Guest Post: I'm Pete And I'm Long. It's Been 36 Days Since I Was Long

Tyler Durden's picture

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HedgeAccordingly's picture

i think we might get a short squeeze into this AM .. as 1190 is breached while asia gets on the grind.. get em all short and then run it up.. get em all long and run it down.. seems to be the theme 

SGS's picture

2 words:

 

Normalcy Bias.

X.inf.capt's picture

pete....why you bogartin, man...

pass it around...

Fish Gone Bad's picture

Goldman Sachs will eat Warren Edward Buffett's lunch.  They are the perfect predator.  Buffett helped them out, and they will help him out by shorting the F out of his positions.

Word.

AldousHuxley's picture

It is all about Fed's actions since 2009.

Fed prints, we have a bull (shit)

Fed stays out, we have a bear (reality)

 

Bunch of government workers, and dumbass execs who are clueless and maybe 5% of private sector workers actually doing something useful to society. All the valuable work/innovation is probably happening in some college science lab by some phD earning $45k /year without benefits. That's the fucked up society we live in.

 

 

White.Star.Line's picture

Aldous.

Your posts are mind expanding, and worthy of one of the prime seats in the lifeboats.
(though any seat in a lifeboat should be considered prime)

stacking12321's picture

hey spiral_eyes have you heard of this great website called azizonomics.com?

Bendromeda Strain's picture

Oh, for the days when ZH was true to its inspiration

Aldous. Your posts are mind expanding, and worthy of one of the prime seats in the lifeboats.
(though any seat in a lifeboat should be considered prime)

You want to fluff the Socialist, you pay for a room, twerp. If you weren't such an unquestioning fanboy, you just might propose that those poor slave PhDs in the Science Departments would make more than 45k (cough - yeah right) if those glorious institutions of higher learning didn't a) overpay their administrators and coaches, and b) invest so much capital into gender studies, etc. Those poor scientists could also do quite a bit for their reputations if they would leave their politics outside the laboratory door.

Passing out proverbial seats in the lifeboat. It is to laugh.

MarkTwain00's picture

Tesla was one of, if the greatest innovators of all time and he had all his inventions stolen, copycatted and turned into death machines by the elite while he died a crazy person with zero credit until we realized the genious 50 years later.....things haven't changed much

The Big Ching-aso's picture

Yeah but that PhD doesn't wear $3,000 suits nor do they do 'God's Work'.   It's like what makes starpower in Hollywood.    The suspension of disbelief plus good looks goes a real long way in molding the minds of the starstruck hypnotized masses.

Freddie's picture

I see people writing articles like this on Seeking Alpha.  Most of the writers should be seeking a brain.  All little Buffett bots or those who think Apple can go to a million.

StrongmanShelford's picture

TRY THIS ONE:

 

ANONYMOUS HACKER GROUP ATTACING NYSE ON OCTOBER 10, 2011

MARKET CRASH COMING I GUESS!

 

It seems that the government and Federal agencies enjoy enforcing the law a little bit too much. They instate unjust laws as mindless automatons, blindly following orders with soulless precision.
We witness the Government enforcing the laws that punish the 99% while allowing the 1% to escape justice, unharmed, for their crimes against the people.
We have observed this same Government failing to enforce even the minimal legal restraints of Wall Street's abuses. This Government who has willingly ignored the greed at Wall Street has even bailed out the perpetrators that have caused our crisis.
We will not stand by and watch the system take over our way of life.
We the people shall stand against the government's inaction.
We the people will not be witnesses to your corruption and ill gotten profits.
We will not labor for your leisure.
We will not assist you in any way.

This is why we choose to declare our war against the New York Stock Exchange. We can no longer stay silent as the population is being exploited and forced to make sacrifices in the name of profit.
We will show the world that we are true to our word. On October 10th, NYSE shall be erased from the Internet. On October 10th, expect a day that will never, ever, be forgotten.

Vox Populi, Vox Anon.
The Voice of The People is The Voice of Anonymous.
We are Legion. We are the 99%.
We do not forgive. We do not forget.
Wall Street: Expect us.

http://www.youtube.com/watch?v=Gz0swK0mpMk&feature=player_embedded

 

 

 

 

ItsEvolutionBaby's picture

Anonymous are retarded until they actually do something of any significance.

disabledvet's picture

If they actually did crash the market on that day sending our nation and the world into a financial death spiral would that be good enough for you?

Loukanika the riot dog's picture

They should DO before threatening that way NYSE would not have time to prepare. They are being really helpful via Twitter to support the 99% in #OccupyWallStreet @anonymousirc but this will not help their cause unless they can pull it off.

 

hedgeless_horseman's picture

 

 

Pete, try something wet and fresh.  You'll feel better.

2 oz Remy Martin VSOP

1 oz Vermouth

Dash Angostura bitters

Shake and strain into a deep Champagne saucer, sit in a comfy chair, then ask yourself, "Is BAC the bad bank, or is The Fed?"

Demogorgon's picture

Play the momo with insanely tight stops as a trade. Short long. This fucker's doomed.

oogs66's picture

you could write anything you want with that avatar

Id fight Gandhi's picture

My name is Buck, and I came here to f....

bid the soldiers shoot's picture

"insanely tight"

I need a drink.

Concentrated power has always been the enemy of liberty.'s picture

+1 for the buffett bashing.  why is the cult of personality such a draw?  bieber and buffett both have the same political credibility.

BORT's picture

Is there any way to judge the redemptions that have been requested by retail investors or 401 K's

oogs66's picture

the only person who thinks retail investors still have 401k's is bernanke  and maybe buffett

Unprepared's picture

I think he/she meant 404

Mugatu's picture

Exactly what I said in late 2008 when I covered my shorts at about this same level.  Ahhh, but I did not plan on selling out early in the greatest short trade ever.  I certaintly made good money when everyone else was losing, but I left soooo much on the table.  Never again!

Sounds like you may learn the same lesson.

BORT's picture

Did the same.  Too early in, Too early out

Randall Cabot's picture

That worked out ok for Barney B

Freddie's picture

We ain't close to the bottom yet.  The Fed will make every income choice yield 1% so people will rush to the markets.  It might work for a while longer.

reader2010's picture

Don't fight the tape. And don't fight the Fed. Even Bill Gross learned it hard way.

TruthInSunshine's picture

Everything who think that the Bernank & The Ink Jets are going to save the day this time should move to Egypt, close to Da Nile River.

You'll be much more comfortable baking in the sun, delusional.

I have breaking news for you: Neither The Bernank, nor any other central bankster, has ever "saved the day;" they merely postponed the day of reckoning, which they simultaneously made that much worse, by that old fractional reserve voodoo of conjuring fiatski from thin air and then loaning out to see it leveraged many times over.

The only thing 'The Fed' or any other central banker imbeciles will accomplish by printing at this point is akin to fighting a 5 alarm fire by dousing the 500 foot flames with gasoline or sterno.

Goodnight, Goldman. Sweet dreams, Morgan Stanley. Lots of luck, Jamie Dimon. Don't think too hard, Paul Krugman. Sleep tight, Bernank, and don't let the bed bugs bite.

The last one to leave, would you please turn the lights out on the 30+ year insane, nearly purely credit/debt-fueled fake expansion that racked up an aggregate debt larger than the prior 2000 years did (in REAL DOLLARS), from which we have just now begun to deleverage?

Thanks.

 

J.M. Keynes on inflation in The Economic Consequences of the Peace (p. 235-6):

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.


Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers,’ who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.”\

 

There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

jomama's picture

i don't believe the unsustainable can be sustained forever, either, who does?

but i'll be damned if this charade has been going on for a lot longer than i thought it would.

AldousHuxley's picture

Except this time the Fed is waiting it out and finan.cials are dependent on not US Fed but Germany and ECB.

imaginalis's picture

I think you have shown perception the door

Two Towers AU AG's picture

MORE IMPORTANTLY.. DONT EVER FIGHT GOLD - THE BERNANK

DormRoom's picture

possible wave of hedgefund redemptions until the end of October.  More deleveraging, implies more down days

Aeonios's picture

Ha, I'm doin pretty good for my first time around. Converted to shorts on the 28th and been holding since. I'm already laughing to the bank but I'm more than 75% certain that longs got wiped out on the close today in spite of a hard fight, and will not have so much fight in them tomorrow. (and if they do manage a short-threat I'll not be easy to shake off)

Rule 48 tuesday!

 

My condolences, pete.

Subprime JD's picture

Dont get too excited. Now if you're short from 1180ish on the SPX then you should be safe but dont be surprised to see a bounce tues or wednesday. A 100 handle drop in 4 days is pretty steep and we havent any devastating news come out. And of course the payroll data comes out on Friday. If it beats (some indicators have come in somewhat better) then we may see a 3 percent snap back. But by and large absent some 5 trillion dollar global central bank liquidity party being announced I can see the SPX hitting 900's leaving you with some nice gains.

WonderDawg's picture

Markets don't move on the news. There is plenty of recent evidence to support this position. Just to cite one example, an earthquake, tsunami, and nuclear fucking meltdown was unleashed upon the world's third largest economy, yet after a blip, the markets resume their rise through the spring. Markets move on a spectrum of hope vs fear. If collective hope is strong, bad news doesn't cause more than a blip in the market. If collective fear is strong, good news doesn't do dick. So, the trick is to figure out the collective sentiment, and when it's turning. People might be getting close to fear exhaustion (not sure if that's a term or not, but I mean it in terms of hope is still in the fight). Or, maybe we dive further before fear loses steam temporarily. Either way, I think we'll hit a near term bottom ths month, and then rally for a couple of months as hope gains the upper hand for a short time. But then, hope runs out of steam, fear takes over, and shortly thereafter, hope dies completely and panic ensues. Just a scenario, but that's how I see it.

traditionalfunds's picture

Fuel is Bernanke Congressional testimony tomorrow. Hints at support (QE3). 

dwdollar's picture

We need to get hammered hard at least another week before QE3 rumors have any credibility for a short squeeze bounce.

LookingWithAmazement's picture

Europe is uniting, not fracturing. Almost every euromember agreed with the latest package. And the Germans will certainly not leave the eurozone, as Gonzalo Lira argues:

http://gonzalolira.blogspot.com/2011/10/germany-will-never-leave.html

Merry Christmas.

Sabibaby's picture

Merry Christmas Greece, Uncle Germany is actually Santa Claus. You've been good boys and girls, early retirement for everyone!!!

 

Weeeeee......

TruthInSunshine's picture

Gonzola Lira has been as about as wrong as anyone I can think of (so wrong, in fact, it boggles the mind), and his claim that Europe is "uniting" is as absurd in the face of the most credible evidence available to anyone who chooses to do some sincere due diligence on the matter.

I have no beef with Gonzola, and I never forget that even very intelligent people can make predictions that are wrong, and even sometimes incredibly wrong, but I fear that Gonzola has lost his compass on his "Europe-becoming-more-united" call.

Europe is comng apart at the literal seams, and nothing and no one will put it stop the implosion.