Well this week has been fun. While Freddy and Fanny go down the drain, I picked up some other financials like Goldman will Sac You (GS) and J.P. Morgan (JPM). I tried to short Freddy and Fanny on tuesday and Scottrae block that move and wouldn't let me. Now they are both down like 50% for the week. Can you say Bear Sterns *100. Oil is hitting a new record today and the futures are already down 100 or so. The fed is out of bullets and I haven't seen the plunger team in a while, so the question is, is today the capitulation that everyone has been waiting for? I mean everyone knows that Fanny and Freddy are going under and that the government will absolutely need to bail them out. I think that the government should have let Bear Sterns so now they will bail out all of the financials and of course the actual people won't get shit. Anyways, if the market hits say -400 or so, I'm buying financials with relative strength like I have been all week along with some tech, and maybe some gold to go along with it, what do you think?
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We're talking like a 2-3% haircut rage. Maybe today, oil is up....it's Friday, lighter volume. Could be the day....Comment -
I still think we're in for a slew of terrible corporate earnings reports for the year maybe longer. People just aren't buying sh1t....
How can they when it costs them $400.00 a month for gas? How bout' home heating oil for this winter? Good lord...Comment -
Could be. Going to be a wild open thats for sure. But this latest leg down has been on weak volume. I doubt even down 300 it will be on heavy volume. I doubt the huge drop on the open follows through. Probably end down half that maybe down 150 or so. Still in drift mode until volume picks up.Comment -
Originally posted by RageWizard
Why wouldn't scottrade let you short freddy & fanny?Comment -
I agree that the long term outlook for the rest of the year looks like shit for stocks, but looking at all the charts are indicating that the market is way oversold in the short term, and I believe that a rally is about to happen for the next couple of months. Yesterday the market should have tanked, but it found a way to increase by a few points.Originally posted by JBC77
The earning reports are the biggest scam going. A company reports and we see if the beat the estimates that they put out themselves. I think that earnings will suck, but they will as usual beat their own estimates by a penny, and the story will be "It could have been worse". This will move the market as it always moves the market.Comment -
Probably because it is a sure bet at this point, or maybe they don't have shares to loan.Originally posted by HelmutComment -
You can only short if the last tick wasn't down. If you tried on an uptick, and still got shut out, then it is a shortage of the stock to loan. Must be hard to find that stock sitting around at this point, waiting to be loaned out to short sellers.Originally posted by HelmutComment -
thinking about buying some call options. remember when bears went to 2 dollars...if you had bought some calls, you'd make a killing. altough the risk premium is very highComment -
Already down 152 pts. 10 minutes in.Comment -
Oil up to 146.52Comment -
I wouldnt short FNM here. In fact I just bought a little on a gamble here at 9. The govt taking over FNM??? LOL. Wont happen. They will float fannie what they need. I think this is a $15 stock when the smoke clears.Comment -
Yeah, I guess it could be a scam. Look at this morning though, the drop can be in part, attributed to GE. Those numbers made no ones dick hard.Originally posted by RageWizardComment -
Pretty ballzy move. I wouldn't buy them yet, I think that they will get help, but not until they suffer another 5 points to the down side. Then I might try just for some lunch money and fun.Originally posted by SBR_JohnComment -
Just nibbling in here. There is a $1 premium in the July 5 call so I'm selling those. If you think she'll stay above $5 by next friday thats a free a dollar share for a covered call stradegy.Comment -
Down to .70 but still a nice whack.FNM 8.71 4.49 -34.02% 8.70 8.71 N 9.34 6.87 126,502,859
NJW GA 4.50 3.70 -45.12% 4.40 4.50 W 5.00 3.10 683Comment -
Bargain hunting time.
Oil price is being manipulated to ever new heights (to put the squeeze on), and the cherry on top is the illegal Fed suddenly asking for more power (!); with Congress, if yesterday was any indication, simply rolling over, clueless as ever.
I don't care about the latest breaking news. More interested in the underlying themes. Not a pretty picture, if this is even remotely accurate (which it is, in my opinion):
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Don't even get me started with the fvcking Fed wanting more power. Congree will give it to him too, because they don't give a shit about the people and they also have no idea what is going on in the world of stocks or the economy for that matter. If anything they should get rid of the Fed.Originally posted by Dark HorseComment -
Originally posted by RageWizard
I can't get over the coincidences. Other than Lincoln and JFK printing their own money, isn't it interesting that when Greenspan came in the market crashed, which resulted in the Plunge Protection Team (a way to artificially control the market...).
And no sooner does Bernanke take his place or the theme changes once again, and about a year into his reign the Fed is asking for more power.
The Fed. Do people even know what they stand for and what they represent? If they did, Bernanke and co would be tarred and feathered out of the building at this very instant.Comment -
Oil's up and my stock in an oil & natural gas exploration co. went from positive #s to -0.20 in 5 minutes. This market rules!
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Fannie opened at nearly $7 and is now near $10.
This could be an area where the market bottoms within a few %.Comment -
Just a few excerpts from history, for anyone interested in the underlying theme. (play Pink Floyd's 'Money' in the background)
1790 - "Let me issue and control a nation's money and I care not who writes the laws." - Mayer Amschel Rothschild.
1835: President Jackson about the Second Bank of the United States (present Fed is the third incarnation of this private bank):
"You are a den of thieves vipers, and I intend to rout you out, and by the Eternal God, I will rout you out."
1963 - On June 4th JFK signs Executive Order 11110 which returned to the U.S. government the power to issue currency, without going through the Rothschilds owned Federal Reserve.
Executive Order 11110 is rescinded by President Johnson on the flight out of Dallas on the day of JFK's assassination.
1981: When President Ronald Reagan took office, his conservative friends suggested to him that he return to a gold standard, as a means to curbing government spending. President Reagan was on board with this idea and so he appointed a group of men called the, "Gold Commission," to undertake a feasibility study and report their findings back to Congress.
1982: President Reagan's, "Gold Commission," reports back to Congress and makes the following shocking statement concerning gold:
"The U. S. Treasury owned no gold at all. All the gold that was left in Fort Knox was now owned by the Federal Reserve, a group of private bankers, as collateral against the National Debt."
Full Money Changers article is found here:
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We don't have socialism in the USA!Ya right!
Bush is ready to pull the trigger on the tax payer bailing out Fanny Mae and Freddie Mac.Bush will give a speech the same day saying we have a free market and capitalism and all that good stuff.What a crock!!!Why don't these banks,brokerages and lending institutions follow the orders of people telling young kids to save all their pennies,apply themselves,pull themselves up by their bootstraps and work hard and someday you MAY get what you want in life.How can a kid listen to this shit from people when it's so obvious we have socialism that helps out people who have influence whether it be a republican bailing out a bank or a democrat getting 100 weeks of unemployment ''glorified welfare''compensation for a union member.It's not the early bird that gets the worm,it's the special interest gang member that gets the ever shrinking free dollar from the tax payer.
It's to the point now where only suckers work producing anything in the private sector.The vast majority of people are on some kind of freebie handout dole.
Wasn't there a black guy CEO of Fanny Mae that resigned about 2 years ago under a cloud of criminal acts he was under suspicion of doing.He got a huge golden parachute when in reality he should have had the government bring him up on charges and getting alot of money he pilfered back.Comment -
The Fed does that every couple of months. It is rediculous how they can come in and fk up the entire market with PREDICTIONS. I can only wonder what's going to happen after GOOG and MSFT report the same freaking day.Originally posted by SBR_JohnFannie opened at nearly $7 and is now near $10.
This could be an area where the market bottoms within a few %.Comment -
Signs of a bottom Im looking for is when there is horrible news like a bad earnings report from a heavy, way worse than expected forclosures, inflation jumps. ect., and the market shruggs it off. Most the bad news is priced in. Iran has become a bit of a story that is not fully priced in although its getting there.Comment -
Reverse redlining was the problem!
The government encouraged lenders to reverse red line loans to unqualified groups of people who should not have gotten loans.I think it was part political correctness run amuck and part economic stimulous.The government has to create industries out of thin air to prop up the false economy and medical is one and building houses is another.It's the perfect storm for disaster.No matter how CNBC ''owned by General Electric mind you'' and the Cramer types spin it where all will be fine and rebound in the near future,it won't.These elements of doom have never come together before so it's all uncharted waters.Even your Warren Buffett's are nothing but cheerleaders trying to lend confidence by being pie in the sky optimists.
I use 100 barometers to guage economic conditions.One is looking at the campground near my house.Usually from early spring through fall the campground is full of big Winnebago type of campers.This year it's barely half full on normally busy weekends.Things are going to get alot worse,wait till a bad winter hits the northern states where people won't be able to heat their houses.Football training camps are opening soon and that makes winter a cold hard fact that looms on the horizon.
I just drove through a tourist town called Wisconsin Dells which is between Chicago-Milwaukee-Twin Cities.It's like a Las Vegas for kids with water parks,amusement parks,championship golf courses etc.For generations it has kept expanding and drawing in more vacationers.The gas did a whammy on them and the dam broke emptying Lake Delton where alot of the tourist activity took place.It's like a ghost town this summer.Really,really sad for all of us who have our fondest childhood vacation memories from going there as kids.Comment -
Looks like they waited for the weekend with this. IndyMac goes under. (former Countrywide branch).Originally posted by SBR_John
Second largest bank in US history to fail. Suddenly Monday looks... different.Comment -
JBC and Rage will Bank of America go lower than this??? At 21.60 presently, I though $24 was a good buy! When should I jump on this?Comment -
Down to 19 with IndyMac problems...Comment
