Brokers are idiots, in general. Seriously, I know like 2 people who have skirted this meltdown unscathed. Many of these series 7 Gods of finance are heavily margined and are praying for a dog bone or a rally, to bail them out. Unfortunately, they are unable to withstand the market fuckery and are forced to blow out of Chesapeake Energy Corporation [[CHK]] and other asshole stocks, at very low prices.
It’s typical for these men of money to wait until the end of the day to sell. That’s when the margin clerk comes into their office and throws hot coffee on their necks for not selling the day prior.
From 2-4pm, expect the market to get raped, until it doesn’t, due to margin call selling.
Also, unfortunately, since we have failed to rally, expect the market to fuck itself tomorrow, as it does on every Friday. Who knows what will happen over the weekend?
Ooh, scary.
Best case scenario:
We flush out today and tomorrow, then run higher first thing next week.
Worst case scenario:
We are met with multiple bankruptcies Sunday night, sending the Dow reeling to 7,000.
Place your bets.
UPDATE: I bought 1,000 National-Oilwell Varco, Inc. [[NOV]] @ $31.03.
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