Those of us who did not play Pru very well today might be getting another chance. $7 off high about a 50% retracement. Tuesday we are at 10,000 today 9,000... when will it stop... A thousand points every couple days we will be at zero soon.... I'm terrified. Thanks for that link Wayne. I'm going to have to go back and read it more carefully after today. Unfortunately I'll never get options into the trust account but it makes some sense in my hedge fund account. It would seem you have to be particularly wedded to something to do this, why not just sell at this point? What is going to make anything go up? I remember fifteen years ago or so at Smith Barney we used to do something called short the box with my account now and then, is that still done? and perhaps transaction-cost wise a better move?~ stoney
SEEMS LIKE PRU JUST PRE ANNOUNCED EARNINGS! WOW! INCLUDES OVER 700 MM FOR CRAP IT LOOKS LIKE.... Don't know which way the stock will take it. seems like this is the important paragraph- The company believes that its capital position as of September 30, 2008 is consistent with its âAAâ ratings objectives and that it has the liquidity to meet requirements at the parent company and at all operating subsidiaries. In the absence of strategic transactions, management believes that requirements for access to the capital markets through December 31, 2008, if any, would be modest.
Pru bounces $5. I hit the wrong button and missed Maria just used the " crash " word..... what do we do? HELP! HELP! I'm yelling out my window... down 550 now.... No one is listening.
Down 220 before Lunch DOWN 650 now. Nice sell program. Well so much for lunch's out. I'm sure the VIX went over 60 today that would be a first. Oh man. I don't know anymore. What if I had to get a job? What can I do? I'm too old for football. Too slow on a computer. Born before fax machines and cell phones... There's this horrible show on CNBC at night when they give the same bit of bad advice to everyone who calls in - sell your house and rent... But you see these poor souls who have lost everything, more and more on them... small businesses that of course had their free money in the market, people retiring into this mess with no money left what do they do? Reverse mortgage? GM just broke $5. I just told my mom screw the TIPS go for high yield. Find safe yield if you can. Amazon comes to mind find some paper with a high yield... A handful of companies you can trust- Blackrock BLK maybe, Schwab and buy the bonds.... I just threw up a little bit out the window - that got their damn attention in the street. Was supposed to be spit but it just grew into a mouthful. Sorry if that was you. DOW jumped 200 as I typed I'm back to almost even! I'm just going to have to keep on typing through the Asian session tonight. Chinese food anyone? Oh this is manic... Ford by the way is $2 not $1 sorry to be an ALARMIST! Maria is evil. Can't stand her. Clueless. Will they re put on the short selling ban tonight. Panic in the streets. Gold bars. cash hoards. Is this the future? Is this the now? We closed 4 minutes ago and the board keeps ticking lower back to down 600. What a day what a bloody bloody day. Standard and Poors thanks for the late day updates! Bastards. A little late in your call don't you think?? ~ stoney
Hi Stoney, You did help me a out a lot this year. I made a boat-load of money shorting some of your picks such as AMSC, OVEN, LNDC and several others. I love your ability to pick the tops. However, I am sorry that you have burned through all the trust money and will soon have to sell the NY apartment. What happened to your hedge fund connections?
Hi port. I saw an interesting banker from HSBC on the telly. He was so darn calm. They welcomed England's bailout & didn't ask for a cent. They have been upfront with their investors and marked everything correctly throughout this mess. They are very conservative yet they bank mostly in the far east.... I'm sending this idea in tomorrow. My "Hedge Fund " connections Port is the head of one hedge fund who manages my bigger account. So I send an email and say what about VRTX and they say something vague like it's up to you... it goes like that. Mobius is poking around Brazil for bargains... I'm looking at weird bonds from companies that can deliver the $'s. Something like the older Anheuser-Busch bonds which have a 9% coupon and mature at the end of 2009. With a feature that's been missing from corporate issues for the past 10 years: credit-rate-sensitive puts. Those puts allow the holder to put the bond back to the issuer for full redemption if the bonds fall below investment grade. Verizon and Sprint have some wacky stuff too. You know how bad it is when every chart is this same pattern and I know there is a word for it... The line just drifts off the page lower right.... It's as if everything is going to zero! Everything but HSBC Think I'll be buying that tomorrow as long as the Hedge Fund is not currently shorting it. FCX. They have high yield preferds and series B and bonds and you know what no real debt and tons of constant cash... Somehow there's an investment to be made in Freeport Mac. This is one of the few stocks that does have any support- there is a nice 2004-2006 period where it sat at $40 before making it's big move over $100... so at $38.84 and if you go back ten years you might only find it at $20 and it's not going back there... risk reward wise this is one of the better plays. Hate to say it because fast money did the other night... but grab some yield and sit with FCX. DOW,GE,NOK,AT&T,VERIZON & BMY all have dividend yields between 6 and 7%! Sure they go down every day in price but I wonder what a basket might total return in two years? DISH... why is this interesting? Well today they said the word. it's a CASCADING CRASH the powers that be have decided that we can handle the word if it's prefaced with cascading... and they have all of the sudden so identified the 5 year bull market and exactly when the Bear started. The only problem is they are measuring from the exact top of the DOW, 14,100 and not from a point 20% lower which is where a bear market really begins. So unfortunately we are not a year in, if we were more people would be buying. With some sort of intervention in bank lending going to happen over the weekend wouldn't it be nice for the Gov to place some buy orders in the morning. Could we be up 500 at one point tomorrow? I think so and then will we sink to up 280 or something... can we have an up day for goodness sakes... what has the common investor done to deserve this? So much for moving to Iceland! ~ stoney
IT's ANOTHER F*ING DAY! Folks I don't know where to start my head is exploding. Rumors are everwhere- Europe is going to close global markets - they are talking too much over there. Pres Bush is going to announce NO TRADING MONDAY because of bond closures.... Over the weekend the G8 will announce a global guarantee of inter bank lending. BUYS HBC - 6% yield best bank grabbed some at the open @ $68 area. NLY- Haven't bought yet they benefit from Fannie and Freddies problems they benefit from lower interest rates they yield 16%. MET or the preferred... because of the rapid haircut $20 dollar preferds are going for $10 w/ big yiled call date 2010. METPRA. Still favor PRGO already bought days ago unfortunately. & VRTX holding up ok... MOS wow she is working well long position still $5 up and a day trade today to boot! You know for the amount of stuff thrown at me this week I'm having a good relative week. I'm making money it's just that other big already bought positions is making that money disappear before I can spend it on metal birds and lunch's out and my medicine. I think we need a few more people to not say this is a bottom. Bastards... it looks like we're close they say.... stop TRAPPING US & EQUIVOCATING . Yes or NO Byatch! ~stoney
Still have my ENER. Fuck it. Mind says dump, gut says hold on. Or is the other way around. Let's see if today provided and continues to provide the action we need for a short rally. Give the people a reason to continue to buy, not just selling "exhaustion."
I know jack I'm so sick of them talking about "oversold " too. It's a big psych job now. The number of stks beneath their 200 day is worse than any prior crash/sell off I can imagine... My hope is that we for once finish up strong today... I do think after 2:00 we will rally from however much we are down to briefly positive before we hope for the bell. There are signs of credit spreads narrowing GE had a 2 basis reduction in what it costs them to borrow and overnight LIBOR is falling... time of course is what it's hard to get to heal ourselves... Lehmans CDO stuff today I just don't understand... you are insuring that lehman doesn't go bankrupt and then they go bankrupt you should pay out that policy 100%. Who cares this is not mortgages this is a bet on a company's survival. The market is interpreting this as assetts in CDO.s are worth 9 cents on the dollar. Morew like 70 cents if you ask me. Ay Caramba. I'm going to eat a box of chocolate eclairs and go to the woods to pray. I will kneel on my newly sodded former field of weeds and I will dream of the basketball hoop I hope to one day erect. I will blow and blow and hope my right ear clears. I will see a 12 BILLION SHARE DAY TODAY FOLKS A RECORD AND A BIG UP CLOSE!!! I'm turning off the tv and leaving in some sell orders way above the market- I'm agreeing to anything at this point. I'll sell if you tell me to sell if it wil help capitualte I'll sell everything I'm numb, the folks are holding their breath on the floor, lets hope when the bell rings for once they can exhale. Good Luck Everyone. ~ stoney