What did happen to PPT? THey had to be out there. Were they just pouring all that money into a pit?
I think PPT is all about making leverage available to big long U.S. buyers at critical times. The big long buyers are getting drained by losses, yen carry reversal, margin calls and general weak knees.
Also, you're starting to see europe and U.S. markets come back into alignment, which had to happen sooner or later. U.S. is the weaker market.
The fallacy of the PPT is that they didn't give a rat's arse about markets outside the U.S. But arbitrageurs and value investors do.
What happened to steel stocks? Both MT and X have fallen through the floor and I don't see any news. Ironically, I bought put spreads on both several days ago, they're almost all already in the money but the strike dates aren't until JAN '09 and 2010! Urg.
Well, it's ironic because I didn't expect it to happen this soon, and since they're put spreads, they don't really reach full value until right around the strike date.
I guess the car angle is the most logical.
I also bought puts on DBB (base metal index) today. The index went up, I think it's aluminum, copper and zinc. But it's kind of hard to see how that will last.
I might put money into DEE (2x short the DB commodity index) if oil hits 175.
Seriously, though, if one of the biggest users of steel (auto industry) expects sales going forward dropping at least 25% over the next year that is a major negative for overall steel demand. This is one commodity that has to drop in price fairly soon...regardless of fairytales about emerging market demand.
What's really silly about the steel companies doing so well lately is the price of ore has doubled in the past year, coke is way up, it's an energy intensive business, there's been a huge increase in capacity over the last few years and we're in a slowdown.
WTF. Ever hear of a business cycle? I imagine CNBC viewers were buying recently...
Australian bank stocks had a horrific first half, losing over a quarter of their value in the past six months, as rising cost pressures for borrowers cooled demand for credit.
Analysts have differing views on whether the beaten-down banks represent a good buying opportunity.
The steep 28 per cent drop in their value in the six months to June 30 came against a 16 per cent fall in the S&P/ASX200 index and an 11 per cent rise in resources stocks.
UBS said yesterday that the big commercial and regional banks were trading at 9.2 times fiscal 2009 earnings - their lowest point in 12 years.
It's about damn time someone realized that MERS doesn't hold title or interest to anything that they put their name on and therefore shouldn't be allowed to bring foreclosures anywhere in the country. I believe it's in their own by-laws.
Now if only the county registries would realize that they're losing filing fees by the millions to MERS. Maybe that'll soon be a reality when the fiscal budgets are revised...
Haloscan returns
whew!
Amen, and SPX 1261.55. I wonder what tomorrow will be like.
Testing. Testing. One. Two. Three. Can you hear me in the back?
So I guess Hank and Paul thought it was more important to sabotage haloscan this afternoon than to put a bid under S&P?
Hell of a ride there at the end today. Doesn't bode well for tomorrow......
I wonder what tomorrow will be like. - Leftys Liquors
Let me guess... the sun will come up, go across the sky and then set... an during that time, just like today, folks will be drinking.
Life is good.
Or were Hank and Paul desperately trying to get something worked out at Indymac (or WaMu, or WB) and dropped the ball there at the end?
mmm . . . SPX, how deep is your love?
I want to kiss the person who invented SDS
What did happen to PPT? THey had to be out there. Were they just pouring all that money into a pit?
What did happen to PPT?
did their work from 1-2PM, then took a lunch break thinking the deed was done for the day
I can barely type due to my withdrawal jitters.
CR; thanks for the work. Glad to see Haloscan back.
As for the Dow, my goodness! Dow 11000 by next Friday?
This is the worst short-term rally ever.
PPT was at the Emperores Club...
PPT is trying to figure out if they should save GM or throw them overboard.
I think PPT is all about making leverage available to big long U.S. buyers at critical times. The big long buyers are getting drained by losses, yen carry reversal, margin calls and general weak knees.
Also, you're starting to see europe and U.S. markets come back into alignment, which had to happen sooner or later. U.S. is the weaker market.
The fallacy of the PPT is that they didn't give a rat's arse about markets outside the U.S. But arbitrageurs and value investors do.
What happened to steel stocks? Both MT and X have fallen through the floor and I don't see any news. Ironically, I bought put spreads on both several days ago, they're almost all already in the money but the strike dates aren't until JAN '09 and 2010! Urg.
GM now below $10... I need to ask my grandpa what it was like the last GM was this low...
Bob_in_MA:
GM, F, Chrysler use a lot of steel...
Bob_in_MA --
Both MT and X have fallen through the floor and I don't see any news. Ironically, I bought put spreads on both several days ago
How is that ironic?
Nemo-
in the Alanis Morissette sense:)
Well, it's ironic because I didn't expect it to happen this soon, and since they're put spreads, they don't really reach full value until right around the strike date.
I guess the car angle is the most logical.
I also bought puts on DBB (base metal index) today. The index went up, I think it's aluminum, copper and zinc. But it's kind of hard to see how that will last.
I might put money into DEE (2x short the DB commodity index) if oil hits 175.
Seriously, though, if one of the biggest users of steel (auto industry) expects sales going forward dropping at least 25% over the next year that is a major negative for overall steel demand. This is one commodity that has to drop in price fairly soon...regardless of fairytales about emerging market demand.
What's really silly about the steel companies doing so well lately is the price of ore has doubled in the past year, coke is way up, it's an energy intensive business, there's been a huge increase in capacity over the last few years and we're in a slowdown.
WTF. Ever hear of a business cycle? I imagine CNBC viewers were buying recently...
Ever hear of a business cycle? I imagine CNBC viewers were buying recently...
Welcome to Cramerica. He's still bullish on steel (esp. Nucor) for a while; Cramerica contrarians taking profits...
Mortgage Orb: Content / From The Orb / REQUIRED READING: New Rules Toughen Servicers' Foreclosure Procedures
any comments?
CLF ...rip, was a Great Ru
Australian bank stocks had a horrific first half, losing over a quarter of their value in the past six months, as rising cost pressures for borrowers cooled demand for credit.
Analysts have differing views on whether the beaten-down banks represent a good buying opportunity.
The steep 28 per cent drop in their value in the six months to June 30 came against a 16 per cent fall in the S&P/ASX200 index and an 11 per cent rise in resources stocks.
UBS said yesterday that the big commercial and regional banks were trading at 9.2 times fiscal 2009 earnings - their lowest point in 12 years.
NZ Herald: New Zealand's Latest News, Business, Sport, Weather, Travel, Technology, Entertainment, Politics, Finance, Health, Environment and Science
Anon @ 4:58 -
It's about damn time someone realized that MERS doesn't hold title or interest to anything that they put their name on and therefore shouldn't be allowed to bring foreclosures anywhere in the country. I believe it's in their own by-laws.
Now if only the county registries would realize that they're losing filing fees by the millions to MERS. Maybe that'll soon be a reality when the fiscal budgets are revised...