Eliot Ness must have bashed down the doors of the market's speakeasies last evening, as the beefers are climbing out the windows this morning, having all hit the sell buttons at the same time. I wrote about this behavior a few days as a reason that I don't like being leveraged long when the markets are making intermediate term highs.
And they are acting according to the book on their behavior.
Chinese markets were down over 5% last night, Europe is down about 2% this morning early and US futures are down about 2%. Commodities are down, too.
Any news ? Nope.
FT: "Japan has climbed out of recession after the economy returned to growth in the second quarter, raising hopes that the worst of the financial crisis is over in the world’s second-largest economy. Data released on Monday showed that gross domestic product expanded 0.9 per cent quarter on quarter on a seasonally adjusted basis, following four quarters of contraction. On an annualised basis, the economy grew 3.7 per cent.
The Street is reverting to its foolish overpayment culture as Barclays is offering some commodity traders in London huge pay packages to lure them from JPMorgan.
I was thinking this morning of the proper names for this economic slowdown and conclude that the Panic of '08 fits best. The world economies were going into a plain mid-cycle slowdown until the beefers and shorts started the raiding in the summer of 2008, culminating in the full bore financial panic of September and October. The second wave of that panic occurred in February and early March of 2009 over fears that Obama was failing to lead.
Hmmm in French, that name is a rhyming La Panique d'Zéro Huit.
Actions
I am doing nothing. Je ne fais rien. Often these selloffs take a few days to run their courses unless some fundamental change is being recognized. Thus, for now, I wait. Fido Fund has plenty of cash as does Obama Fund. If nothing fundamental seems changed, I'll target some names and groups that I've been noodling over.
Word of the Day
"Zeitgeist" - noun [$10]; a German word now used in American writing.
Zeitgeist means the spirit and outlook characteristic of a period or generation.
Sentence: If a phrase reflects the zeitgeist of the Great Depression, it was "buddy, can you spare a dime". I wonder what phrase will reflect the zeitgeist of the Panic of '08?
Verbum Diei
"Fortuna" - noun, first declension, feminine; its genitive is fortunae.
Fortuna means fortune, luck.
Sententia: Fortes fortuna iuvat. [from Terence]
Sentence: Fortune helps the brave. [alternate: Fortune favors the bold.]
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56 comments:
good morning Bman !!
uhhh Bman............please correct me if i'm wrong..............but i believe beefers are not allowed to enter the chinese speakeasies.......in other words.......beefers can't buy in china
so what do they have to do with the gooks down 5% ?????
Bman is jim rogers a beefer ???
rogers says america's best days are behind her
Beefers are good when they drive the market up, but bad when they drive the market down?
The world economy is a debt laden quagmire....
mid-cycle slowdown ?? huh ??? that was a full blown recession.......almost a depression............hello mern
what a bunch of thumping tosh
well..............there we go Bman..........i was right..............just confirmed on cnbc
shanghai is only retail investors.......and no beefers.....and no shorting
sheesh, you guys ... how naive. Beefers are in Hong Kong and all Asia bigtime. Do you think they don't work with Chinese "investors" ?
Jim Rogers is a big mouth. I guess he likes to hear his own voice on TV and the radio.
Uh ... mfl .. was it not "moi" who said avoid getting too long as the beefers were driving the marekt up ?
I wonder what Rogers says are "America's Best days" - did he define that ?
Hmmm Blabberg says the dollar is roaring today ...
These binary thinkers are tiring.
i'm with you Bman.............and not with Rogers
i think america is still on the upswing..........the doomsdayers have never been right betting against america ........hello mern
'stick a fork in her...........the USA is done'
"best days"
Was that the tech bubble under Clinton ?
Or the lost opportunities under Bush II ?
Or the higher taxes & sellout under Bush I ?
If he means Reagan, then gosh, that period was only 20 years ago.
What the heck is Rogers talking about ?
Bunky...did you stop FCX this morning..thought I saw a real seller in the mix, juice is impressive.
max pain Q's 38 DIA 90 SPY 98
Bunky...did you spot any black swans this weekend.
lol, no stop on FCX.
Sort of nutty - typical beefer trader bailing. Copper is down 8 cents - big deal.
No black swans ... I did feed the birds & put out water. It's very HHH here.
btw, I had posted awhile ago that I flipped the extra FCX around 64.
atta boy Bunky...thanks for the update...u lil beefer u.
It would be nice if the beefers could knock prices down more so I can re-buy some stocks.
Dear beefers: pretty please, sell more !
what are you talkin about Bman ???
aren't you long in the lassie account ?? why would you want stox to come in............you ain't makin any sense
oh wait....i forgot..i'm "not too bright'.......'ignorant'........'naive'
frosty went triple leverage short on friday ?? i am sure he did
'helluva call bob'
f'ng douchebag
PS.........still wanna be friends ??
i thought after the demolition of last fall............we'd stop hearing the stupid and nonsense
' i want beefers to sell so i can buy lower'
beefers annihalated those guys into bankruptcy last year........just look at the trading records from lat september
'deer beefer.......please sell'
pffffffffffffffffffffffffffffffffft
Bud your naivete ($10) and hubris ($10) topped the market within about 5 minutes son....
"danke vielmals" indeed
nonono QID last thursday 25.89...net short since before vacation 7-30...want a private mail, you are my BFF.
Fido Fund is about 60% long - lots of cash; for IT trades.
Obama Fund is almost all cash - for ST & IT trades.
Krypto has the usual allocation, but it a LT only.
Bud ... can you walk & chew gum at the same time ?
true, mfl .. all those high fives .. best week ever ... etc.
Bud definitely angered the trading gods.
GS may buy back stock. Sheesh.
Dear GS: you pigs, why don't you buy back that FDIC guaranteed debt the Uncle Sap gave you.
What hogs !
QID last thursday ?? wait a second
you didn't poat it here last thursday .............so why you postin it now ??? you retroactive mof'ker
PS......still wanna be friends ???
" hey sal..............why you gotta be so filthy.....so rude......so dirty.....so nasty ? "
" cuz i'm a nasty motherfucker!!!! "
pig.....hog ??
i thought GS was a pirhana ............you confusing me Bman
great job by GS..........buyback stock..........their #1 goal is and always shud be to maximize shareholder value......period
so buying back a stock maximizes shareholder value? oh man...Bunky do you want to slap him or should I?
"I'm on vacation this week but am keeping an eye on things and will be checking in."..thx jim....on margin 200% cash yet..oh man, setting up the big move indeed.
Bunky...where are your heros at the SEC, on vacation in the hamptons on the beefer skim tab...you must feel great shame.
the latter, frosty ... probably slurping down beefer & Street drinks & food at their mansion
uh ... Bud ... animal metaphors have situational relevance, so I vary them as appropriate.
those stock buybacks sure helped maximize value at C, WB, MER, etc.
And every other corproation that did them for the last 14 years.
The stock buyback adage: "Buy high, sell low"
The U.S. Federal Reserve and Treasury Department extended into next year their Term Asset-Backed Securities Loan Facility, a key program aimed at boosting the flow of credit to businesses and households and the distressed commercial real estate market
Battleship Ben is still firing salvos as needed - a stalwart.
Bman...............is TALF a version of quantitative easing ??
serious question
no, it's a version of being the "lender of last resort" which is the key purpose of the Fed in a credit-lending crisis/panic.
Bman when is your canoe trip ??
canada very sparsely populated country...............you prolly gonna be out way in the wilderness far away from law enforcement
are you worried about being out in the middle of nowhere without your arsenal of weaponry ??? i am shocked someone like you would be out there................i know i'd be scared to death bein out in the woods without a firearm
Bob................what was the last year you had a losing trade ???
2007......mern....QID ???
man you're good................you're also a f'ng douchebag
PS......still wanna be friends ????
am i being......uhhhhh......'tedious' ??
with the same old boring and rude and childish name-calling ??? that's ok.......i enjoy it
hey bob .......you want me to......'call off the dogs? '
someone feeling the HEAT...I think so..."i know i'd be scared to death"
LMAOOOOOOOOOOOOOOOO bob
We hit the woods on Sunday.
I'm with a group & we'll be in a National Park of Canada. Plus I'll have a good knife & my tomahawk.
No worries.
Of course if in the US (except National Parks), I'd pack a .44 magnum with bear loads.
well well well.........very interesting story on pension funds............they completely missed the 50% rally.........and last year had the worst in 71years
http://www.bloomberg.com/apps/news?pid=20601109&sid=amowlMWZN_dc
PS.............meanwhile beefers havin a monster year .......uhhhh Bman...........still think the rich are 'dumb' ??
Bunky...you should pick up a wrist rocket for the trip, go with the Saunders pro, pack 3/8" steel and some 1/2" glass ammo (for bears)...think you would enjoy it...unless you are effective outside 30 ft are packing multiple tomahawks, the wrist rocket provides great personal protection.
bring replacement bands as well...everyone on the trip will want to take a shot...plunking with rocks is fun, save the ammo for business...I gaurantee the wrist rocket will be a much bigger hit than your hardtack.
'effictive with multiple tomahawks'
lmaooooooooooooooooooooooo
Bud stop listening to your idol...beefers on avergae are struggling...where are you getting your stats?
Bunky with the "shopping for spam" mush.
I've got one of those, frosty. but vs. bears ... uh ...
"but vs. bears ... uh ..."....nonono not for you bunky...for you I suggest the fetal position screaming like a lil girl.
nope, frosty, I'll use my tomahawk hand to hand
All I've got to do is sink it into its head, and voila, no nore bear.
The knife can finish it off it dazed.
Uh frosty, re-read today's 'sententia' in Verbum Diei.
10" knife, of course.
Sententia: Fortes fortuna iuvat. [from Terence]
Sentence: Fortune helps the brave. [alternate: Fortune favors the bold.]
:)
All I've got to do is sink it into its head, and voila, no nore bear.
rofllllllllllllllllll
EZPZJAPANEZ
what if its not a cardboard bear???
a lil real time pressure and its like azzy's 6 iron drops to 135.
uh guys ... there's a reason why Bman rhymes with Tarzan.
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