ATCJeff
Well-known member
I'm thinking it was the BOA announcement after hours.
http://www.reuters.com/finance/stocks/keyDevelopments?symbol=BAC.N×tamp=20081211211500&rpc=66
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350zCommtech's Account Talk
- Thread starter 350zCommTech
- Start date
I'm thinking it was the BOA announcement after hours.
http://www.reuters.com/finance/stocks/keyDevelopments?symbol=BAC.N×tamp=20081211211500&rpc=66
350zCommTech
Well-known member
Heyu 350Z....got my shorts primed for this...I hope you saw that 88 Yen...sold it down and placed some SWEET positions. I had buys at 88.2, 88.4, 88.6, 88.8
Return was phenomenal!!!!!!!
Markets will be in a shamble tomorrow.
Wow! Went to watch the Bears game and consequently,I missed all the action in the USD/YEN. It apparently broke through 90 like a knife through butter. BOJ intervention is at hand but can't get it back over 90 yet.
In the futures, the uptrend has been broken and 837 needs to be regained or we are going to test 818 again.
On the other hand, the dollar is relatively flat against the Euro and the Pound. This is somewhat bullish. So, I doubt we'll see a crash tomorrow.
Frixxxx,
Congrats on your winnings!
350zCommTech
Well-known member
Here's your proof of BOJ currency intervention . 90 is their line in the sand. They have been successful holding it so far.
350zCommTech
Well-known member
Anybody thinks today is a buying opportunity?
The USD/YEN is holding at 90 thanks to the BOJ and the rest of the currencies are not confirming this huge sell off in the futures.
Eventhough my MS short is looking good today, this sell off is a big joke IMO. The auto-bailout was nothing like the 700B free money to Wall St. It was a $15B bridge loan, with all kinds of strings attached, that might have lasted till Feb/March. A BK is what GM/Chrysler needs. Ford didn't even want the money.
The only thing that bothers me, for Monday, is the rumor of GGP going BK tonight or this weekend. Also, a break of 818 would be bad.
Thoughts/opinions?
The USD/YEN is holding at 90 thanks to the BOJ and the rest of the currencies are not confirming this huge sell off in the futures.
Eventhough my MS short is looking good today, this sell off is a big joke IMO. The auto-bailout was nothing like the 700B free money to Wall St. It was a $15B bridge loan, with all kinds of strings attached, that might have lasted till Feb/March. A BK is what GM/Chrysler needs. Ford didn't even want the money.
The only thing that bothers me, for Monday, is the rumor of GGP going BK tonight or this weekend. Also, a break of 818 would be bad.
Thoughts/opinions?
coolhand
Well-known member
Allowing GM/Chrysler to go belly up is what needs to happen. Incompetence should not be rewarded. The void will open up new opportunities for others and that's bullish. All companies in danger of going BK are known by the insiders on wall street. It's largely priced in I suspect.
poolman
Top Return 2008
I think it is too early to tell IMO 350. If the PPT comes out with any good news for the Big 3 I think this market will end positive today. There is also allot of news coming out next week. I just think it is too early to tell. Market's is pricing in good news today already.
350zCommTech
Well-known member
I agree.
White House is now saying they will use the TARP money to help the automakers. Market is bouncing. How is this legal/possible?
Gumby
Active member
Corepuncher
Well-known member
It's a game of chicken between UAW and Treasury, and Treasury is going to fold. The UAW knows they have a good chance of keeping their concessions at a minimum if they pressure the white house.
How do you draw the line? I though Paulson already DID draw the line...at banks.
How do you draw the line? I though Paulson already DID draw the line...at banks.
350zCommTech
Well-known member
The government will do anything possible to prop this market up....legal or not.
Assets that could be used are subprime mortgages and underwater car loans from GMAC.
Gumby
Active member
This is subject to change with a phone call from W. Bush will not let GM fail on his watch. Will Helicopter Ben fire up a Huey to deliver the cash or will it take a Chinook? Look out for falling Ben Franklin's this PM.:nuts:
350zCommTech
Well-known member
Gumby
Active member
Perhaps Linens and Things can access the TARP also so that my wife can keep her job.
Exactly....where do the bailouts stop? Are they going to print enough money to make our dollars worthless or worth-less?:nuts:
Bullitt
Well-known member
Chrystler has asked for bailouts in what, 3 of the last 4 recessions?
This thing that happened with those window workers getting paid for their sit in is a perfect example of how out of hand things are. So these workers get $6K, 2 months of health care benefits and reimbursed sick time. So what? We're missing the point here. They are still out of a job! Chances are, they already spent that $6K anyways so what good is it really going to do?
This thing that happened with those window workers getting paid for their sit in is a perfect example of how out of hand things are. So these workers get $6K, 2 months of health care benefits and reimbursed sick time. So what? We're missing the point here. They are still out of a job! Chances are, they already spent that $6K anyways so what good is it really going to do?
350zCommTech
Well-known member
Bailout, TARP, etc....It does not matter, for the automakers to survive, they'll have to cut jobs.
That thing with the Chicago window workers was another slap in the face. We all know where BAC got that money.
I got busy at work and just didn't have the time to make a move.
Don't forget the senate vote yesterday (strongly against auto bailout); based on that, the UAW lack of immediate concessions, the lack of any cash reserves, and the timing of all this (weekend, congress supposed to be out of session anyway), this is a no-brainer (i.e., no bailout now or ever).
Markets are in denial. Barring a miracle - expect a bankruptcy filing for GM no later than monday morning, but after market close today.
Gumby
Active member
Bankruptcy is not going to happen on W's watch. Paulson or Bernacke will get them the money......at least enough to postpone Bankruptcy for a few months or until Obama can get them more money.
Whatever Paulson or Bernanke could have done, or could do, they didn't, and still haven't.....they have about 3 more hours of usual business today; and I don't see anything happening....looks like another lehman fiasco; all talk, no action, then it IS over (no credit, no money, so no business).
Those who don't learn from their mistakes, repeat them.
350zCommTech
Well-known member
News of Fed buying $3B of agency garbage gave the market another boost as the White House bailout was running out of steam.
Overnight, it was the BOJ. Now it's the Fed. The market is a drug addict Six Flags.
Overnight, it was the BOJ. Now it's the Fed. The market is a drug addict Six Flags.
Gumby
Active member
It will happen and the news released on Sunday night....just like they did with Bear-Sterns.:nuts:
