When in Doubt, Short Lehman
They suck. Not just because they play 2nd fiddle to (MS: 10.63 -11.64%) and (GS: 58.79 -5.22%). They suck because they have massive exposure to mortgage paper, which they are not fully disclosing.
Plus anyway, they are “testing” the new Fed loan window. Back in the old days, any bank that went to the Fed window was sold, over and over again.
Just know this, the market is a place where emotions exaggerate the values of companies. Right now, as I sit here in my ridiculously expensive chair, I can tell you (LEH: 0.00 N/A) is 10 bucks expensive.
On the long side, for a trade, I like Hong Kong, via (EWH: 9.02 -4.35%). And, thanks to the newly elected pro-Chinese President in Taiwan, I like (EWT: 7.0488 -4.75%).
On the short side, whenever I get bored, I short LEH. Plus, thus far, I’ve been buying both (SKF: 211.83 +15.38%) and (SRS: 208.68 +18.01%), hoping and praying to dear baby Jesus for a large gap lower in bank and commercial Re names.
Also, just in case inflation has not been destroyed by the Fed’s “tight monetary policy,” of only 75 bps cuts at a clip, I like gold, via (DGP: 13.1583 +0.37%) here.
If you’re short the market here, refrain from throwing good money after bad. If you want to add to down positions, wait until 3:00 to do such madness.
unfortunately in the game
Fed vs. Reality
Fed always wins. Welcome to the Socialist Republic of America.
March 24th, 2008 at 10:17 amI will have your thumbs!
__________________
“… mortgage paper, about which they are not being forthcoming.”
(better)
“mortgage paper, about which thay have not been forthcoming.”
(best)
March 24th, 2008 at 10:18 amOn the short side, whenever I get bored, I short LEH. Plus, thus far, I’ve been buying both (SKF: 100.41 -5.86%) and (SRS: 92.14 -4.62%), hoping and praying to dear baby Jesus for a large gap lower in bank and commercial Re names.
__________________
You’ve won this week’s set of rosary beads. Stop by my desk to collect.
March 24th, 2008 at 10:19 amI fixed it, Sister.
March 24th, 2008 at 10:20 amEmanuel Lehman is rolling over in his grave. Over the years, they have taken his beloved firm and made a mockery of what once was a reputable investment bank.
March 24th, 2008 at 10:25 amThe bear market is over. The credit crisis is over. The recession is over.
Anything else you ungrateful asshholes want me to fix?
March 24th, 2008 at 10:32 amFly, I also like EWT. based on your experience, would you get in while its up 7%?
March 24th, 2008 at 10:35 amMVIS back to a 2 handle. Whoo hoo!
ARWR to a 3 handle!
Even MCHX is up!
The recession IS over.
March 24th, 2008 at 10:41 amOne of my retarded friends says the GE for CIT rumor is making the rounds. Anyone else hearing that or seen it on the internets?
March 24th, 2008 at 10:50 amGE’s been circling CIT longer than CIT has been circling the drain.
Holy crap, CIT’s been owned by more whooahs than a $2 bottle of perfoom.
March 24th, 2008 at 10:55 amBless you, my son.
March 24th, 2008 at 10:55 amSaid “eff it,” and, impatient as always, sold the July $84 Skiffles puts @$8.80. Putting me in Skiffles at $75, which strikes me as “egregious.”
Can I borrow your new rosary beads?
March 24th, 2008 at 10:58 amActually, CIT has been circling the toilet bowl, but we won’t belabor the point.
March 24th, 2008 at 10:59 amEWT that’s really fucking original, who would have thought of that one.
Scottrade update: that fuckhole should spend less time flying the pink chopper and more time wiring money out of my account. It took those douchebags three days to wire out money. Their reason - they misspelled my Interactive Brokers account. Scottrade, the complete piece of shit - and if you think they will get you shorts that real brokers will not, then get ready for buy ins.
March 24th, 2008 at 11:00 amThe thumbtickers will have their prehensile appendages exploring their oversized rectums from hereon in. Fuck you fuckholes
update.. get that thumb out of your ass fuckhole, and lick it clean
March 24th, 2008 at 11:16 amWow, the price and volume in CIT really took off after my retarded friend pinged me on it.
Guess I’ll upgrade him to merely “mentally challenged” status.
March 24th, 2008 at 11:19 am