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Citi Accounts For 20% Of Total Market Volume
One stock, a company which is effectively bankrupt absent the government's support and the FASB's suspension of Rule 157, now accounts for 20% of total market volume. At last check, Citigroup had traded 1.6 billion shares, one fifth of total market volume. Why does anyone still fool themselves that the market is indicative of the total universe of stocks. We are confident that if we add Goldman, BofA and the other financials, especially their penny stock variants, we would get something like 40% of all volume. This is the sector which as we have repeatedly reported has seen short recalls by assorted custodian entities and repo desks.And as we type, Dick Bove is on CNBC providing the instacommentary he had previously banned himself from doing before, and confirming what we have been saying all along - that Goldman Sachs is a Buy only because it is a monopoly.
h/t Joe Saluzzi
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still vomiting...
I love the headline on CNBC over the chart of the Dow. Dow ends higher as Goldman shares rise. Everyone knows they are just dicking with everyone saying see we control the market not the SEC or the Govt.
Also, as a preview to my show tonight I'll say something like, you can't keep a great market down. This market defies all logic. The bears had their chance and couldn't take, not even the Mighty Goldman Sachs being investigated failed to keep this market from going up.
And then much later there will be a bunch of BOOYAAH's and shit like that.
Life's grand nothing changes.
ONE MORE THING DID EVERYONE HEAR ABOUT THE NEW GOVERNMENT PROGRAM TO HAND OUT BLINDERS TO ALL!!!!
It will create millions of jobs and keep millions of people from knowing the truth. Go back to work sheepie.
Jim as a favor for me could you run on stage tonight wearing your classic shit-eatin-grin? Much appreciated. Oh, and if you could make your face turn beet-red too. Thanks again.
Just wanted to add that if you could. Also make several comments about how the market is crazy and irrational but you have to go along with it anyway or it'll squash you.
if i see that channel/site for more then 10 seconds, blood vessels start popping in my head.
oh and jim, on your show tonight can you pull an R. Budd Dwyr. thx!
http://en.wikipedia.org/wiki/R._Budd_Dwyer
At 2:35 a big volume spike pushed GS green and it never looked back. C is being touted as having "excellent earnings" all day. It's no surprise the market would run on that.
Classic, can't think of how many times I have used that line today!
freakin great
Before you shoot your mouth off, make sure your brains are loaded.
Caught me off guard with that one. LOL
I'd love to know who this "Harry Wanger" and other professional trolls are (my favorites are the Wall Street journal ones). It is clear that they have a script; same trolling comment meant to derail conversation time after time after time after time. Do they all work from the same office, just like the Chinese internet watchers? It's remarkably spooky. Do they get minimum wage, or do they operate out of Langley? If I'd have to guess, I'd say that they are an offshoot of Langley, the "popular opinion management" team. There's no way you could pay sheeples $10/hr to do a job like this and no leaks would come out. Yes, I'm that paranoid by now...
Livin' or dyin' by the "C" sword! Piercing and Pathetic!
Tyler Citi just realesed earnings today.
If you have 5 minutes available to study the numbers. you will find out they are far away from bankruptcy.
Only if you get a change. I know you must be really busy writing hundreds of articles all day long.
most of the said profit was generated via prop trading and not standard retail banking which is, if i am not mistaken, the core of C operations. Also with the current mark-to-whatevathafuck accounting practices i dont think C took a hit on their RE, CRE, structured instruments and derivatives holdings. The earnings are purely fictional, but WS is stupid as shit in general and greedy as never before.
Actually, according to the report, the trading are of C "slumped"
"On the negative side, Citi's trading arm slumped. Securities and banking profit fell from the year-ago quarter to $3.21 billion from $6.14 billion, though it was nearly 10-times the $364 million profit the bank posted in the fourth quarter."
And,
"On the plus side, profit at Citi's regional consumer banking arm rose to $1.01 billion, up from $791 million for the same period a year ago."
You never refuted his point that if Citi ever had to realize those toxic assets it would go bust.
Can I get one of those GlassHammers??
We could make a fortune selling those to Wall St. to sell to their clients and then bet that they would break if used to hammer anything. How brilliant am I!!!
Jim the thought had crossed my mind.
I dont have, yet, C 10-Q for this quarter, but when i do i will give a more detailed analysis than this. Also what C defines as its "trading arm" is in itself dubious. If it considers only its stocks, bonds, SIs and derivatives trading as its whole trading arm it is misleading or not reporting in full. You should add to trading the commodities operation C runs and which is one of the biggest in the world. The ramp up in oil and other commodities, percentage wise, is bigger than the one in equities, comparing it Y-T-D or Y-O-Y. But as the commenter before said, you have no acknowledged that if C was conducting a normal accounting practice and not FASB 157-d [which is fucking beyond ridiculous since it is used in pricing the market which is not liquid or at this point non-existent] it would trade on the pink sheets. You know it, I know it, Al-Saud knows it, the government knows it, Pandit knows it, every motherfucking 1st year analyst knows it. But you are just a fucking troll who needs to fuck off to a more troll-convenient site to spew its garbage.
Surely your mean DOA Trader, no?
You're kidding right?
They are solvent only if you don't count the $180 billion in outright assistance, the ongoing gift of interest rate spread, ongoing gift of Fed exchange of cash for toxi assets used to ramp market for share sales, ongoing gift of mark to fantasy of their asset book, ongoing gift of blissful ignorance of all their off-book fraud.......
Who do you work for, Ernst and Young? If your comments reflect your standards, I wouldn't let you be the banker in a monopoly game let alone follow your advice with real money!
Spot on, spot on. Thats the only reason they look somewhat "okay". But in reality if they had to have their books done like regular businesses, they would have been insolvent not only back in 2008, but even now. We are doing what we told japan not to do back in the late 80's and early 90's where they had 20 years of stagnation. We told them to get those debts off there books and essentially write them off. Write them off and let the banks that are dead die and the ones that are somewhat living live. Looking at the market today and over the course of the month, it's mainly just CITI, BofA, Goldman, and a few others who are buying and selling stock back and forth between each other. The rest who knows could be suckers waiting to be fleeced or people who think that they can outwit the stacked market.
When this game finally implodes and we go insolvent, it's going to hurt. We've been using the rest of the world as our credit card in order to make ourselves an empire. The problem is that the world is getting tired of subsidizing our lifestyle and our script (money) has lost it's luster. We are going down the same path that all empires go down eventually, if you don't believe me look at the last empire that went under Britain and see how they used to be everywhere and now have to rely on us for everything (including money).
"Oh then I will buy Citi. They have high earnings. Have I introduced myself? They call me Silly Balls."
Do not look behind the curtain, where they stash all of their RE holdings, and credit card defaults, no, look at "earnings".
Cough*bullshit*.
Which set of the two books of #'s would you like tyler to review?
The fake one or the faker one?
funny comment. lame avatar.
Well, one way or another the USG needs to get out of it's C position. One might think that it's sooner rather than later. As long as the ends justify the means, I guess...
But will the House of Saud let them. Questions, questions.
SP-500 and SPEW are not on the same page today.
I knew my post earlier about GS being a buy and everything else being a buy would be met with everyone running out and buying stocks like crazy. Dow 36,000,000,000,000,000 here we come!! BOOOOOOYAAAAAH!!!!! I hate this market.
It would be so awesome if you were Cramer. Oh man, that would be the best. To see him defend himself on ZH would be righteous. Me, "Hey Cramer! You lick goat balls." Cramer, "You take that back. Take that back right now." Me, "No. Because you do lick goat balls." Cramer, "Only when the Bavarian Illuminatti tells me too. And they were washed! Ba-ba-ba-balls!"
Thankfully I am not he, but funny enough I did help a real live goat get unstuck from a fence he was hanging on this morning, I shit you not a true story.
I have been following this site for a long long time and am surprised no one ever took that name, but alas I am left with having to utilize to defend everything that is Holy(read GS doing God's work).
Thank the Lord for this site. Go check out CNBC and the comments there. Sheeple abound.
My question is for how long can they push this market up? 14k, 20k, 50k?
It's just retarded.
they will keep it like this forever. the stakes are too high. they cant afford to let the market go down. even if this means the fed will buy every god damn share in this market.
BUY BUY BUY
It's all a show.
Per the Government:
Show the people we care, pursue Goldman Sachs at all costs. We want them to know we are still going to crush these Wall St. bastards....what's that a phone call...hang on a sec.....Ahh Mr. Blankfien I was just saying what wonderful job you guys are doing. Yes sir......ok.....yes sir.....ok we'll get the Treasury Dump Truck with Trillions loaded in back over to your vault promptly......ahem, where was I? Oh that's right, tell the people we are going after them and will stop at no cost, to the taxpayer that is hehe, to get these bastards!
See the game continues! One day wonder on Friday must have been a malfunction of the HFT of course the PPT could be at play today????? Any thoughts?
My coworker told me to buy C, I said " fuck you "
atta boy
Should have shivved him.
ROFL
BEST COMMENT ALL DAY!
I would have laughed, and laughed, and laughed.....everytime I would see the face of the idiot I would probably erupt in righteous laughter.
do you enjoy working with the mentally handicapped?
Shoulda borrowed $100 off him and bought. If it tanks tell him, "Sorry, investments are NOT guaranteed." If it fly's take the profit, pay him back the $100 and tell him what a genius he is.
Excellent response. Unambiguous so there is no confusion.
What is the point at which the US cashes out? And what happens then? Crash for cash? Ash for hash? Raise the masts?
1 - Pension plans are under funded. Stocks make the bulk of pension plans. If the equities deflate, then the states (most of which are going broke) need to make up the difference. Until the economy can 'grow into the market' stocks will have to be kept artificially inflated.
2 - If you believe that health care reform is a ponzi scheme, then how many years do they collect without having to deliver? 3 yrs? 5 yrs? The money they get from that will service the debt they created. By the time they actually start having to pay out, hopefully the economy will turn around and they can then start selling the equities instead.
This may last years.
Check and check. More specifically, I meant, "When will they cash out on their Citi holdings?"
Don't fool yourself on this whole hubbub over Goldman. They're all in on it, and realized that - given the bad press surrounding GS and Obama's need to show the public he's "on their side", GS had to die and be born anew under some other guise. That's why you're seeing this now.
The timing is off by only a week or so .....
Dead on Friday, born again a few days later .....
GS is not the anti-christ, they ARE Christ!
I love it, couple of billion shares traded in a 30 cent range.
So liquid ...... it's illiquid!
"Goldman Sachs is a Buy only because it is a monopoly."
^This
As projected, Friday, "A One Day event". Back to the switch.
Good call. I think traders are focused on momentum and earnings right now. Both are pushing strong to the positive side. I mentioned here before that it would take a major event to move the market lower now - like war. So far we've had Greece, volcanoes and GS and the market hardly batted an eye. We're definitely moving much higher from here.
I think traders are fools, for the most part.
"So far we've had Greece, volcanoes and GS and the market hardly batted an eye." The proof (of said foolishness) is in the puddin'.
Who cares how big you blow a bubble? It's still a bubble and all bubbles pop. You should change your name to penispump.
"Gussy it up however ya want, Trebek, what matters is, does it work? Will it really mighty my penis, man!?"
http://www.ebaumsworld.com/video/watch/80693916/
REALLY>>>>>>MUCH HIGHER!!!! If I draw a diaganol line and extrapolate everything on that line to move in the direction of the line everything is awesome!!! See I should be an analist because the are fucking anally retarded. I love what I have been hearing over the weekend and then from you Harry, S&P earnings are going to be $100 next year, better than they have ever been. Nothing phases this market, let me give you a clue that's because it's false! If you go in a house of mirrors I bet you're one of those that says wow look there's hundreds of me and beleives there really are hundreds of you that exist.
who knew jim was an analist. guess that is why he is so into greece...
who knew jim was an analist. Erin Burnett ??????????
Oh i l love it jimmy. Thanks a bunch LOL . Very good anology.
REALLY>>>>>>MUCH HIGHER!!!! If I draw a diagonal line and extrapolate everything on that line to move in the direction of the line everything is awesome!!! See I should be an analyst because the are fucking anally retarded. I love what I have been hearing over the weekend and then from you Harry, S&P earnings are going to be $100 next year, better than they have ever been. Nothing phases this market, let me give you a clue that's because it's false! If you go in a house of mirrors I bet you're one of those that says wow look there's hundreds of me and believes there really are hundreds of you that exist.
Major event - maybe. However, one does not know how to label an event "major" until well after the damage has already been done. Greece, Volcano's or GS could have all been labeled "major" right. Add that to your "risk basket"!
So far we've had Greece, volcanoes and GS and the market hardly batted an eye.
Yes and all three are still bubbling away building pressure, unresolved,unsettled and just as dangerous as drunk with keys to a nuclear silo. But whatever floats your boat.........
My question is for how long can they push this market up?
Don't forget we have Katla, Hekla, and heckubigjilbyvgcano all waiting for someone to throw the doom switch. That should stall the melt-up around 35,999.
The DOW will finally top just under 100,000. Companies will be established to produce (in Myanmar) "DOW 100,000" hats, shirts and coffee mugs. Goldman Sachs will make a killing shorting the stocks of those companies when the DOW doesn't quite make it. Of course, by this time the inflation adjusted value of the DOW will be about 100, but no one will care.
What is 20% of nothing?
Who is Dick bove anyway? A 50 plus somthing emerges from Punbk Zeigel? Resume so good Rochdale or whatever he works for now says in its hiring memo that he is a veteran analyst? Can anyone verify they knew of this guy before 2007?
His greatest quoote yet today: a bunch of nobel prize winners caused the banking crisis and questioning GS may cause another collpase. And this guy is a bank analyst. bizzaro world
'Who is Dick Bove anyway?' ...irrelevant, he has a beard.
By the way, tomorrow is the anniversary of Jacque de Molay's ardainment as Grand Master of the Knights Templars in 1292. Just sayin'.
All the big hedgies, including Paulson & Soros are long Citi. What's the matter with you guys on ZH? Didn't you hear? Citi never sleeps! LOL!
Who said the French don't fight. Great job Jacque de Molay!
As far as this trumped up ponzi scheme, citi, goldman and boa say it all. Buyer beware.
Ah yes, the whole french can not fight rumor. To add, GS takes a dive the same day that CDs speculators start gunning for France?! [With accent] "Ouh houhou, oiu, we can not fight. Look the other way, as we are incompitaunt. Oh houhou."
I've just heard on BNN the guy by name Brad Hintz from Stanford&Bernstein declared "that CDO is not really security, just private bets, by the way UBS and City were bigger in that area, so the whole affair is just ????". Don't bet on GS going down, they are just corrupted casino croupiers and they are covered by different government agency.
....french cannot fight rumor ?? Which one......the fight with their feet and fuck with their face ?? Or some other.
Heheh. They do fight dirty.
What's your beef Tyler and fellow tin foil hat types(like myself) ?.
Who amongst us didn't know there would be a market turn around at precisely 2:00 ... Or 2:30pm today. Really ?.. Who ?.
This shit is tradable dudes... Until the collapse, which as brooklynlou pointed out won't be happening due to reason #1. Go long, you can't fight this pension bubble.
Love that avatar of yours......In fact, I'm listening to "Eye's of a Stranger" right now....
If they reverse split again maybe they can be 40% of total market volume. Then they could have their own exchange.