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BAC Triggers Avalanche Of $7.00 Stop Loss Sell Orders
Is that H2SO4 that Warren is pouring for his next deeply introspective bath? Or will he double down and throw good money after bad money that was good as recently as 2 weeks ago (and according to Cramer was supposed to trigger a "massive short covering squeeze in the XLF.")
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No, it is an issue with US code, and ownership interest under UCC codes 3 and 9. It is going to affect every state because it is the fed law that the states must comply with or have reasons why they do not that are acceptable to the US. This is an application of law that means the courts aren't buying the banks word for it any more. The decision literally let every attorney know how to defeat MERS.
Really you read that where?
Sorry, that was me.
I've been intentionally losing billions for months now trying to counter all of the currency printing. For the little people.
Guess I'll try trillions now.
H2SO4 ... leaves nasty looking & rather visible burns.
As LULU goes, so goes the nation
Dollar is breaking IMPORTANT resistances here::
http://markettechnicals-jonak.blogspot.com/
Rising dollar worst nightmare for the FED.
Means dollar donominated assets are getting settled. And oddly the person with the highest currency value in the end is the loser. Because you got liquidated the most. This is what people don't understand. They don't call it a race to the bottom for nothing. Pound is rising like crazy because briitsh businesses are cratering like crazy.
http://en.wikipedia.org/wiki/List_of_business_failures#2011
BAC is higher than it was 2 days ago, and is outperfoming the market.
Man--I understand ignoring the writing on the wall from time to time, but this isn't just writing on the wall, it's like there's a skywriter flying over your house that reads "RGD, get the heck out of bac before you lose everything! You're not smarter than the guys on ZH! Buy Gold! Buy Gold!"
That's what great depressions are.
1st dip. We're fucked but lets ignore.
2nd dip. We're fucked and things are finally happening.
The note in the NY Times this morning that the Fannie Freddie Settlement for no monetary damages is the real tell on the banking system. Given their fear that the banks, as our hedge fund is positioned on the short side of all of the major money center commercial and investment banks, will be broke by any sort of monetary charges, it is no wonder the dow is down 325 points as of now. Fair Market Value remains 1400 on the dow.
Buffet knew this would likely happen. He could give a shiite about the 5 bil--like Obama he thinks he's the messianic savior of the country. Only gave BAC the injection as a patriotic gesture to inspire confidence. Heart in the right place I think, but it's wrongheaded of him to help perpetuate the myth of a healthy market. He needs to come out and say "you should only be buying here if like me you can afford to get through a potential complete collapse before making your money back or, like me, you'll likely croak in a year anyway so it doesn't matter...."
Oh Dear, the market is about to take a huge craper! I hope y'all got puts and gold!
Either the gold bugs clean up or TPTB use up all their margin hikes. What a weekend. Either way, it's a win.
Mr. Owebama speaks, and finally Mr. Market speaks louder. Maybe we have the rational spokesman back who will honestly report the accelerating European and U.S. financial collapse. I sense a Satuday night massacre in Greece or Germany.
BAC to lay off up to 40000 workers .The Oblamer and the Fascist of Omaha jod program.
OT, but in other news, The Bernank is blaming consumers for the shitty economy (from the truly WTF files):
Fed Chief Describes Consumers as Too Bleak
You really can't make this shit up. It's...just not.....possible.
I wonder if The Bernank has a working theory of econometric model hazarding a guess as to why consumers are "bleak"? Maybe he could plug 18.7% U6 unemployment, depression level housing values and record number of underwater mortgages, trillions of taxpayer extracted monies literally given to Wall Street/Banks, 20% to 50% household wealth destruction, 11% rate of real inflation, surging tax/permit/license fees and rates that are growing like crazy, prolific government deficits and a growing national debt, crashing currencies, etc. etc. into a model and come up with a theory.
Satan worshippers have a sense of humor. We are supposed to love what he is doing to us and enjoy it.
Consumers are just not spending more money that they do not have....damn slackers!
The Bernank can suck my goat balls.
Everyone at my workplace just had their pay cut 20%
How the fuck are we supposed to feel anything less than "bleak" about that asshole!
William Dudley suggest you taste iPad2. It's delicious.
So your next pay cut won't feel so bad. Go the way of the zombie, mumbling alone, minding you own shitty existence.
I am making a KILLING today
http://tradeonfire.blogspot.com/2011/09/look-out-below.html
Bob- OUTSTANDING!
is it just "risk off" cuz it's friday?
no mo risk on? ever?
slewie usta set up some amazing put spreads & straddles in BAC back in '83 or so when BAC was @ $25 and had a beta of maybe .0001 for about 6 months
ka-ching!
Buffett the Baffoon says "you can take three olympic size swimming pools and fill 'em with all the money I gave BAC, and still have money left over to buy politicians". fucking corrupt moron.
stick save ... BAC 7.01 http://quotes.wsj.com/BAC
Thats alot of volume someone probably the $7.00 put sellers are desperate to hold the 7 line in the face of some damn rotten reality.
The Wanksters my chain, creep up on you,
You have to be very naive to think that Papa Buffet will lose a dime on his "preferred" shares.
Buffet in Oct. 2010 "Forget gold, buy equities".
Gold has gone from $1350 to $1800 and the DOW has gone from 11,000 to 10,968 over the same time period.
Buffet sold his silver at $7 or $8 ?? .... what is it today, $42 ish? (LOL.)
Follow Buffett at your own risk.
Just because an individual might have been fortunate to become wealthy DOES NOT make them wise or even exceptional. As Warren clearly demonstrates.
Whales have talked contrary since the first markets surfaced the ponzism.
It is the easiest way to make coin. Misleading to your own benefit and protecting something else (well fucko) at the same time.
As far I see it, ther ain't no stoopid billionaires, running loose.
Wonder if "gun to his head" is still renting his long xlf @ $13 looking for a 15% bounce?
"Johnny was a chemist's son, but Johnny is no more. What Johnny thought was H2O was H2SO4"
http://youtu.be/BoxXnEdZA6o
It sure looks like someone was standing ready to take them out and keep up appearances with a seven handle on the stock too. Hmm, I wonder who has the capital to play that game? I bet it wasn’t any of those 40,000 BAC employees who now see an axe hanging over their head. And, how many owners of BAC stock are really any less of a pawn in this game than they are?
noticed that, too. A brief dalliance lower to 6.96, but the bids showing (HFT?, special BAC algos?) always seemed to outnumber the asks, especially in the 6.98-7.02 range and lo and behold, it closes at 7. It's 4 o'clock and all's well.
Be careful over the next several days and weeks.
Tiny Tim is out in the FT with and OpEd and is doing the television rounds.
This rat bastard fuckstain is up to something no good.
"The White House Press Office has vomited all over my inbox,"
This is what reporters are sayng.
The price action in BAC is fucking rigged. There is an endless bid at $7 exactly and it bounces off of it up to 7.009 or 7.015 then back to $7 and back up. Bullshit
hey LRC_fan!
"there are no more markets, only interventions"
that said, the price will continue to act this way until the market maker in BAC (poor guy/gal?) moves the "bid-ask spread" due to a "preponderance or 'imbalance' " of higher bids or lower asks (buy or sell orders outside the spread)
without such 'imbalance of orders', BAC tends to trade in a pretty narrow spread, 15 cents, as you report, here
most of the 'volume', here, is pretty much just hi freeks picking up pennies and nickels in front of a steam roller, or in BAC's case, maybe a roller-coaster, buying from the sellers and selling to the buyers, w/in the "spread"
its lock limit down as the crooks get out of their positions for the weekend.
And while everyone was watching GS, JPM, and BAC, Citi took a dive.
thxz! mr L_H!
plZ recall tyler's piece yest (on the 4th pg for the day L0L!!!) showing the graph of financials going from "worst to first" as the 10-yr went sub 2% and it was "risk on"
now, it's "risk off friday" and look out below! altho i await tyler's post-mortem, since that's why he gets the big freaking bux from TPTB now. L0L!!!
maybe i shoulda said "now that he's having anal sex w. ron.paul.con"
fight club, BiCheZ!!!
Revelation 26:16
...and when you see the abominable oracle of corn town sitting in a bath tub where he should not be then flee to the hills. take not your cattle or your sheep. Run, save yourselves, for the derivative desolation written about from ancient times is upon you...
I wonder when we are going to have the day of capitulationand stocks go to about zero. t that moment the game is up and there is no longer a stock market to invest in. Even people in the know have to realize the market is a farce, but they keep playing becuase it is all they know. They aren't even qualified to be burger flippers so they keep pumping stocks to delay the inevitable. The day they come knocking on Main Street's door.
the joke is on us people...warren didnt invest a penny of his money. the fed/treasury gave him the money...our tax dollars to play this game.
So, this being the second time since the triple B (Buffett/BAC/Bathtub) deal that BAC stock is bouncing off of $7 like a dead cat, it’s starting to look like someone may have handed us all a free put option on BAC shares. Great. You can go sell the Oct expiration put with a $7 strike right now for $.79, giving you a 96% annualized return on your capital at risk. Or, if you’re a little more conservative, sell the $6 strikes for a 60% return, or the $5 strikes for a 40% return. It’s definitely looking like Paulson was on to something when he sold those puts with a $4 strike last month (I’m guessing it was him). We’re comin’ to get you Daddy Warren Warbucks.
Kraymer is an idiot shill, whoring (er. working) for NBC.
Warren should take a bath and drop one of those small coffee cup elements in with him and turn himself into human soup.
Laugh all day at the old guy if you want, none of you kids here get a bj every day from a national TV anchor do you?
This sure ain't 2008... yet looking at BAC headlines and charts today...it sure feels like it did before Lehman failed....
Why would they shred 40k workers? Countrywide's toxic mortgages are still hidden somwhere in that balance sheet. Why won't they break up ML and US Trust from Retail? The supermarket banking model is a utter failure. Unless of course, you've been shorting since $30/share.
And, why would anyone (or institution) have a securities account at BoA right now? LOL! People are actually paying BoA to hold their Treasuries that are practically yielding negative in real terms...
While sitting in the bath, Warren comes up with an idea how to ... take a bath.
But he scrubs and scrubs and still can't get the scum off.
TOnight, pray for the scum on buffy, to live and breath and shrivel his wrinkled fat ass.
Is there some sort of dictate that the BAC shall never stay lower than 7.00? I've been short since the 14's but, other than one quick dive to the low 6's, it seems like it never goes below for 7 for long. Time to close out the position before a bail out sends it back to 14? I know it would go to zero in a free market but... LOL... we don't have that.
" Warren is pouring for his next deeply introspective bath?"
Not to Worry. Uncle Buffet has a plan to deal with Banker implosion.
Back in 1985, There was a Benefit Concert called "Live Aid" to provide relief aid for Starving Africa.
In 2012 Warren plans his own Benefit Concert called "Banker Aid". There will be a featured song called "We are the World!" sung by all of the Bank Execs!
There comes a time when we heed a certain call
When the world must come together as one
Bankers are poor people
Oh, and it's time to lend a hand to the bankers
The greatest gift of all!
We can't go on pretending day by day
That some central banks is coming to thier rescue
We're all a part of God's great big family
And the truth
You know, money is all they need
We are the world, we are the bankers
We are the ones who make a banker's day
So let's start giving
There's a choice we're making
We're saving bankers' lives
It's true we'll make a better day
Just you and your money
Well, send them your heart
So they'll know that someone cares
And their lives will be richer and care free
As Bernanke has shown us by turning paper into money
And so we all must lend a helping hand!