I'm a little concerned as I just put that idiot Cramer on and he is against them too as a take under. I usually fade Cramer and don't like he is on the bear side. Bleh, I still want to rip them apart. We can only hope to get juicy re-short positions next week. Any upside scalps I take of this POS is just gravy and shouldn't be trusted. I have my eye on these fucks. I don't trust this stock for more than a daytrade. Lets juice her down next week.
This rally in WM should fade sometime next week. Just got to wait for the dow to drop 100 to get the ball rolling. Until then WM is on the top of my short list.
That also goes for NCC as well.... since it is situated in Ohio where it is experiencing one of the worst real estate meltdowns in the country. Plus also mortgage insurers are not touching that whole state with a ten foot pole.
I'm hoping for a little follow through in financials. Make everyone think its blue skys again, the market runs, etc....then BOOM, another shoe drops. The next thing I want from these schmocks is the DIVI to be dropped. I'm pretty sure there are a lot of suckers caught in this stock on the last run to $19. They are probably averaging down here hoping for another run. It might happen it might not. We'll see how the finacials react next week....I'll sure feel like an asshole for letting go of my long position on a continuation rally.
NCC has a lot of exposure to Detroit / Michigan area, which, if you don't know, is the nuclear waste of toxic real estate/foreclosures etc, etc.
I'm beginning to hope all you end of the world types and short them to zero callers get rolled over big time. Then what do you say to your loved ones? "Hon, I bet on an apocalypse but we're ok now. The bad news is we're broke and I have go back to my WalMart greeter job, and you have to return to lap dancing."
http://www.latimes.com/classified/realestate/la-re-auction20mar20.pg,0,5624884.photogallery 'Having won the bidding war, George Sarantos is now obligated to close quickly on 3 Magnolia Drive. The lender that owns the house, however, is under no obligation to sell it to him. Several days later he learned that the bank had rejected his winning bid as too low, and invited him to make a higher bid. "I'm still in limbo, to be honest with you," Sarantos said' Folks,this is how insane the banks are.The market is tanking and they refuse a bid because they think its too low based on the mania price it was last sold for at 1.2mi....the bank thinks 38% is too frikkin low for that junk...that house is worth 250-300k-it is inland,in suburbia hell far from the ocean... I promise you that house will be sold for much less by next month if it even sells or doesnt sell this week.The banks are rejecting lo bids all the time only having to accept much lower bids months later.Our family is in the biz here in L.A. and they send the banks bids on properties and the banks act all snobbish and reject the bids.They are nuts and gonna pay from the ass.Bye,bye wamu...
'the bank thinks 38% is too frikkin low' should read: the bank thinks 38% off the mania high is too frikkin low'
dillon rattigan mentioned a story on cnbc about 4 fri's.back, a guy in boca raton,fla hasn't paid his mortgage since '02 and the banks try to foreclose,he says show me the paper that says you hold the mortgage note, they can't, so he still lives there,i'm wondering how many times these loans were chopped up or the same one loan used as collaterall in several investment schemes,hedge fund scams, no one was able to oversee these because they were offshore, this may not be a subprime mess as they are calling it, but a scheme where the major brokerage houses or hedge funds duped a lot of foriegn and local investors out of billions and when they go to cash out of a losing investment there is no collateral,another enron that U.S. is embarrassed to go public with.