Wednesday, September 28, 2011

Wednesday cinema & library

Jonah Hill as Peter Brand, the technician behind Moneyball

2:44 pm (Hawaii) Hardly a safe harbor.

AGQ 99.62, -21.61, -17.8%
DGP 51.99, -2.52, -4.6%
ZSL 17.71, +2.78, +18.6%
DZZ 5.31, +0.16, +3.1%
FAZ 65.37, +4.93, +8.2%
ERY 21.93, +1.92, +9.6%
TVIX 81.53, +9.41, +13.1%
TZA 51.47, +5.38, +11.7%

And, for good measure, AAPL 396.54, -2.72, -0.7%

That's right. AAPL was down less than 1% today as the indices sold off from 1.6% to 2.2%. My concern about spot silver and gold taking another dump was justified, it turns out. I haven't looked at spot prices all day, but I will now. Then, after witnessing the carnage via charts, will it be time to get physical? Or is there yet more carnage to come? I think Le Fly and many others are right about the liquidation. It's like AAPL getting sold at its highs over the past 3, 4, 5 years when traders and hedge funds need to meet margin requirements on their losing trades.

I don't use margin, learned my lesson, quite a painful one many years ago. Not worth the danger.

Le Fly: LIQUIDATION (Sept 28)
> "Today marked the wholesale liquidation of metals and basic material stocks."

Le Fly: Credit Crisis, part two (Sept 28)
> "The obvious thing to do is sell short banks; but it gets better. In a tight credit environment, any company saddled with debt, maturing near term, will either fold tent or dilute the fuck out of shareholders. This time around, the credit crisis is for keeps. Provided you can withstand the overwhelming volatility, there is a great deal of money to be made as the crisis goes from 2nd to 9th inning. One of the side effects of hedge fund liquidations is monstrous drops in commodities and commodity related shares."

Cain Thaler: End of month window dressing (Sept 28)

Le Fly: Waiting for the GERMAN SLAVES (Sept 28)
> "Let's say Europe passes the ESFS and German slaves agree to fleece themselves for the degenerates on the beach in Italy and Greece. We will have a nice Liberace styled rally... Things will appear to be normal, until the fucking clawhammer of certain death smashes your brains in with horrible economic data."

Rajun Cajun: Afternoon update (Sept 28)
Turd Ferguson: Crime scene evidence (Sept 28)
SGS: No title needed. Yawn. (Sept 28)




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