Market bottoms and tops are made with lots and lots of volatility at least thats why my partner has told me. Id say up 200 yesterday and down 200 today means that we have seen the highs for the year. IPOs are being withdrawn which is a terrible sign, AEI last night was withdrawn.
This action is suiting my positions just fine. George Soros if I read correctly was talking up the dollar this morning, that is another way of him saying rally over. Soros knows a think or two about currencies - think brittish pound. Oh well, cant imagine the bulls will be able to rally the troops on a friday such as this - but hey you never really know.
To all you trick or treaters out there - Happy Halloween.
JB
Friday, October 30, 2009
Thursday, October 29, 2009
Beast
This market is a beast a total beast. Biggest gain for the DOW since July - yesterday morning PIMCO, CRAMER, ROUBINI they were all out in force saying we are going lower the rally is over, CRAMER said we go to 9500 - today he says the bears overreached again - whatever that means - I was covering stuff yesterday not laying into my shorts and Im a bear.
No matter - today we rocketed higher. Yesterday afternoon Goldman cameout and lowered its GDP expectations and that caused a weak market to cascade lower - anyone else think that maybe they were just laying a trap hoping to get people short and then when the GDP # came out better than expected today they would crush the shorts??
Today could have been some window dressing for the end of the month...or maybe it was people actually believing a GDP # that printed during the largest government stimulus period of all time, cash for clunkers etc...The number that got ignored again today was that 530k people (worse than expected by the way) filed initital unemployment claims. When is that gonna end?? How can team Obama say they are doing a good job when these types of numbers are seen every week...The data on vacant houses in the US is stunnig right now as well 18.9 million homes...Houston we have a problem, a huge problem...Fundamentally I remain as bearish as ever - yesterday we covered a bunch of stuff with it being the end of the month and all as fundies mark up their books - but Im so bearish I cant really see straight. Except for the true wallstreeters ( I am a trader, not an ibanker, not a broker, but a trader of my own and my investors capital - and never a wall streeter) who have thrown themeselves a government sponsored party this year the country is still struggling, massively, and wall st amazingly convinced the US government to take on all the risk....The future is scary.
JB
No matter - today we rocketed higher. Yesterday afternoon Goldman cameout and lowered its GDP expectations and that caused a weak market to cascade lower - anyone else think that maybe they were just laying a trap hoping to get people short and then when the GDP # came out better than expected today they would crush the shorts??
Today could have been some window dressing for the end of the month...or maybe it was people actually believing a GDP # that printed during the largest government stimulus period of all time, cash for clunkers etc...The number that got ignored again today was that 530k people (worse than expected by the way) filed initital unemployment claims. When is that gonna end?? How can team Obama say they are doing a good job when these types of numbers are seen every week...The data on vacant houses in the US is stunnig right now as well 18.9 million homes...Houston we have a problem, a huge problem...Fundamentally I remain as bearish as ever - yesterday we covered a bunch of stuff with it being the end of the month and all as fundies mark up their books - but Im so bearish I cant really see straight. Except for the true wallstreeters ( I am a trader, not an ibanker, not a broker, but a trader of my own and my investors capital - and never a wall streeter) who have thrown themeselves a government sponsored party this year the country is still struggling, massively, and wall st amazingly convinced the US government to take on all the risk....The future is scary.
JB
Wednesday, October 28, 2009
Boo
Markets are getting a little October scare the last few days - an orderly scare but hey beggers cant be choosers. I have been reducing some short exposure and actually added a long today, Private Bank - chicago based bank thats down over 50% in the last 3 days - and last night sold almost 20 million shares in a secondary offering at 8.5 - I got a little on the offering and added more in the open market. I remain immensely bearish in the longterm but am lightening up here on the bearplays a tad...Im doing this via buying call premium - so in case the downmove keeps going I will still make money. I have to mention that AMZN in my opinion is teetering here on a ten dollar smackdown...(121.48) its soooooooooooooooooooo overvalued and momo stocks are getting ruffed up a bit - this one will not be immune in my opinion.
By the way a few more days and Starbucks will have those red cups - feelgood.
JB
By the way a few more days and Starbucks will have those red cups - feelgood.
JB
Tuesday, October 27, 2009
Damage
There was some real damage done to some serious momo names today.
LVS -1.75, 11%
WYNN -6.94, 11%
BIDU -49.31, 11%
X -3.17, 8%
The averages hung in there relatively well considering the damage done in the momo names.
When stocks like BIDU are dropping 11% in a trading session it shows you where the stock renting momo hedgies are hiding. Moves like this are quite possible in names like GOOG, AAPL (even though fundamentals are awesome), AMZN (insane valuation) and GS. Being short the market still Im nervous about a move back up as managers mark up their books into month end. I butterflied off some putspreads today and am actively looking for names to buy volatility in. Playing one new issue tonight, Vitamin Store, and one secondary in Private bank (PVTB) that stock has dropped by over 50% in the last few days - thats why I like that deal - much less risk than a few days ago. Random thought: Treasuries are an outstanding long term short - think about it - governments revenues down - expenses (unemplyment benefits,stimulus package)way up - bond issuance way up - this is one of the ones that I see as just freaking obvious - thats why I have bought TBT (short gov bond etf) in my fund, my personal account and my kids accounts.
One last thing - I am a father of four, three girls and a boy. I love em all dearly. I have been bathing my son his whole life - except when he was a newborn and I was afraid to. He's 5 now and I have been giving him his bath for a long time. After his bath, its PJs, teethbrushing, book or a story (if I can think of a good one) and then I lay in bed with him till he (we) falls asleep. I know, I know its not good for him - dont worry he can go to sleep on his own but you know what Hes only gonna be my 5 year old son once in his life and snuggling with him is right up there on my list of all time favorite things.
We'll see what tomorrow brings in market land - There are still a bunch of earnings reports...but they have not seemed to matter tremendously much.
I think the REITS are interesting as far as tape watching goes these days , Im watching, AVB, MPG, O, SLG, SPG.
Good night
JB
LVS -1.75, 11%
WYNN -6.94, 11%
BIDU -49.31, 11%
X -3.17, 8%
The averages hung in there relatively well considering the damage done in the momo names.
When stocks like BIDU are dropping 11% in a trading session it shows you where the stock renting momo hedgies are hiding. Moves like this are quite possible in names like GOOG, AAPL (even though fundamentals are awesome), AMZN (insane valuation) and GS. Being short the market still Im nervous about a move back up as managers mark up their books into month end. I butterflied off some putspreads today and am actively looking for names to buy volatility in. Playing one new issue tonight, Vitamin Store, and one secondary in Private bank (PVTB) that stock has dropped by over 50% in the last few days - thats why I like that deal - much less risk than a few days ago. Random thought: Treasuries are an outstanding long term short - think about it - governments revenues down - expenses (unemplyment benefits,stimulus package)way up - bond issuance way up - this is one of the ones that I see as just freaking obvious - thats why I have bought TBT (short gov bond etf) in my fund, my personal account and my kids accounts.
One last thing - I am a father of four, three girls and a boy. I love em all dearly. I have been bathing my son his whole life - except when he was a newborn and I was afraid to. He's 5 now and I have been giving him his bath for a long time. After his bath, its PJs, teethbrushing, book or a story (if I can think of a good one) and then I lay in bed with him till he (we) falls asleep. I know, I know its not good for him - dont worry he can go to sleep on his own but you know what Hes only gonna be my 5 year old son once in his life and snuggling with him is right up there on my list of all time favorite things.
We'll see what tomorrow brings in market land - There are still a bunch of earnings reports...but they have not seemed to matter tremendously much.
I think the REITS are interesting as far as tape watching goes these days , Im watching, AVB, MPG, O, SLG, SPG.
Good night
JB
Seasons are a changing
One of the major zen beta masters, BIDU, has stubbed its toe today dropping $54 today - it opened down about $75 this morning - I had a ten lot of puts in there - which made us some nice coin - helping us claw back a little closer to even for the month.
Its surprising to me that BIDUs pooping is only hitting the other beta names for 1 -3%.
But thats the market for ya - surprising. Id say the most troubling things for the bulls in this tape is the weakness of bank stocks and weakness in treasuries.
We'll see how the rest of the day playsout....never underestimate the bulls.
JB
Its surprising to me that BIDUs pooping is only hitting the other beta names for 1 -3%.
But thats the market for ya - surprising. Id say the most troubling things for the bulls in this tape is the weakness of bank stocks and weakness in treasuries.
We'll see how the rest of the day playsout....never underestimate the bulls.
JB
Monday, October 26, 2009
Strange action
Banks are weakening rather noticeably and SPUZ are bid and are rallying by 1% after a flat opening. Credit quality seems to be worsening form what I read. AAPL, AMZN, GOOG, are studs once again leading the way. Reits are rallying which is in my opinion just nuts, the losses that are starting to flow out of CMBS loans are enormous...cap rates are going up, vacancies are increasing etc....I feel like REITS are perhaps the short of the year at these prices (AVB@75.35, SPG@70.6 etc....)
Treasuries are getting whacked , stronger economy or people getting worried about US credit?? That remains to be seen but you know what I think.
This rally today in equities is suspect
JB
Treasuries are getting whacked , stronger economy or people getting worried about US credit?? That remains to be seen but you know what I think.
This rally today in equities is suspect
JB
quiet opening shaping up
The SPUZ are up $2.5 premarket in very lite trade. Very little to report as far as major movers this AM. The dollar is weakening again, so oil is reflexively trading higher as are equities...
Nothing to see here.....
JB
Nothing to see here.....
JB
Friday, October 23, 2009
Recap
Markets took it on the chin today with the small cap Russell 2000 leading the way with a 2% bruising. AMZN turned in an absolutely knock your socks off day up 27% to 118.5 - unreal - I know exactly one person with a kindle - but I do know lots of people who buy stuff at zappos which is an AMZN company. As a friend of mine would ask do all of these people who buy stuff at AMZN send in the sales tax required to their respective states?? As the states are more and more stretched and AMZN is doing 35+ billion in sales watch for the states to start making noise.
Ben Bernankes inflate everything at the cost of the dollar strategy was given the bird today - oil,bonds, equities all lower - treasuries look to be breaking down - which while totally logical could cause massive problems for a government that is selling like 100 billion a weak in bonds.
Just think about it - if the government wants to keep selling all of these bonds they might need to create a little panic just to get a flight to "quality" bid again. Oh boy my mind is getting excessively twisted.
Good day P&L wise for the home team but still down for the month. Working hard, working hard - but alas right now not the results Im looking for.
Peace
JB
Ben Bernankes inflate everything at the cost of the dollar strategy was given the bird today - oil,bonds, equities all lower - treasuries look to be breaking down - which while totally logical could cause massive problems for a government that is selling like 100 billion a weak in bonds.
Just think about it - if the government wants to keep selling all of these bonds they might need to create a little panic just to get a flight to "quality" bid again. Oh boy my mind is getting excessively twisted.
Good day P&L wise for the home team but still down for the month. Working hard, working hard - but alas right now not the results Im looking for.
Peace
JB
Im gonna tout a position
the stock market has recovered 60%+ from the lows - this is based upon some sort of economic recovery. In an economic recovery (of which im totally unconvinced) you would think that shipping companies would do well. I am long warrants (or call options) to buy shares in a stock whose symbol is SHIP, the warrants are SHIPW. The warrants allow you to buy the stock at $6.5 until september of 2011. All you have to pay for that right is 22 cents. if the stock stays here unitl 2011 you lose 22 cents, but if its above $6.5 - paydirt.... its an insanely cheap play, one that I own a bunch of. Its something you can buy and forget about , 22 cents.....
JB
JB
does anyone know
The last time Microsoft gapped higher by 8% premarket? Well if someone asks you tomorrow you can say Oct 23rd 2009. Today would be day 12/14 if (did I really type if?) the SPUZ close higher.
AMZN is up about $16 premarket and in this market is probably a better buy than a sale.
I am having a ruff go this month - this bull is goring me and my investors - a managable loss thus far this month but a loss nonetheless. My wife says why cant you just be long the market? Damn good question. I see the macro news flow and it is all so negative - by inlarge companies are reporting good earnings with only the truly exceptional ones showing top line growth - the rest are showing good numbers cuz they fired huge amounts of workers. So I dont know how that is a positive in the long run. Permabulls like Ken Fisher in forbes say this V recovery will keep going - mind you hes always long and for a decade watched as the market returned zero point zero. This bullrun is taking a lot of people out of this business - the commercial real estate situation is still very dangerous, there was a story on Bloomberg yesterday that the Tishman familys big NYC apartment complex will be in default shortly to the tune of 1 billion dollars the biggest default in commercial real estate history - ok isolated case right? But what does that do to the value of the building next door and the one next door to that? Yet the reits are among the best performers out there - and you could say OK they will just ride it out but if property values fall and the new operator can underuct your rent by 20% then waht do you do - then you have a real cash crunch. oh well - sell your properties and buy AMZN and MSFT thats what you do.
JB
AMZN is up about $16 premarket and in this market is probably a better buy than a sale.
I am having a ruff go this month - this bull is goring me and my investors - a managable loss thus far this month but a loss nonetheless. My wife says why cant you just be long the market? Damn good question. I see the macro news flow and it is all so negative - by inlarge companies are reporting good earnings with only the truly exceptional ones showing top line growth - the rest are showing good numbers cuz they fired huge amounts of workers. So I dont know how that is a positive in the long run. Permabulls like Ken Fisher in forbes say this V recovery will keep going - mind you hes always long and for a decade watched as the market returned zero point zero. This bullrun is taking a lot of people out of this business - the commercial real estate situation is still very dangerous, there was a story on Bloomberg yesterday that the Tishman familys big NYC apartment complex will be in default shortly to the tune of 1 billion dollars the biggest default in commercial real estate history - ok isolated case right? But what does that do to the value of the building next door and the one next door to that? Yet the reits are among the best performers out there - and you could say OK they will just ride it out but if property values fall and the new operator can underuct your rent by 20% then waht do you do - then you have a real cash crunch. oh well - sell your properties and buy AMZN and MSFT thats what you do.
JB
Thursday, October 22, 2009
Just wanted to mention........
Jobless claims came in at 521k today (worse than expected - as if that matters) 521k initial jobless claims - and once again due to a monkeyhammer job on the greenback stocks closed at their highs (again). Is there a point where the dollar going down becomes a negative for equities? Ummm - I guess not. Do you think the Europeans are gonna be happy when people are not traveling to Europe due to a ridiculous exchange rate? Barry Obama is apparently not concerened. As a politician the only thing he probably cares about is getng reelected - which leads me to a question - since he hast taken office the market has exploded higher - he is almost done with his first year - we all know he will want the market to have a good "performance" in the year leading up to his (G-D forbid) second term, so at some point does he need to tell his boys at our favorite bulgebracket firms to take the pedal off the SPUZ so that we get a correction only for him to reinstruct a rally in year 3 of his term? Remeber now that these boys on the street have been bought by the US they have to listen to the boss. Food for thought.
One last thought as I saw the headlines scroll by about the pay levels as dictated by the pay czar, do you think maybe just maybe the ladies and gents on the Senate banking committee should have some of their wages garnished from the years where they let these "banks" destroy the capitalist system? Cmon Barney Frank - give a little back, you too Senator Dodd - its only fair.
Anyway - its about 9 Pm Chicago time - any guesses how much the market will be up tomorrow? Ill go with 1.5% - any other wagers?
It felt so 1999ish when afterhours AMZN was trading higher by $14 - that badboy is sporting a PE multiple north of 60 I think - good stuff, good stuff. They still just sell crap right? books, CDs (Dad, whats a CD?) useless crap that your soon to be pulled credit card lets you buy for no apparent reason other than that you are bored. Tomorrow morning the king of all Nasdaq names reports, MSFT - you know the maker of the operating system that keeps freezing up on the computer Im using - but good job on excel thats a good program. So a monopoly reports tomorrow, I guess if INTC's earnings were good (which is lower than its announcement day) you would assume MSFT would be as well.
Anywho...just want to say once again thanks to the triumvant of dollar terror (O,B,G) for pushing those gas prices up to near $3 again - thanks - thats what us "hard working Americans" are really looking for.
JB
One last thought as I saw the headlines scroll by about the pay levels as dictated by the pay czar, do you think maybe just maybe the ladies and gents on the Senate banking committee should have some of their wages garnished from the years where they let these "banks" destroy the capitalist system? Cmon Barney Frank - give a little back, you too Senator Dodd - its only fair.
Anyway - its about 9 Pm Chicago time - any guesses how much the market will be up tomorrow? Ill go with 1.5% - any other wagers?
It felt so 1999ish when afterhours AMZN was trading higher by $14 - that badboy is sporting a PE multiple north of 60 I think - good stuff, good stuff. They still just sell crap right? books, CDs (Dad, whats a CD?) useless crap that your soon to be pulled credit card lets you buy for no apparent reason other than that you are bored. Tomorrow morning the king of all Nasdaq names reports, MSFT - you know the maker of the operating system that keeps freezing up on the computer Im using - but good job on excel thats a good program. So a monopoly reports tomorrow, I guess if INTC's earnings were good (which is lower than its announcement day) you would assume MSFT would be as well.
Anywho...just want to say once again thanks to the triumvant of dollar terror (O,B,G) for pushing those gas prices up to near $3 again - thanks - thats what us "hard working Americans" are really looking for.
JB
Moodys is a Piece of shit but......
this morning they actually said something semi intelligent. If the US does not cut its deficit its in jeopardy of losing its AAA rating which allows it to sell bonds to the Chinese at ridiculous 30yr yields in the 4.5% neighborhood. You know what else had a AAA rating? The lion share of the mortgage CDOs that blew up all the banks (which we so graciously saved) last year.
If I was a big investment bank and in particular GS you know what would be on my conviction buy list? Some really freakin good security...The anger towards these guys is palpable - or is that just in my head? Im torn by how I feel about GS on the one hand as a capitalist I feel like they should be able to make as much as they want and pay as much as they want but then I realize why I hate em - cuz they cheated capitalism - they got a bunch of money from Uncle Sam and they are truly imbedded in government which gives them immense influence - screw em. I think Jamie Dimon is the best of em all.
JB
If I was a big investment bank and in particular GS you know what would be on my conviction buy list? Some really freakin good security...The anger towards these guys is palpable - or is that just in my head? Im torn by how I feel about GS on the one hand as a capitalist I feel like they should be able to make as much as they want and pay as much as they want but then I realize why I hate em - cuz they cheated capitalism - they got a bunch of money from Uncle Sam and they are truly imbedded in government which gives them immense influence - screw em. I think Jamie Dimon is the best of em all.
JB
Monday, October 19, 2009
Adios People
This blog is being put to rest for the indefinite future, I make my self sick with my idiotic obsession with this market ever resting and digesting a 65% move from the low. The lehman debacle messed with my head and never did I imagine that we would go back to a world where in after hours trading stocks like AAPL would trade up 14 dollars. Im pissed off Im sick and tired of putting my thoughts down everyday only to look like a fool constantly. My fund is profitable this year but would certainly be doing better had I not been burdened with my bearish interpretation of the world around me.
Wishing you luck and adios
JB
Wishing you luck and adios
JB
At this point...
I just want the market to get hammered so that the baldguy on CNBC will be wrong, discredited and maybe he'll stop squaking for a bit. Working for GE and being an ex GS guy he is on the inside he knows whats going on - I feel like maybe he has the daily script everymorning. The SPUZ are attacking the 1100 dollar level and why not? We have not retraced 65% of the S&Ps move - and we have seen that stocks actual movements have no baring on the daily relelntless buying of stock futures with fridays 8 point decline now put in the "pause that refreshes" downmove.
Everything felt so exhausted friday - like stocks just needed a breather - but here we are again with breathless buyers of any and all things stocks. Not that it matters but the new issue and secondary calendar is jam packed with offerings almost daily.
more useless thoughts later
JB
Everything felt so exhausted friday - like stocks just needed a breather - but here we are again with breathless buyers of any and all things stocks. Not that it matters but the new issue and secondary calendar is jam packed with offerings almost daily.
more useless thoughts later
JB
more of the same
Luckily I covered my futures on the initial dip and have now watched them rocket higher as GE trades lower - how can you have an economic recovery without GE trading higher? I shouldnt think of such things.
I believe today is the anniversary of the 1987 crash - that is significant for no reason what so ever.
I saw one line in Barrons this weekend that struck a chord - "why we ought to be wary of the good fortune of a lucky few". This is what I have been trying to express for a long time and Alan Abelson did it for me. The banks (BAC,C,GS,JPM,MS,WFC) have befitted massviely from the current FED policies and the TARP program. They have an enormously steep yield curve which allows them to make fat profits and they were given huge sums of money to plug holes in their balance sheets. So to the people working at those institutions who are on the right side of things right now the world is on the mend, they are getting large bonuses again and hell yeah we are gonna throw a party in the stock market. What about the rest of us? How bout the people who have seen their jobless beneifts exhausted? How bout people who worked at the car dealerships that were closed? No wonder this is the most hated rally of all time - only a very few people are along for the ride - for the majority of Americans things have not gotten better in the last 7 months of this equity rally. Foreclosures till loom, jobs are scarce, paycuts are commonplace. So I thank Alan Abelson for putting it into words.
JB
I believe today is the anniversary of the 1987 crash - that is significant for no reason what so ever.
I saw one line in Barrons this weekend that struck a chord - "why we ought to be wary of the good fortune of a lucky few". This is what I have been trying to express for a long time and Alan Abelson did it for me. The banks (BAC,C,GS,JPM,MS,WFC) have befitted massviely from the current FED policies and the TARP program. They have an enormously steep yield curve which allows them to make fat profits and they were given huge sums of money to plug holes in their balance sheets. So to the people working at those institutions who are on the right side of things right now the world is on the mend, they are getting large bonuses again and hell yeah we are gonna throw a party in the stock market. What about the rest of us? How bout the people who have seen their jobless beneifts exhausted? How bout people who worked at the car dealerships that were closed? No wonder this is the most hated rally of all time - only a very few people are along for the ride - for the majority of Americans things have not gotten better in the last 7 months of this equity rally. Foreclosures till loom, jobs are scarce, paycuts are commonplace. So I thank Alan Abelson for putting it into words.
JB
Inexplicable
Since 1 AM the SPUZ have rallied about $12 bucks. I would assume this happened on very light volume as some Asian markets rallied or something like that. Did anyone notice over the weekend that AMZN and WMT are now in some sort of a pricewar? 2 thoughts,1) AMZN is an enormous company to be in WMT's sites..2)AMZN - no one beats WMT - so good luck.
I shorted some S&P minis at 1088.5 this AM, not a big believer in this overnight rally but no surprise there.
Yesterday was a beautiful day, watched 2 of my kids play soccer and chased an almost two year old around while they played, did this while my wife was home with the oldest who has, yes I know ewww, LICE. As the second soccer game winded down I took the baby with me and my sister who came to watch her neice play (thanks for coming) took the other two home. I caught the tailend of an engangement party for an old friend of mine. My mother inlaw has a saying you have to go for the happy occassions if you'd go for the funeral (or something like that) and I totally agree. So I wished the couple well saw some friends I havent seen in years (that always feels good) and headed home.
So here we are ready to go - Id say the momo clues are still AAPL, AMZN,GS,GOOG,BIDU and keep half an eye on crude oil...
JB
I shorted some S&P minis at 1088.5 this AM, not a big believer in this overnight rally but no surprise there.
Yesterday was a beautiful day, watched 2 of my kids play soccer and chased an almost two year old around while they played, did this while my wife was home with the oldest who has, yes I know ewww, LICE. As the second soccer game winded down I took the baby with me and my sister who came to watch her neice play (thanks for coming) took the other two home. I caught the tailend of an engangement party for an old friend of mine. My mother inlaw has a saying you have to go for the happy occassions if you'd go for the funeral (or something like that) and I totally agree. So I wished the couple well saw some friends I havent seen in years (that always feels good) and headed home.
So here we are ready to go - Id say the momo clues are still AAPL, AMZN,GS,GOOG,BIDU and keep half an eye on crude oil...
JB
Friday, October 16, 2009
Pavlovs
Dogs are confused, 230 pm looked like a rally was coming but alas it didnt and the SPUZ closed DOWN- I repeat down!!
Im not gonna get all excited that maybe we have topped but I had two good days in a row and I can go into the weekend feeling pretty relaxed (ok kinda relaxed, ok not relaxed at all)
Earnings will continue to roll in next week - stay tuned.
JB
Im not gonna get all excited that maybe we have topped but I had two good days in a row and I can go into the weekend feeling pretty relaxed (ok kinda relaxed, ok not relaxed at all)
Earnings will continue to roll in next week - stay tuned.
JB
30 minutes to go
The rally should be coming right about now....once again stocks arent going down well so what do you do?
BUY EM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOOG up everything else down. Crude oil is getting mighty close to $80 - you can send your thank you notes to Ben Bernanke.
Happy weekend all
JB
BUY EM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOOG up everything else down. Crude oil is getting mighty close to $80 - you can send your thank you notes to Ben Bernanke.
Happy weekend all
JB
Midmornin
Kind of a quiet down day, everything is down except GOOG which is up an eye popping 4.6%.
Got 5k shares of an IPO today which popped about a buck and then we sold.
BAC and GE I guess are disappointments. Tread carefully
JB
Got 5k shares of an IPO today which popped about a buck and then we sold.
BAC and GE I guess are disappointments. Tread carefully
JB
Mornin line
SPUZ down $7
GE, BAC, IBM are heavy off of the earnings reports, GOOG is up 3%.
Today is options expiration day - anyone wanna bet on AAPL 190 straddle.....step right up.
I looked at a bunch of charts last night ( i dont believe in em) but looks to me that stocks have gotten right back to where they were when they blew up last fall. I dont know if that means anything but just seemed kinda interesting.
JB
GE, BAC, IBM are heavy off of the earnings reports, GOOG is up 3%.
Today is options expiration day - anyone wanna bet on AAPL 190 straddle.....step right up.
I looked at a bunch of charts last night ( i dont believe in em) but looks to me that stocks have gotten right back to where they were when they blew up last fall. I dont know if that means anything but just seemed kinda interesting.
JB
An intersting piece from www.zerohedge.com
Federal Reserve Balance Sheet Update: Week Of October 14
Total Federal Reserve balance sheet assets for the week of October 14 of $2,128 billion ($9 billion higher compared to the prior week's $2,119 billion). Fed assets consisted of:
- Securities held outright: $1,608 billion (an increase of $75.3 billion MoM, resulting from $13 billion in new Treasury purchases, $52 billion increase in MBS and $11 billion in Agency Debt), or $13 billion increase sequentially
- Net borrowings: unchanged at $289 billion, as no update in the current week.
- Float, liquidity swaps, Maiden Lane and other assets: $231.8 billion, a $4 billion decrease based on a $252 million reduction in CPFF and a $6.2 billion reduction in FX liquidity swaps, bringing these to a fresh 52 week low. At $43 billion in liquidity swaps, there is little room left for the Fed to force foreign CB to keep pressing on the dollar. Keep an eye out on this datapoint as it is probably one of the better leading indicators of when foreign CBs start covering their dollar shorts (and are in need of dollar funding by the Fed).
Foreign holdings increased by $4.1 billion to 2,865 billion.
Thursday, October 15, 2009
Something I have been doing lately
This is totally unrelated to the markets. There have been times throughout the days where I look and see something my kids are doing and I just want to take a snapshot so that Ill always be able to remember it.
1)Alyssa riding her tricycle around the house
2)Will holding Alyssas hand and walking her up to the house
3)Jessica and Emily talking before bed
Someday they will be grown up, and I wont see them everyday and while now sometimes they are driving me nuts, I know down deep that these days,weeks, years are irreplaceable and that their cute little carefree lives will be things of the past as they grow into adults.
JB
1)Alyssa riding her tricycle around the house
2)Will holding Alyssas hand and walking her up to the house
3)Jessica and Emily talking before bed
Someday they will be grown up, and I wont see them everyday and while now sometimes they are driving me nuts, I know down deep that these days,weeks, years are irreplaceable and that their cute little carefree lives will be things of the past as they grow into adults.
JB
hmm
I made a little (a very little) money today - thanks G-D. After the close GOOG is rocking higher, IBM is not - which one will matter? - dumb question. MPG rocked and rolled today, if you recall yesterday morning I pointed out that Apaloosa partners had bought 8% of the stock. Buywrites look really fat in that name, like 20% for a month or so.
This continues to be a very tuff market to TRADE. Its a long only fest. Some big momo names faltered today but it really didnt matter to the broader market, all the beta names were lower, all of em.
I want to harp on a point once more - take a look at HOVNP , its a Hovnanian preferred trading at 21% of par, 21%. It is trading 1.5 over the common stock for petes sake. Insanely cheap. That continues to be one of my larger positions. This is a company that is redeeming debt on a regular basis. Oh well - more for me.
One last comment today is the 9th day in the row the SPUZ have closed higher...9 times, 9 times.
Tomorrow will undoubtedly be 10
JB
This continues to be a very tuff market to TRADE. Its a long only fest. Some big momo names faltered today but it really didnt matter to the broader market, all the beta names were lower, all of em.
I want to harp on a point once more - take a look at HOVNP , its a Hovnanian preferred trading at 21% of par, 21%. It is trading 1.5 over the common stock for petes sake. Insanely cheap. That continues to be one of my larger positions. This is a company that is redeeming debt on a regular basis. Oh well - more for me.
One last comment today is the 9th day in the row the SPUZ have closed higher...9 times, 9 times.
Tomorrow will undoubtedly be 10
JB
The SPUZ are on crack
AAPL down
GS down
GOOG down
BIFU down
AMZN down
C down
JPM down
SPUZ up .25. I would say this is getting weird but I have cried wolf just a few to many times. Oil is rocketing higher today as the dollar strengthens....uh oh - decoupling??
this is too weird - just too weird
JB
GS down
GOOG down
BIFU down
AMZN down
C down
JPM down
SPUZ up .25. I would say this is getting weird but I have cried wolf just a few to many times. Oil is rocketing higher today as the dollar strengthens....uh oh - decoupling??
this is too weird - just too weird
JB
Im at a loss
Market screams yesterday on earnings from INTC.
Ticker Pre report price Current price
INTC 20.49 20.82
AA 14.15 14.13
JNJ 62.53 60.73
JPM 45.5 46.65
Do these look like massive moves to you people? The SPUZ move in their own world - the underlying equities are hardly impressive. I dont get it.
Anyone out there have an explanation??
JB
Ticker Pre report price Current price
INTC 20.49 20.82
AA 14.15 14.13
JNJ 62.53 60.73
JPM 45.5 46.65
Do these look like massive moves to you people? The SPUZ move in their own world - the underlying equities are hardly impressive. I dont get it.
Anyone out there have an explanation??
JB
Wednesday, October 14, 2009
Hoopla
For all the hoopla INTC is up.46 cents today - the market up 1.4% nary a downtick. JNJ down again. We have hit the 10k level on the Dow - and people are saying buy me anything, anything. Price is irrelevant b/c in 5 minutes it will be higher, I have to give Bernanke credit due to his printing press the market cant selloff for even 5 minutes - way to go Ben - ill thank you for $7 loaves of bread in a few years.
JPM has done nothing since gapping higher by $1.38. GOOG and GS are kicking bear ass today. What can I say? Should I even suggest that JPM is trading heavy in my opinion. Why wold any one listen to me?? Maybe when I see a sign in a bank window that they will lend you whatever you want to trade from the longside we'll know this manical buying of equities is over. Risk is still a 4 letter word and I sure would like to see the longs get fucked here for a few hours.
JB
JPM has done nothing since gapping higher by $1.38. GOOG and GS are kicking bear ass today. What can I say? Should I even suggest that JPM is trading heavy in my opinion. Why wold any one listen to me?? Maybe when I see a sign in a bank window that they will lend you whatever you want to trade from the longside we'll know this manical buying of equities is over. Risk is still a 4 letter word and I sure would like to see the longs get fucked here for a few hours.
JB
Tuff environment
A big gap opening and then just a minor fade - limited trading opportunities (just the way Obama wants it). His version of responsibility on Wall St. is his boys, JPM,GS etc gunning the market 24/7. Richard Russel put the following in his thoughts this AM The following is from the latest issue of Business magazine: "Bright, eager, and unwanted. While unemployment is ravaging just about every part of the global work force, the most enduring harm is being done to young people who can't grab onto the first rung of the career ladder.
"Affected are a range of young people from high school dropouts, to college grads, to newly minted lawyers and MBAs across the developed world from Britain to Japan. One indication in the US -- the employment rate for 16 to 24 year-olds has climbed to more than 18%, from 13% a year ago. For people just starting their careers, the damage may be deep and lasting."
Nonetheless Wall St. continues to throw itself a party, JNJ, CIT, AA - who even remembers these....
JB
"Affected are a range of young people from high school dropouts, to college grads, to newly minted lawyers and MBAs across the developed world from Britain to Japan. One indication in the US -- the employment rate for 16 to 24 year-olds has climbed to more than 18%, from 13% a year ago. For people just starting their careers, the damage may be deep and lasting."
Nonetheless Wall St. continues to throw itself a party, JNJ, CIT, AA - who even remembers these....
JB
Gap opening
We have a large one this morning - there is nothing to indicate that we will selloff cuz we never do, but this would be a prime chance for bulls to unload stock positions on excited buyers - but why would/should they? JPM should be a momentum clue - INTC is locked it wont budge much from its opening price in my opinion. I shorted JPM stock against my calls so Im hoping it trades back down so I can take a scalp but am perfectly hedged if it keeps running.
The zen beta masters will be flying this morning as etrade,scotttrade,schwab, and fidelity market orders chase them at the opening.
Humbling this business is - truly humbling. I could rail away against this rally but why bother - I can do that again tomorrow when we go up again, and the next day , and the next, and the next...
JB
The zen beta masters will be flying this morning as etrade,scotttrade,schwab, and fidelity market orders chase them at the opening.
Humbling this business is - truly humbling. I could rail away against this rally but why bother - I can do that again tomorrow when we go up again, and the next day , and the next, and the next...
JB
INTC trumps JNJ
INTC puts out a good number last night which has totally trumped JNJ's bad number - see all that matters is how the earnings are received. These are two large US companies that do business everywhere - and do it well. The markets rosie colored glasses are getting fogged up as players wake up lathered up to buy buy buy. JPM beat the number by .30 cents??? huh - where are the analysts - the stock is up about 3.5% on that - I am long a strangle in there so Im shorting some JPM stock this am against the call component of the strangle.
One thing I find amusing is CHK's 3% rally in the last two days in the face of a 7% decline in natgas futures in the same time period - "dont bother me with the facts".
Heres an interesting nugget I discovered in an SEC filing this AM, someone has accumulated an 8% stake in MPG, the guy is a vulture investor...interesting.
Random thought of the morning - I sure hope INTC's ability to sell chips gets a bid in HOV preferred....I know bizarre.
By the way market looks up BIG right now with SPUZ up $13.5 - as the king of pop said "dont stop till you get enough"
JB
One thing I find amusing is CHK's 3% rally in the last two days in the face of a 7% decline in natgas futures in the same time period - "dont bother me with the facts".
Heres an interesting nugget I discovered in an SEC filing this AM, someone has accumulated an 8% stake in MPG, the guy is a vulture investor...interesting.
Random thought of the morning - I sure hope INTC's ability to sell chips gets a bid in HOV preferred....I know bizarre.
By the way market looks up BIG right now with SPUZ up $13.5 - as the king of pop said "dont stop till you get enough"
JB
Tuesday, October 13, 2009
Why bald guy why?
He is attacking Meredith Whitney for downgrading GS - calling her Meredith Splash Whitney - maybe he is upset b/c she is taking profits on a great call to be long and he wants the stock to go higher? Maybe b/c down deep he knows she is right that stocks have gone to far to fast...I know that is blasphemy in the current context. People are clinging to stocks like a baby to its blanket.
A few months ago people were lined up outside of banks to take out cash, today they are lined up outside of Schwab offices furiously filling out margin agreements. Go figure. How will this all end?? If I only knew....
JB
A few months ago people were lined up outside of banks to take out cash, today they are lined up outside of Schwab offices furiously filling out margin agreements. Go figure. How will this all end?? If I only knew....
JB
Damn they are good
The Bulls didnt waste much time snapping up the SPUZ, they reversed their $6 point (massive) decline and are now flat on the day. GS and JNJ have not budged so I guess my theory that they are important to the market is shot...Nothing is important to this market on the downside but trust me if INTC says anthing even remotely bullish the buyers are gonna go crazy. So once team Obama has succeeded blowing up the stock bubble there will be one problem - our dollars will be best used for toilet paper - cuz they aint gonna buy much.
JB
JB
A little slide
The SPUZ are down $6, JNJ is dragging the DOW down a bit. GS is being stung by Meredith Whitneys downgrade to the tune of $4.5. Banks in general are weak except for Citibank that beacon on strength. REITS are a bit weaker as is the greenback.
One would have to assume that the bulls will try and rally the troops at some point today - watch GS and JNJ as important clues - their ability to bounce is important to the bulls playbook.
JB
One would have to assume that the bulls will try and rally the troops at some point today - watch GS and JNJ as important clues - their ability to bounce is important to the bulls playbook.
JB
Go time
The earnings season gets busy today - JNJ just came out - stock looks flattish on the report thus far. Tonight we have INTC - this is a biggy as it is significant because its chips make the world go round. For traders the earnings matter less than the reaction to the earnings. Its no secret stocks have been on a bull run - a sell the news reaction is a possibility - but right now the tape is a firmer than a Dallas Coyboy's cheerleaders stomach. So watch how JNJ and INTC trade in the next couple days, Alcoa has not been able to muster any strength off its report.
In other news, Meredith Whitney downgrades the king of crash, GS today. I have not seen the report but the timing is interesting as Goldman's earnings loom in the next few days, thursday I think. Whats interesting about Meredith in my opinion is that she is not just a spreadsheet analyst she seems to get market psychology. Her calls usually get a fair amount of credence so watch GS which is slippinng in early prints by about $3.4.
Finally just wanna give a shoutout to my Blackhawks, who came into the second period of last nights game down 5-0 vs a tuff Calgary Flames team. They scored 6 unanswered goals and won the game, never give up and try your hardest at all times. Very impressive!
JB
In other news, Meredith Whitney downgrades the king of crash, GS today. I have not seen the report but the timing is interesting as Goldman's earnings loom in the next few days, thursday I think. Whats interesting about Meredith in my opinion is that she is not just a spreadsheet analyst she seems to get market psychology. Her calls usually get a fair amount of credence so watch GS which is slippinng in early prints by about $3.4.
Finally just wanna give a shoutout to my Blackhawks, who came into the second period of last nights game down 5-0 vs a tuff Calgary Flames team. They scored 6 unanswered goals and won the game, never give up and try your hardest at all times. Very impressive!
JB
Monday, October 12, 2009
I cant wait
To see the market plummet in the 2nd half of the Presidents 1st and only term. He im convinced is a persona, he is like John Gosselin - just a guy that people have turned into an interest story. Obama had a chance to reverse the horrid economic policies of the last 25 years - Mr. Responsibility - but he has instead chosen a path of recklessness - oummeling the dollar, blowing the deficits out, anything to avaoid the pain, and whats funny is that everywhere besides the flicks and ticks of my qoutron there still is massive pain. Foreclosures, jobloss, state governments that are broke.
Oh well - I wish I could have my vote back.
JB
Oh well - I wish I could have my vote back.
JB
The fed is closed today
Perhaps Mr. Bernanke is getting a shave and a haircut today - resting from a 6 month period of shoving liquidity down the the throat of just about everything - if the SPUZ fall today it can only be b/c he is not there to offer more liquidity to the marketplace. Now more than likely the SPUZ will run back to the highs but there was a very large seller in there in the 1075 area - perhaps a real seller. They could turn lower for the day - I know shocking.
JB
JB
I know it
The SPUZ are being manipulated, they are being held up by unnatural forces as the banks continue to try and offload their issues on the public. Since the 9.8% unemployment print 6 trading days ago the SPUZ have rallied 62 points or almost 6.2% in a strait line - no pull backs infact the SPUZ have not had a lower closing since 6 trading days ago. 3/4 horseman are positive today but only one is powering higher, GOOG, AMZN is actually lower.
The shit banks C, BAC are higher today, REITS are unchanged but what goes higher no matter what? The S&P 500 futures they are so well bid - every second of every day - as if someone knows where they are gonna close? Once again I just want to thank Pres. Obama for making sure that Wall St. does not act irrsponsibly - I hope the noble prize is denominated in Gold as he has insured the end of the dollar. What a jackass!
JB
The shit banks C, BAC are higher today, REITS are unchanged but what goes higher no matter what? The S&P 500 futures they are so well bid - every second of every day - as if someone knows where they are gonna close? Once again I just want to thank Pres. Obama for making sure that Wall St. does not act irrsponsibly - I hope the noble prize is denominated in Gold as he has insured the end of the dollar. What a jackass!
JB
whats the secret??
Are all of these negative macro economic stories BS? Is Cal really operating with a surplus? Are jobs being added and the government is lying? Is commercial real estate already on the mend? Are all of the trillions of bonds that the US govt needs to sell sold already? Has GS created an algorithm that prevents them from ever having a losing trade? Did CIT find funding? Does AIG have the money to pay the govt the billion it owes them next month? Is the baldguy in cahoots with the govt on which stocks are the ones to own? Has the SEC decided that shortselling is going to be outlawed in the future and all shorts will have to be covered? is AAPL going to come up with something better than they allready have every year?
If the answer to all of these questions was yes then I could understand why the market rallies incessantly..and why a two point drop in the SPUZ in considered a great buy.
JB
If the answer to all of these questions was yes then I could understand why the market rallies incessantly..and why a two point drop in the SPUZ in considered a great buy.
JB
A Costanza world
So I read last night that Cali and Texas are having big tax revenue issues - two rather large states.
So I thought boy thats a negative, but I remembered that Seinfeld where George realized if he did the opposite of what his initial reaction was he would make the right move. So last night when I read that tax news the SPUZ were unchanged my initial reaction was sellem but I thought what would George do and this morning they are up $6 - again proving the wisdom of all things Seinfeld.
JB
So I thought boy thats a negative, but I remembered that Seinfeld where George realized if he did the opposite of what his initial reaction was he would make the right move. So last night when I read that tax news the SPUZ were unchanged my initial reaction was sellem but I thought what would George do and this morning they are up $6 - again proving the wisdom of all things Seinfeld.
JB
Friday, October 9, 2009
Explain....
Caution Favors the Bulls
By Jim Cramer
This was written this morning - is this to mean that cautious investors you know the ones long BIDU, GOOG, AAPL , GS and AMZN have better odds of making money from these levels than losing? The snasdaq is up 62% from the lows - if you went to Vegas what kind of odds do you think they'd give you on another15%?? I guess all you have to do is look at the NDX options - but Im to tired for that now. Cramer has been dead on with his bullishness - but he is obssesed with the notion that all hedge funds are short the market - obssesed. Do I have some shorts? Yes Do I have some longs? Yes. Can you blame people who have seen one of the largetst stock market recoveries of all time of being afraid that the market could poop again?? He goads them, chides them. A money managers number one job is to protect his clients capital - if the money manager is skeptical of the markets and is positioned that way- he is doing his job. If he/she is buying GOOG, AAPL etc so that he is not left behind he is not.
Im short AAPL right now - but I have very defined risk, Im short a call spread, so I know the max that I can lose and gain - I dont have to watch it every second.
Alcoa kicked off the earnings season with a beat the number the other day, the pundits all breathlessly talked about what a huge victory this was and the stock traded up a buck afterhours - it is now lower than when it reported - if this is what the rest of earnings season has in store get ready for a market correction.
JB
By Jim Cramer
This was written this morning - is this to mean that cautious investors you know the ones long BIDU, GOOG, AAPL , GS and AMZN have better odds of making money from these levels than losing? The snasdaq is up 62% from the lows - if you went to Vegas what kind of odds do you think they'd give you on another15%?? I guess all you have to do is look at the NDX options - but Im to tired for that now. Cramer has been dead on with his bullishness - but he is obssesed with the notion that all hedge funds are short the market - obssesed. Do I have some shorts? Yes Do I have some longs? Yes. Can you blame people who have seen one of the largetst stock market recoveries of all time of being afraid that the market could poop again?? He goads them, chides them. A money managers number one job is to protect his clients capital - if the money manager is skeptical of the markets and is positioned that way- he is doing his job. If he/she is buying GOOG, AAPL etc so that he is not left behind he is not.
Im short AAPL right now - but I have very defined risk, Im short a call spread, so I know the max that I can lose and gain - I dont have to watch it every second.
Alcoa kicked off the earnings season with a beat the number the other day, the pundits all breathlessly talked about what a huge victory this was and the stock traded up a buck afterhours - it is now lower than when it reported - if this is what the rest of earnings season has in store get ready for a market correction.
JB
Dream the impossible dream
What if the beta buyers stopped for a few hours ? The autopilot SPU buyers took a break? - GS TO JPM, JPM TO GS...what if markets were allowed to trade freely for a few hours? What if someone bought AAPL up .60 cents this morning and was actually looking at a loss at some point in the day? What if the SPU buyers got stopped out on the downside for once? Today the dollar is stronger doesn't that mean that equities and oil are supposed to be down?? What if the fed actually took fedfunds to 1% so that maybe a saver would get some measly return - and not be forced to buy stocks?
Bonds are getting torched today, the bulls can say its a sign of economic strength, if you are me you see it as long overdue - why would people keep lining up to buy our (US) debt at measly rates when our deficit is insane and the democrats are reportedly considering another stimulus plan.
We had a selloff late last week - we had horrible jobs numbers and the market has rallied about 5% this week...the bulls are so arrogant, so complacent, so detached from the economic reality of the US.
Can I ask for a friday smackdown? I can but I know I wont get one.
JB
Bonds are getting torched today, the bulls can say its a sign of economic strength, if you are me you see it as long overdue - why would people keep lining up to buy our (US) debt at measly rates when our deficit is insane and the democrats are reportedly considering another stimulus plan.
We had a selloff late last week - we had horrible jobs numbers and the market has rallied about 5% this week...the bulls are so arrogant, so complacent, so detached from the economic reality of the US.
Can I ask for a friday smackdown? I can but I know I wont get one.
JB
Food for thought
If you went to Europe at the start of 2009 and a Coke cost 1 Euro, now you would have to pay 1.47 Euros for the same Coke. Nice huh? I might not have explained that exactly correctly but my point is that the dollar has been CRUSHED. Stocks and commodities worldwide have zoomed.
I read late yesterday that Investment Grade credit indices were weak this week as equities have zoomed - why that would be Im not exactly sure but is a situation that does not usually last. Either bonds come back or equities go down. In this world we live in you would have to assume bonds go back up.
One of the best pure feel traders I know says he looks at the markets now and cant get a clue - this is a guy who has been doing this for a long time and has great market feel. Team Obama has really taken the "play" out of the market, unless you buy only high beta gambling vehicles. I apologize to my readers that I have not recognized how important BIDU is to the zen master beta world - this has been a glaring omission on my part - its up a mere 12-13% THIS WEEK.
The markets are relatively flat with the snazdaq looking a little better bid.
later
JB
I read late yesterday that Investment Grade credit indices were weak this week as equities have zoomed - why that would be Im not exactly sure but is a situation that does not usually last. Either bonds come back or equities go down. In this world we live in you would have to assume bonds go back up.
One of the best pure feel traders I know says he looks at the markets now and cant get a clue - this is a guy who has been doing this for a long time and has great market feel. Team Obama has really taken the "play" out of the market, unless you buy only high beta gambling vehicles. I apologize to my readers that I have not recognized how important BIDU is to the zen master beta world - this has been a glaring omission on my part - its up a mere 12-13% THIS WEEK.
The markets are relatively flat with the snazdaq looking a little better bid.
later
JB
Weakness - be gone!!
Pre market weakness was corrected in the first ten minutes of trade. AAPL, GS, GOOG all higher AMZN unchanged. Amazing - simply amazing.
Im not gonna do much today - cant fade the strength.
JB
Im not gonna do much today - cant fade the strength.
JB
Mornin
The market is looking a tad lower this mornin - the dollar is a tad stronger - the relationship continues. In the morning I get a cheat sheet of all the brokerage upgrades and downgrades price target revisions etc...there are an inordinate number of upgrades to buys this AM.
I dont see much really moving pre market - after we open Ill try and highlight some movers.
As usual your momentum clues are AAPL, AMZN, GOOG, GS.
JB
I dont see much really moving pre market - after we open Ill try and highlight some movers.
As usual your momentum clues are AAPL, AMZN, GOOG, GS.
JB
Thursday, October 8, 2009
Things I like
My Fender American Stratocaster
My Bauer 7000s
BMW M5s
Hanukkah
Hanging at the beach with my kids
Fall
The Cubs
Romanian Skirt Steak
My babys smile when I get home from work
My old friends
JB
So AMZN has the thong rating.....
GS which is up .08 cents today gets the following panty rating - what a bunch of losers. Now I know GS, they do not want to be seen in granny panties. maybe later today the stock will rally (maybe???) and it can move back into a more respectable level in our undergarment rating system - a little something like this...
The markets are uber strong again today - reasons you want? ? you have come to the wrong place - I don't have any. The new issue market is so hot that deals are coming intraday now...Bear Stearns just showed us SVNT. Does all this hype about stocks seem posible when 520k people filed intial jobless claims this morning? I would think not - but as my faithful readers know - I know nothing. More later.
JB
Boring blog ads
I have been told I have boring blog ads - how do I get some victoria secret ads? Do I have to talk about bras, thongs, undies?? How does that fit with trading and my diatribes against our rigged financial system? Perhaps we can create a system where we can assign a type of undies to the galloping four horseman...the king risktaker today, AMZN which is leading the pack could be wearing a thong like this - I like that idea - I mean you have to be hot to rally 10 bucks in 3 trading days - and all the guys who are long this name probably have chicks like this draped on their arms.
Ill try and from now on find a model who I feel exmplifies the "hot stock" of the day.
Ms. AMZN to out right is number 1.
lets hope I get some good ads from this cuz Im gonna get grief
from my number one hotty at home.
JB
Thanks DB
It appears they might have for the for short term topticked GS, I have some long gamma in there so I shorted some stock premarket a couple bucks higher than the current quote. In this market you have to take gains on shorts immediately - i have gamma so Im safe but jeez this tape is insane - you'd think Henry Ford had just invented the car the way people are plowing into US equities.
This feels like it should be a reversal day but this market is so abnormal Im done trying to predict it.
JB
This feels like it should be a reversal day but this market is so abnormal Im done trying to predict it.
JB
Mornin
We wake up to see the bulls pounding their chests..the zen master beta quartet are rocking pre market. The dollar is lower yet again, crude up, gold up, equities up, the merry go round continues.
I love that JPM has taken its building off the market b/c all of the bids were to low and their equity analysts are all bullish on the REITS - that is some good stuff.
The snasdaq is now at the 62% retracement from the lows - theoretically significant resistance - but in this market that means nothing.
Good luck today
JB
I love that JPM has taken its building off the market b/c all of the bids were to low and their equity analysts are all bullish on the REITS - that is some good stuff.
The snasdaq is now at the 62% retracement from the lows - theoretically significant resistance - but in this market that means nothing.
Good luck today
JB
Wednesday, October 7, 2009
So Alcoas news was good ( I guess???)
But in case you were worried here is a dose of reality - or the opposite of our buoyant equity market
TAKEAWAY : OY VEY - NOT GOOD
Now that we have that out of the way go back to the regular scheduled program of buying futures and high beta names - get a jump on tomorrow mornings 10 point gap opening.
JB
JPMorgan drops bid to sell Chase building: report
Explore related topics
SAN FRANCISCO (MarketWatch) -- JPMorgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 45.81, +0.11, +0.24%) has dropped efforts to sell One Chase Manhattan Plaza in lower Manhattan after receiving low bids for the property, Bloomberg News reported late Wednesday, citing an unidentified source familiar with the matter. JPMorgan received formal bids last month and had not been willing to provide financing for the deal, according to Bloomberg.
TAKEAWAY : Commercial Real Estate is a slow moving train wreck
http://cbs2chicago.com/politics/comptroller.state.finances.2.1232001.htmlTAKEAWAY : OY VEY - NOT GOOD
Now that we have that out of the way go back to the regular scheduled program of buying futures and high beta names - get a jump on tomorrow mornings 10 point gap opening.
JB
Relentless
The beta buyers are relentless, GS, AAPl, AMZN, GOOG - with real props going to GOOG which was up a 1999ish $18.80.
Can GOOG repeat this tomorrow? we know the SPUZ will be up b/c thats what they do, we are back to the permabid government ordered allday buying of risky assets. Tomorrow AAPL should shake off the fear that GOOG might take market share and they will both go up 3% - sounds like a plan. AA (not alcoholics annonymous) Alcoa "beat the street" they made a whopping .04 a share - they said very interestingly that the stimulus plan is working, its working so well they made .04 cents a share which on an annualized business works out to a PE of 88.75, lets say they can increase earnings by 100% that would make the PE 44 - such a deal?? after hours the stock trades higher _ i guess the street thinks the earnings are going to go back to peak numbers - you know like 2007 numbers when clerks at Taco Bell were buying 1 million dollar houses and getting cash back at closing.
I dont know what to think right about now - this is sure starting to feel like Septmeber - down the first day and then off to the races for the rest of the month.
We shall see, we shall see
JB
Can GOOG repeat this tomorrow? we know the SPUZ will be up b/c thats what they do, we are back to the permabid government ordered allday buying of risky assets. Tomorrow AAPL should shake off the fear that GOOG might take market share and they will both go up 3% - sounds like a plan. AA (not alcoholics annonymous) Alcoa "beat the street" they made a whopping .04 a share - they said very interestingly that the stimulus plan is working, its working so well they made .04 cents a share which on an annualized business works out to a PE of 88.75, lets say they can increase earnings by 100% that would make the PE 44 - such a deal?? after hours the stock trades higher _ i guess the street thinks the earnings are going to go back to peak numbers - you know like 2007 numbers when clerks at Taco Bell were buying 1 million dollar houses and getting cash back at closing.
I dont know what to think right about now - this is sure starting to feel like Septmeber - down the first day and then off to the races for the rest of the month.
We shall see, we shall see
JB
But GOOG is strong and so is GS
Young PM thinking to himself, why are SPUZ starting to inch down ever so slightly?? Like I said this morning the leadership is so narrow, it cant hold up the market forever. Alcoa kicks off earnings season tonight - they were a massive job cutter in the last year so they should post good numbers one would think, cost cutting works to boost the bottom line, so I would imagine the street will be interested in the top line. AMZN, GOOG, AAPL and GS must be beta hotel for any and all hedgies at this point - how much higher can they push em? To infiniti and beyond.
The dollar is a tad stronger today - how come stocks are still up? Thats not in the script!!
Stay tuned
JB
The dollar is a tad stronger today - how come stocks are still up? Thats not in the script!!
Stay tuned
JB
Bizzare
37 points off the lows from friday morning, and the SPUZ are like the rock of gibraltar, AMZN, GOOG, GS are all flying, AAPL is getting hammered for 38 cents....
I have shorted some JPM against the long call component of my strangle in that name - the stock has rallied about 10% this week, borrow money form the govt at 0% lend at 7% - sound good???
And by the way the money the govt lends them is yours,mine so you are getting screwed twice - you lend your money interest free and then you get charged 7% to borrow it...
Hmm - am I queer for liking Taylor Swift's music? lemee know
JB
I have shorted some JPM against the long call component of my strangle in that name - the stock has rallied about 10% this week, borrow money form the govt at 0% lend at 7% - sound good???
And by the way the money the govt lends them is yours,mine so you are getting screwed twice - you lend your money interest free and then you get charged 7% to borrow it...
Hmm - am I queer for liking Taylor Swift's music? lemee know
JB
I might get hit by lightning today
VRSK opens up $5 bucks and I have 2600 shares...I will be watching for lightning bolts today...
JB
JB
Power lifters
The market is being carried by 4 stocks, GOOG, AAPL, GS and AMZN. They are so strong - think Magnus Magnuson - you know that guy on ESPN at 11pm who pulls fire trucks.
It cant last forever - or can it? Its pretty narrow leadership. CIT still looms larger from my vantage point. Oh well, as a trader I should know that facts and fundamentals really dont matter in the short term - the momo does.
The SPUZ are up $4.5 and are meeting any selling with lots of buying interest. This is the level we brok down from last week - we'll see what happens.
JB
This one is for Elayna
So I know someone who is facing a very tough challenge in the coming months, a good person, a hard working person, who is ethical and honest - and I just want to wish that person luck.
The markets are looking a little lower this AM, just a tad. There were some rumors swirling yesterday afternoon that GS had a big oil derivative loss - yeah right...some desperate shortseller (not me) planted that rumor.
I got an allocation in an IPO today, VRSK, it priced at $22 - we'll see how that trades.
Keep an eye on the beta kings today, GS, AMZN, AAPL, GOOG - they are uber important to the tapes momentum.
JB
The markets are looking a little lower this AM, just a tad. There were some rumors swirling yesterday afternoon that GS had a big oil derivative loss - yeah right...some desperate shortseller (not me) planted that rumor.
I got an allocation in an IPO today, VRSK, it priced at $22 - we'll see how that trades.
Keep an eye on the beta kings today, GS, AMZN, AAPL, GOOG - they are uber important to the tapes momentum.
JB
Tuesday, October 6, 2009
Selloff attempt - DENIED
SPUZ got down to 1043 or so - or up only $6 on the day and Geithner and Bernanke started hitting the buy key or smacking the dollar - same difference these days. GOOG the zen beta master is up an impressive $8 dollars today - and why not? It is one of the 4 horsemen per the Bald guy - one of the horsemen, RIMM does not got mentioned that much anymore as the horse is just a horse with no rider to whip it.
The animal spirits are alive and well - was last weeks morose just a joke? Is CIT not a problem for small business operators? Are stocks not up a whopping 60% from the lows? Are jobs plentiful? Are jobless benefits not running out for millions of people? Is wall st. partying mroe than ever with other peoples money? Absofrigginlutely - Obama does not get it - he says he wont let Wall St. be irresponsible - what is it when you let AIG, who is probably calling the treasury on a daily basis saying we dont have the interest payment money, trade all day?? Is that responsible?
Imcutting back my bids on secondary offerings these days - my allocations have been bigger and many of the deals are just not that great.
Be long GS, AAPL, GOOG, AMZN and short everything else - thats what the whole street is doing.
JB
The animal spirits are alive and well - was last weeks morose just a joke? Is CIT not a problem for small business operators? Are stocks not up a whopping 60% from the lows? Are jobs plentiful? Are jobless benefits not running out for millions of people? Is wall st. partying mroe than ever with other peoples money? Absofrigginlutely - Obama does not get it - he says he wont let Wall St. be irresponsible - what is it when you let AIG, who is probably calling the treasury on a daily basis saying we dont have the interest payment money, trade all day?? Is that responsible?
Imcutting back my bids on secondary offerings these days - my allocations have been bigger and many of the deals are just not that great.
Be long GS, AAPL, GOOG, AMZN and short everything else - thats what the whole street is doing.
JB
Hiho gold and silver
As Bernanke continues to slaughter the dollar Gold and Silver are rocketing higher...and why not?
Every asset class moves in tandem except the dollar , dollar weak everything strong - this madness has to stop. Gold cant be fooled - its saying paper currencies are a joke stick with me. Id have to agree, when the treasury secretary can put in place policies that allow the destruction of the worlds reserve currency of course Gold will look good. Why the stock jockeys hop in is another story that I dont have the answer for. 3.3% in 1.5 trading days...not to shabby - 1054.5 is where the SPUZ are hanging there hat right now - almost precisely where they broke down from the other day. In a normal trading world, you'd see some fade here but we will probably see an explosive move thru these levels b/c the dollar will be slaughtered again tomorrow oand the next day and the next.
Im so pissed rght now I cant see strait. My longs are underperforming my shorts.
Maybe people are excited b/c MOS missed its quarterly earnings number by 33% - that must be it. Or maybe just maybe its b/c insolvent companies like AIG, C, CIT can continue to trade hundreds of millions of shares a day forever. We got a nice selloff and now we have had a massive rally back - its time for this market to sitdown.
JB
Every asset class moves in tandem except the dollar , dollar weak everything strong - this madness has to stop. Gold cant be fooled - its saying paper currencies are a joke stick with me. Id have to agree, when the treasury secretary can put in place policies that allow the destruction of the worlds reserve currency of course Gold will look good. Why the stock jockeys hop in is another story that I dont have the answer for. 3.3% in 1.5 trading days...not to shabby - 1054.5 is where the SPUZ are hanging there hat right now - almost precisely where they broke down from the other day. In a normal trading world, you'd see some fade here but we will probably see an explosive move thru these levels b/c the dollar will be slaughtered again tomorrow oand the next day and the next.
Im so pissed rght now I cant see strait. My longs are underperforming my shorts.
Maybe people are excited b/c MOS missed its quarterly earnings number by 33% - that must be it. Or maybe just maybe its b/c insolvent companies like AIG, C, CIT can continue to trade hundreds of millions of shares a day forever. We got a nice selloff and now we have had a massive rally back - its time for this market to sitdown.
JB
September and October are.....
Mirror images so far - big down day to start followed by breathless buying of futures and beta stocks. That rally mode continued almost all of September and it appears to me that players believe that will happen again in October. The futures wont back off one iota here today - permabid is back. AIG, C, cruising - algos in charge.
Goldman says banks look good - well yeah of course they do, no mark to market, zero percent money from the government and an extremely steep yield curve - WOWIE!
we had almost 10% unemployment on friday - we have an almost nuclear Iran, a crashing dollar.....good stuff.
JB
Goldman says banks look good - well yeah of course they do, no mark to market, zero percent money from the government and an extremely steep yield curve - WOWIE!
we had almost 10% unemployment on friday - we have an almost nuclear Iran, a crashing dollar.....good stuff.
JB
The Inmates are running the asylum (again)
So I wake up to find the SPUZ are up $10 - huh? Up $16 yesterday and a gap up $10 this AM - who are these crazy people? Thank G-D I put on some longs and got less short thurs/fri - I think its time to really bear up again. I can see no news this AM that is bullish, I see plenty of bullshit some clown from Fidelity says we are about to have years of profit growth due to low interest rates etc...pass the government issued koolaid please.
I will look to buy more stranlges today, anyone have any good names to look at??
Have a good day -looking for a reversal right out of the shoot.
JB
Monday, October 5, 2009
Some winners some losers today
UAUA buywrite - winner today, GS lower butterfly loser, APO small winner, HOV vs HOVNP was trading great till on the close some nasdaq MM scummed me for .40 cents with a 100 share print, that was ridiculous.
The snasdaq was hopping with GOOG, and AAPL but RIMM is acting terribly.
The banks were where it was at in NYSE land today, BAC, JPM, C, GS leading the charge (GS is a bank remember?)
Im still waiting to find out where Corus Bank's assetts were sold.
As expected the market has decided to forget about the CIT debacle that continues to unfold and how detrimental CIT's problems will be for small businesses.
The market put on Roy Orbison glasses this morning and never took em off. After the close MOS reported what appear to be awful numbers, this is a negative for the inflation expectation crowd.
Not a great day, not a terrible day - but players beware this 1.5% rally came on very light volume.
Good night
JB
The snasdaq was hopping with GOOG, and AAPL but RIMM is acting terribly.
The banks were where it was at in NYSE land today, BAC, JPM, C, GS leading the charge (GS is a bank remember?)
Im still waiting to find out where Corus Bank's assetts were sold.
As expected the market has decided to forget about the CIT debacle that continues to unfold and how detrimental CIT's problems will be for small businesses.
The market put on Roy Orbison glasses this morning and never took em off. After the close MOS reported what appear to be awful numbers, this is a negative for the inflation expectation crowd.
Not a great day, not a terrible day - but players beware this 1.5% rally came on very light volume.
Good night
JB
This is getting stupid
SPUZ are up $16.75 or 1.6% - huh??? GS and GOOG and JPM are the kings of the castle today.
Why the market is as strong as it is - who the hell knows? Friday we had an absolutely dreadful jobs number and the SPUZ were down about $7 bucks. I figured they would bounce a bit and they are but this is stupid - the fear has entirely dissipated and people are partying again buying stocks at whatever price...I shorted some S&P minis at 1036.5 - we'll see what happens.
JB
Why the market is as strong as it is - who the hell knows? Friday we had an absolutely dreadful jobs number and the SPUZ were down about $7 bucks. I figured they would bounce a bit and they are but this is stupid - the fear has entirely dissipated and people are partying again buying stocks at whatever price...I shorted some S&P minis at 1036.5 - we'll see what happens.
JB
SPUZ are up $10
Thats enough for this guy...more than that and I will start to get aggravated. I expected a bit of a bounce - and this qualifies, GOOG and GS are each up a finster, AAPL a buck, REITS are bouncing, banks are strong - feels like a bounce - nothing more.
Im buying an ETF this morning that bets against US treasury bonds - looking for a short term trade and then out.
I gotta tell ya I hate oil in here - I dont believe in the inflation argument, I think it will go back down to $40 in the next few months - I kinda feel like the Tbond market is telling you inflation is not a worry.
So just now a story crossed the tape that a consortium including Starwood and Wilbur Ross bought Corus banks loan portfolio of busted mega condo converions - I cant wait to see what they paid for this - when I find out Ill let all my faithful readers (I know of 1 - are there any else?) know.
JB
Im buying an ETF this morning that bets against US treasury bonds - looking for a short term trade and then out.
I gotta tell ya I hate oil in here - I dont believe in the inflation argument, I think it will go back down to $40 in the next few months - I kinda feel like the Tbond market is telling you inflation is not a worry.
So just now a story crossed the tape that a consortium including Starwood and Wilbur Ross bought Corus banks loan portfolio of busted mega condo converions - I cant wait to see what they paid for this - when I find out Ill let all my faithful readers (I know of 1 - are there any else?) know.
JB
Sleepy trade
Markets are up about .5% after a slightly better than expected ISM number was delivered.
Banks seem to be leading the way this morning. Im selling some JPM stock this morning that I bought in last weeks selloff against my strangle - JPM is up $1.22.
HOV vs HOVNP has hit a new level this morning - HOV is rolling out some debt maturities by buying in some paper at a discount and selling some new paper - with the net effect adding another 80 million to the balance sheet - all the while the HOV preferred is still trading at 20% of par - cheap but showing signs of life.
So baseball season is officially over for me with the Cubs posting a record of 83-78 - 2 games were not played due to rain...crappy season - but so it goes. Now its time to rev up for the Blackhawks - it makes me a little nervous that all of the sportswriters are calling them to win the Cup.....but maybe they will be right - that would incredible.
JB
Banks seem to be leading the way this morning. Im selling some JPM stock this morning that I bought in last weeks selloff against my strangle - JPM is up $1.22.
HOV vs HOVNP has hit a new level this morning - HOV is rolling out some debt maturities by buying in some paper at a discount and selling some new paper - with the net effect adding another 80 million to the balance sheet - all the while the HOV preferred is still trading at 20% of par - cheap but showing signs of life.
So baseball season is officially over for me with the Cubs posting a record of 83-78 - 2 games were not played due to rain...crappy season - but so it goes. Now its time to rev up for the Blackhawks - it makes me a little nervous that all of the sportswriters are calling them to win the Cup.....but maybe they will be right - that would incredible.
JB
Scary weekend
My newly turned 9 year old, was playing hoops in the backyard yesterday and she jammed her thumb really badly - she was crying and said she felt like she might throwup so I said Emily lets get to the bathroom - and then she stood up and collapsed, like a rag doll - a friend splashed some water on her and she came to - but she seemed not right so we called 911 - Lincolnwood Resuce came (extremely quickly - thanks guys!!) and measured her vitals and said she was ok - after an hour or so she seemed herself and so we could exhale. Scary.
The markets are looking up ever so slightly this morning - 3 more banks failed this past Friday, I was kidding last week when I asked how much Goldman would make if CIT fails but they came out this morning and said its 1 billion - chump change - AIG is probably cutting the check now (as rhe stock moves higher premarket.)
We'll see what happens this morning - feels like a nothing day but you never really know for sure do ya?
JB
The markets are looking up ever so slightly this morning - 3 more banks failed this past Friday, I was kidding last week when I asked how much Goldman would make if CIT fails but they came out this morning and said its 1 billion - chump change - AIG is probably cutting the check now (as rhe stock moves higher premarket.)
We'll see what happens this morning - feels like a nothing day but you never really know for sure do ya?
JB
Friday, October 2, 2009
Why this market continues to annoy me
The snasdaq dropped 3% yesterday and today people plow into AAPL to the tune of $5 - the "animal spirits" are clearly alive and well - todays move in AAPL is due to positive analyst comments - that trick again. And one of my old favorite darkmatter names, AIG, is now $6 dollars off its lows....all this manic behavior for a company that at the current time is insolvent. Stupid.
I shorted a little AAPL today - a tiny position b/c with that one at any time Steve Jobs may compe up with a game changer.
The SPUZ look tired to me, they have held up pretty well since this morning but they look like they wanna roll over.
I would imagine this weekend we will get some clarity on CIT's future - I think this is important news.
JB
I shorted a little AAPL today - a tiny position b/c with that one at any time Steve Jobs may compe up with a game changer.
The SPUZ look tired to me, they have held up pretty well since this morning but they look like they wanna roll over.
I would imagine this weekend we will get some clarity on CIT's future - I think this is important news.
JB
No Olympics in Chitown
As a Chicago area resident Im kinda stunned - but to be honest for me Olympics means Winter - skiing, hockey, bobsled the cool stuff....I feel bad for the people who worked so hard on trying to bring this to the city.
So back to the task at hand, the markets look pretty unchanged today with some love returning to the kings of beta, AAPL up $4.88, GOOG up $3. AIG has had a 5 dollar range - G-D bless the programmers.
I think the market has another flush by the close today...a nice little sell program to scare some people.
I did more of that Unite Airlines buywrite - bought stock at 7.1 sold the October 7 calls for .65 cents (ok i legged it a little bit) - that is a standstill return of 9.1% but it goes away in two weeks so as long as UAUA does not get clobbered I do great...
JB
So back to the task at hand, the markets look pretty unchanged today with some love returning to the kings of beta, AAPL up $4.88, GOOG up $3. AIG has had a 5 dollar range - G-D bless the programmers.
I think the market has another flush by the close today...a nice little sell program to scare some people.
I did more of that Unite Airlines buywrite - bought stock at 7.1 sold the October 7 calls for .65 cents (ok i legged it a little bit) - that is a standstill return of 9.1% but it goes away in two weeks so as long as UAUA does not get clobbered I do great...
JB
So we made a chop ($$) the last few days
I have neutralized a lot of my downside (not all), and Im thinking about what to do now - Im still long term bearish but my sense of fairness and justice has been satiated by this 6% downmove from the 1080 high last week...
So this morning I was a covering machine - sold some put premium as the VIX traded above 29...
and now Im actually a tad long in some names....
AAPL is exploding higher by $4 today - I think thats a sale - lemeee go here
JB
So this morning I was a covering machine - sold some put premium as the VIX traded above 29...
and now Im actually a tad long in some names....
AAPL is exploding higher by $4 today - I think thats a sale - lemeee go here
JB
Thats the way uhuh uhuh
SPUZ down $12 on the latest unemployment figures which you guessed it showed zero improvement....I should note that GS missed there job loss number by 13k this time - they dont want to look as if Beeks gave it to them like last month.
I am hearing from other traders that the market could move significantly off of the olympic announcement - why? Im not sure. Unite Airlines prices a 19 million share secondary last night at 7.24 - the stock was down over 20% yesterday - Im going to buy some stock and sell calls - yes Im going to create a LONG position - see I can play both sides...
looking ugly early - covering a few things
JB
I am hearing from other traders that the market could move significantly off of the olympic announcement - why? Im not sure. Unite Airlines prices a 19 million share secondary last night at 7.24 - the stock was down over 20% yesterday - Im going to buy some stock and sell calls - yes Im going to create a LONG position - see I can play both sides...
looking ugly early - covering a few things
JB
Thursday, October 1, 2009
Well that was refreshing
The snasdaq did a swandive today dropping 3.06% - a good start. The SPUZ pooped for about 2.5%, there were no neck snapping rallys today - which just goes to point out that yesterdays explosion from 1041 to 1057 was a gigantic act of rico perpetrated by fundies everywhere, how many extra dollars in fees were earned by that close vs a close 3% lower?? Oh well....
I have mentioned APO a few times, its a stock Im long that got a takeover bid beneath the prevailing market price - its getting very interesting as a 15% holder has been adding to his position in the open market at a price north of the takeover bid...I remain long it and think a rival bid is coming.
The strangles I bought continue do great especially JPM which today dropped 5.16%. If the heat seeking algos take a break increased volatility is almost assured to come back to the market.
In the midst of all of this CIT tummult GM announced that Saturns sale is off, Saturn is a goner - more jobs down the tubes...Ok so they made like 4 cars a year but still.
After the close FSLR has been annointed to replace WYETH in the S&P 500 and the index monkeys have rallied the stock about 8 dollars or 6.7 billion dollars so all of you peeps who think index funds are low cost investing alternatives I ask you to take a look at this action after the close to see those low costs go up in smoke.
JB
I have mentioned APO a few times, its a stock Im long that got a takeover bid beneath the prevailing market price - its getting very interesting as a 15% holder has been adding to his position in the open market at a price north of the takeover bid...I remain long it and think a rival bid is coming.
The strangles I bought continue do great especially JPM which today dropped 5.16%. If the heat seeking algos take a break increased volatility is almost assured to come back to the market.
In the midst of all of this CIT tummult GM announced that Saturns sale is off, Saturn is a goner - more jobs down the tubes...Ok so they made like 4 cars a year but still.
After the close FSLR has been annointed to replace WYETH in the S&P 500 and the index monkeys have rallied the stock about 8 dollars or 6.7 billion dollars so all of you peeps who think index funds are low cost investing alternatives I ask you to take a look at this action after the close to see those low costs go up in smoke.
JB
The ole days
Back at my old trading firm on days like today we would look for one thing, "the ole bitch slap on the close". That would be the last drop that raises some panicky behavior. I dont think the bulls can pull this one out.
Banks are getting beat upon as the CIT news spreads a dose of reality upon market players.
Tech ugly, REITS ugly. Its called reality.
JB
Banks are getting beat upon as the CIT news spreads a dose of reality upon market players.
Tech ugly, REITS ugly. Its called reality.
JB
Good stuff
So we broke thru yesterdays spike low of 1041.5 - my fund is loving this - loving it. My partner informs me that an important trendline has been broken. Consider yourselves warned.
The weakness is broad based today, before I get to smug and confident I need to remind myself that September started with a huge down day - only to have a huge upmove in the weeks that followed.
Stay tuned...
JB
The weakness is broad based today, before I get to smug and confident I need to remind myself that September started with a huge down day - only to have a huge upmove in the weeks that followed.
Stay tuned...
JB
Boo
Its October - spooky things happen in October...starts to get dark early, Halloween and stock markets have a tendency to do wacky things in October.
I could not take it last night - I went home short 10 S&P mini futures - I wanted justice. They are down 6.5 bucks this morning - I covered just now - do I think they should go lower? Of course I do, will they? thats another story. Initial jobless claims were worse than expected so the question is how do the rampant bulls spin that in a positive way? Im not sure but they will TRUST ME.
The APO situation got very interesting this morning, one of the largest holders outside of the controlling family bought almost another 2% of the company, would leave me to believe that he's gonna launch a higher bid...heres hoping. You pay $8.25 the most you can lose is .50 and the most you can make is ??????
Have a good day
JB
I could not take it last night - I went home short 10 S&P mini futures - I wanted justice. They are down 6.5 bucks this morning - I covered just now - do I think they should go lower? Of course I do, will they? thats another story. Initial jobless claims were worse than expected so the question is how do the rampant bulls spin that in a positive way? Im not sure but they will TRUST ME.
The APO situation got very interesting this morning, one of the largest holders outside of the controlling family bought almost another 2% of the company, would leave me to believe that he's gonna launch a higher bid...heres hoping. You pay $8.25 the most you can lose is .50 and the most you can make is ??????
Have a good day
JB
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