Tuesday, July 10, 2007
Closing Comments
I should have known the market was about to get its face blown off. Just yesterday, according to my "Fly Survey," you (the internet fucktard) were extremely bullish, by 75%. Two weeks ago, before the recent run, you were bearish.
Hence, it is fair to say, at least 2/3rds of you have no idea, whatsoever, what you are doing, sort of like witch Doctor's in New Zealand.
All day long, I made a shit load of shitty buys, which I now regret. I knew the market was going down triple digits, but I bought anyway.
I have that bullet proof feeling going on. Never a good thing.
The only silver lining about today is rates got poleaxed.
Long story short, "The Fly" is unafraid of such weak dips, knowing how weak, old and stupid the short sellers are.
My plan is to remain caffeinated, ignoring the negative health affects. And, to nibble at my favorite stocks, whenever I feel like it.
Finally, it's worth noting, CNBC is making this "sub prime mortage double wammy" into Hiroshima, part II. Fuck them and their fear mongering. Naturally, investors should be cognizant of systemic risks. However, until proven wrong, I believe this sub prime influenced dip, is a buying opportunity, particularly for tech.
Hence, it is fair to say, at least 2/3rds of you have no idea, whatsoever, what you are doing, sort of like witch Doctor's in New Zealand.
All day long, I made a shit load of shitty buys, which I now regret. I knew the market was going down triple digits, but I bought anyway.
I have that bullet proof feeling going on. Never a good thing.
The only silver lining about today is rates got poleaxed.
Long story short, "The Fly" is unafraid of such weak dips, knowing how weak, old and stupid the short sellers are.
My plan is to remain caffeinated, ignoring the negative health affects. And, to nibble at my favorite stocks, whenever I feel like it.
Finally, it's worth noting, CNBC is making this "sub prime mortage double wammy" into Hiroshima, part II. Fuck them and their fear mongering. Naturally, investors should be cognizant of systemic risks. However, until proven wrong, I believe this sub prime influenced dip, is a buying opportunity, particularly for tech.
Comments:
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This one is for you Fly:
http://www.youtube.com/watch?v=pLjo7-J1qho
I can just see "The Fly" being quoted 20 years from now. Ok, let me have it.
http://www.youtube.com/watch?v=pLjo7-J1qho
I can just see "The Fly" being quoted 20 years from now. Ok, let me have it.
I made a couple of stupid buys today, also. I'll most likely get my grill piece knocked the fuck out tomorrow.
Tomorrow I am going to leverage 3x on MNCS, the canadian zinc and nickel miner turned subprime auto lender. Now that is rich.
not to be a doom-n-gloomer, but the S&P/Moody's downgrades of RBMS, the ongoing plunge in ABX (AAA on down) and the S&P statement about evaluating all CDO ratings is gonna have some serious legs...
E.g., from S&P repot:
"Of the U.S. cash flow and hybrid CDO of ABS transactions currently outstanding, 218 (approximately 13.5%) have exposure to one or more of the subprime RMBS tranches on CreditWatch …" and that's after barely starting the RMBS downgrades.
I think we've solved our excess liquidity problem... ;) But, hey, BIDU will keep going up forever, no sweat...
E.g., from S&P repot:
"Of the U.S. cash flow and hybrid CDO of ABS transactions currently outstanding, 218 (approximately 13.5%) have exposure to one or more of the subprime RMBS tranches on CreditWatch …" and that's after barely starting the RMBS downgrades.
I think we've solved our excess liquidity problem... ;) But, hey, BIDU will keep going up forever, no sweat...
Subprime is bad, but these idiots are talking like every subprime loser is going to default on their loan. It is not THAT bad. New Century had a very high percentage of shitty loans and they got killed for it. Countrywide has a tiny percentage and may actually benefit as a lot of these need refinancing from ARMS to fixed rate loans. I don't own any, but if it falls further it may be worth looking at.
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