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Dashing For More Trash
Nobody wants to take any long term positions into year end, virtually every fund is now in a daytrading or scalping mode, jumping in and jumping out of specific stocks like a cat trying to chase crows and pigeons raiding the garbage cans behind Burger King.
Today, they were gunning anything that was moving, no matter how putrid.
For example, AIG was getting riverboated.
And forget about the mortgage insurer downgrades. Just another excuse used to squeeze short sellers.
And why not put on the "guilt by association" trade, by boning up some broken down homebuilers...
And don't forget the "Metrosexuals", like Whole Foods, Blue Nile, and lululemon....
Meanwhile, the regional banks have stayed relatively pinned with no pullbacks allowed, based on a revitalized and re-energized commercial real estate bubble boom:
I'll be watching Charles Schwab, if this thing breaks out to new highs, then the market will obviously be anticipating the widespread return and resurgence of the public into trading stocks...
As of today, they are nowhere to be found, most of their 401(k)'s are piled into GIC's and bond funds.
EEM bears watching, as it is sitting right on the 50-day, being dragged down by the BRICs.
Oh, and Cramer was just out, expecting a $750 price target for GOOG..
"Hey, Amanda, if Google hits $750, that button has to go!!!"
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What's up with all the volume in Ensco today???
Lovin' the move to London?
Another 21 million shares traded in the after-life.
WTF???
"Effective tomorrow, December 23, 2009, Ensco's parent company legal
domicile will change from Delaware to the U.K., the new parent company
name will be Ensco International plc, and Ensco's ordinary shares will
begin trading as American Depository Shares on the New York Stock
Exchange under the trading symbol "ESV".
"Nobody wants to take any long term positions into year end"
>>All my pension fund buddies locked in their profits months ago and told me "let the hedgies and traders trade, we don't care because we made our targets early on being long spread products." (ie. beta)
Only market players left this time of year is a bunch of momos looking for their next fix.
"jumping in and jumping out of specific stocks like a cat trying to chase crows and pigeons raiding the garbage cans behind Burger King."
For gods sake Robo, don't spill the beans on the good eats to be had behind Burger King. Before you know it, I'll need to find another place for my fine dining pleasure. Keep the riff raff up in the front of the house for crying out loud.
Good eats? A former Rhode Island Governor once dove a fast food dumpster to retrieve a lost bribe. You never know what you'll find...
i'm trying to decide if this market is worse than the dot com bust days....
What a Christmas gift, I was able to short RDN at $8 at the end of the day.
Can't wait for earnings, or lack thereof.
They'll manufacture earnings, but will the market bite?
Didn't work last quarter, the market is on to the MIs, they need to show a positive trend in delinquency rates, which they won't, not this quarter.
No one buys their bullshit anymore on rising delinquencies but lowering reserves as they assume away losses. They have some insane assumptions on how many of their currently delinquent borrowers will cure, and/or claims they will deny.
Delinquency inventory will rise by 10%, but reserves will go down? No one is biting on that anymore.
This won't help things either, this was just filed, I expect to see these fights increase.
Item 8.01. Other Events. On December 17, 2009, Countrywide Home Loans, Inc. and BAC Home Loans Servicing, LP filed a complaint (the “Complaint”) for declaratory relief in the Superior Court of the State of California in San Francisco against Mortgage Guaranty Insurance Corporation (“MGIC”), our principal mortgage insurance subsidiary. The Complaint alleges that MGIC has denied, and continues to deny, valid mortgage insurance claims submitted by the plaintiffs and seeks declaratory relief regarding the proper interpretation of the flow insurance policies at issue. We intend to defend MGIC against the allegations in the Complaint vigorously. However, we are unable to predict the outcome of this case or its effect on us." http://www.sec.gov/Archives/edgar/data/876437/000095012309072763/c55233e...Bonanza.
PMI Mortgage Insurance Co. Announces Restructuring of Certain Modified Pool Policieshttp://phx.corporate-ir.net/phoenix.zhtml?c=63356&p=irol-newsArticle&ID=...
Yeah, bonanza, they did a deal last quarter just like that one, they are selling their future premium stream at a discount to get statutory relief. Desperate times...
Oops...
On December 17, 2009, Countrywide Home Loans, Inc. and BAC Home Loans Servicing, LP filed a complaint (the "Complaint") for declaratory relief in the Superior Court of the State of California in San Francisco against Mortgage Guaranty Insurance Corporation ("MGIC"), our principal mortgage insurance subsidiary. The Complaint alleges that MGIC has denied, and continues to deny, valid mortgage insurance claims submitted by the plaintiffs and seeks declaratory relief regarding the proper interpretation of the flow insurance policies at issue.
http://biz.yahoo.com/e/091222/mtg8-k.html
Check out these low grade screamers.....
Did you miss the jam job in the cdn? 375 pips in two days because the Bank of Canada, aka midget Fed, might raise the discount rate? What up to a a whole one sixth of what the AUD is fetching already, minus the China stimulus? AID meanwhile feeling pain. It good to be the house and have the fabricating machine for the chips behind the second stall.
The Girl ... How much is the bid for the Girl?
Very good opening analogy about what is happening in the market.
I think you could call DTG a low grade screamer on crystal meth. What kind of respectable big board stock goes from fitty cent to $27 in nine months?
http://www.wired.com/images_blogs/sex_drive_daily/images/02_07_crystal_02.jpg
" like a cat trying to chase crows and pigeons raiding the garbage cans behind Burger King "
ROFL !