmed cases in the US. Since I’m the genius, and you are the masses, you tell me how investors will react to that”
– Numbersgame, **Thursday**
“Moving on, I sold out of my FAZ and SOXS because I think we bounce. Also, I am short bonds via TMV”
– The Fly, Friday
“TMV seems too aggressive, because the stock market is still overpriced…
I predicted a Monday bounce last Friday, but I’m not predicting a bounce from here yet.”
– Numbersgame, Friday
TMV will probably open -50%
LOL
But there will always be the Exodus winship (Ark?) and those who want to be saved (and pay their dues religiously).
No doubt anyone under the age of 40 is probably better off trading microcaps in the Ark than in water with the Wall Street Sharks or in a leaky rowboat with “10 year veteran” Financail Analysts.
However, Fly seemed to be overstating his position a litte bit and I rarely miss the opportunity to toot my own horn. I do seem to get a lot of those opportunities lately.
Mr. Numbers – there’s no doubt you’re highly intelligent – but if we are speaking in true numbers – how often do you masterbate in front of the mirror?
As often as I can. My body is a piece of art.
I appreciate the honesty.
I don’t appreciate the picture though.
You would if you saw me.
Well, I know Wolfdaddy would, but then he’d have to confess to his priest
IBC Translation:
Fly,
As a Point in Fact, TMV is gettign Horse-Nuked, and your solutuon is to hope an Asshole Dip Buyer comes in so you don’t get BOGGED as you double down on your Hot Rolled Steel. Perhaps you should go back to trading virus Buritos.
LOL (this is universal)
Meanwhile, I am Fully Robed And Sandaled as I am already In The Funnel, Much to The Chagrin of the Goat Fuckers that constantly attack me. Even a GLORC can’t save you Bullshitters from the obviously Lofty prices.
Just for shits and giggles: The NZ Kiwi just randomly bungee-plunged 300 points I suppose just to remind traders how 2008 was like.
Will there be a coordinated action taken by the worlds central banks. It would be a stupid move but they’ve been known to make stupid moves.
“Even a GLORC can’t save you Bullshitters from the obviously Lofty prices.”
However, they could buy stocks, which would be so transparent in it’s desperation that it would remove all doubt that we are heading into a global recession and would lead me to short the rally (on a long-term basis) and allow me to reload bonds.
All I know is we better get the fucking medical supplies under control in the US or we will look like Italy soon. That’s critical if you want to look for a bounce.
I just don’t understand how fucking dense trump is, the president of the US of A. This isn’t a fucking game, you can’t just shit talk this away. Do something, you moron.
Crude struggling to stay above $30. Vlad is smiling.
Safe to say the 2016 lows will not hold.
“My course of action is simple: close my eyes and buy the open”
Is this what I also plan to do? Or maybe do the opposite? Or maybe wait and see?
Tell you later.
I’m in awe of this confluence of events that have gathered together to annihilate this seemingly invincible bull market. I think even the most reticent hedge funds will have to raise the white flag tomorrow and start selling their core holdings. Oink!
Numbers is a catamite
Give him his own page. He, and they guy who finds him highly intelligent, can then chat.
Intelligence is a relative measure. Just because this site is filled with right-wing morons (or, again, to borrow a Trumpism, “low IQ individuals”) doesn’t make a few exceptions “highly intelligent.”
Who would have thought electing a guy that bankrupted a fucking casino would be a bad idea. I hope Boomer AIDS wipes out his fucking cult.
Multiple casinos. And agreed.
I sense some jealousy there, **narcist**
He probably should have a page his word count is about equal to Fly’s over the last year
I don’t shoot first, but I do shoot last
Speaking of which:
Yo, alty,
**** You’re welcome. ****
https://ibankcoin.com/flyblog/2020/03/06/covered-shorts-win/#comment-566878
Or did you decide to ignore my advice and buy TSLA calls anyway?
Hey Cap’n, is it time to trot out the talking cigarette guy’s video yet?
Courtney Reagan did a great job on CNBC
this morning, handling the premarket CRASH
news nicely – and she did it solo.
THE SYSTEM IS FUCKING COLLAPSING
I’m going to let showtime have his day today
Congrats showtime!
He’s been wrong for exactly 11 years but persistence pays off!! Days like this are days he secures funds for the porsche he’ll drive for the next decade 🙂
Oh I’m not convinced he has a penny to his name, but everyone should feel good once per 10-15 years
YAAAAAS FUCK ALL THE 401K MILLIONAIRES AND THEIR FUCKING SMIRKS
MOAR AND MOAR CRASHES TILL NOVEMBER
Greed is a bitch
Cap’n Fly told some of yee not to get hooooked, and yee may be HOOOKED!
Limit down trading halt on S&P 500. To quote showtime:
“oops”
$DB @ 6.66 time to buy!
@TSLA @ below 666. BUY!
wow. oil stocks!
OBLITERATED
if $GE touch 6.66 you know what to do!