Wall Street Has Gone to Zero!by alphadawgg on October 10th, 2008 at 11:06 am |
Yesterday it was the metals stocks. Today, it’s Wall Street-related stocks. The Bullish Percent Index for a group of 41 firms tracked by Dorsey Wright went to 0% bullish.
Yep, 0.00000%.
Banks and brokers are going out of business, maybe as soon as this weekend.
According to investors, there will be no more Wall Street. We will no longer need financial intermediaries. We will all be required to do all our business and transactions on Ebay (government guaranteed, of course).
A free course on “How to Barter During the New Era of Thunderdome” will be coming to your local community center or local VFW.
Shit. Give me a break.
Another Costanza moment developing…..
MS is done.
October 10th, 2008 at 11:13 amThe Arbitrage of the Year Award will go to the hedge fund manager who bought CDS protection on LEH bonds and then shorted the crapola out of the stock.
Second place will go to the guy who did the same thing with MS.
October 10th, 2008 at 11:17 amWake the fuck up. Every government on the planet has taken extraordinary, superhuman steps to unfreeze the credit markets and nothing has worked. We are looking at an economic disaster never seen before.
The stock market is behaving rationally.
October 10th, 2008 at 11:32 amNo doubt, Wall Street will be changed forever. As bad as things are, life will go on—just in a different way.
The strong will survive. That is a law of nature that does not change.
October 10th, 2008 at 11:42 amI can’t believe I sold my MS puts on fucking MOnday.
FCUCK!
October 10th, 2008 at 11:42 amAD - I’m chuckling on the inside. Great stuff. BTW you mentioned 3 crashes a bit ago, 1987, 2008, what was the 3rd?
October 10th, 2008 at 11:43 amAlthough not a true crash, I viewed the tech wreck more like a slow motion crash. At the time, I was heavily invested in tech—so to me, it was a crash in that regard.
October 10th, 2008 at 11:49 amOK. Same here. After making it through 1987 I figured I could handle it (too much hubris of course) I made the dumb ass mistake of selling out near the top and then trying to get all fancy ass and buy the first big dip. RHAT at $63 or some stupid price like that. I only needed to learn that lesson once.
October 10th, 2008 at 12:01 pmIt really is a lot easier now with more options for the small trader like the 2X ETF’s and the inverse ETF’s. Easier and cheaper to hedge, and take positions quickly without taking specific stock risk, etc. etc.
alpha-
October 10th, 2008 at 12:09 pmnice call on CHK if you picked it up @12. You would have made almost 2 points.
Mike,
October 10th, 2008 at 12:39 pmI’m stepping away until we get a crash. It is coming soon. Everything is on sale. Patience.
Move to China!!!
October 10th, 2008 at 2:27 pm