350zCommtech's Account Talk

[Birchtree]

Just because the stock goes down doesn't mean the business is destroyed - we'll have new short trading rules coming this week. Let's see a drop in the Fed's discount rate and the funds rate tomorrow. Oil down $6.93 today. Today felt like more irrational panic in the financials - how can one company take down the entire market - short sellers will end up terribly wounded.

 

[350zCommTech]

Gonna be tough. Right now I would so no. BTW, put GE on your watch list. They could be in line for chapter 11.

Oh no, what's going on at GE?

 

[350zCommTech]

Let's see a drop in the Fed's discount rate and the funds rate tomorrow.

What happens when the rate cut rally fizzles out after 15 minutes?

 

[ATCJeff]

Just because the stock goes down doesn't mean the business is destroyed - we'll have new short trading rules coming this week. Let's see a drop in the Fed's discount rate and the funds rate tomorrow. Oil down $6.93 today. Today felt like more irrational panic in the financials - how can one company take down the entire market - short sellers will end up terribly wounded.

Birch, you still preaching to the choir? Better check quickly, the choir is getting very small. Also, Meredith Whitney on CBNC today said she expects housing prices to continue to decline to a overall decrease north of 45%. Would you consider 45% reduction in price a housing recession? Keep the faith.

 

[ATCJeff]

Oh no, what's going on at GE?

http://online.barrons.com/article/SB122150160729637305.html?mod=googlenews_barrons

Doesn't sound very good.

 

[ATCJeff]

What happens when the rate cut rally fizzles out after 15 minutes?

(raises hand) uhh, vix hits 40?

 

[350zCommTech]

http://online.barrons.com/article/SB122150160729637305.html?mod=googlenews_barrons

Doesn't sound very good.

I should have guessed. They had their hand in the cookie jar just like everybody else. I hope GE employees are smart enough to diversify their retirement funds.

 

[350zCommTech]

(raises hand) uhh, vix hits 40?:d

Ding! Ding! Ding!:d

 

[Braveheart]

I heard AIG have until Wednesday to raise $40B, or face downgrades.

Imagine went to Bank of America and said I would like to close this account. You would think I asked them to empty the vault. This regular account had 47K in it. We keep our money in several different banks CD's, etc here is how this went down !!

Me: I want to close this account !!

Sir: May I ask why ?

Me: No !!

Sir: Perhaps you may want to invest that in some of our plans

Me: No, please save the sales pitch I want all $100 Bills

Sir: This is out of the question we don't have that many !!!

Me: WTF to myself - This is a Bank right, you took my money now I want it back - it's that simple

Sir: We can only do 20K today we don't have that cash on hand

Me: Really - Give me the 20K OK.

Sir: We ran out of $100 bills are $50's all right.

Me: Yes I have to go that is fine

So I left went to another Bank of America and got the rest and to my disbelief I almost got the same speech.

So that was with only a few customers and I had a problem getting money. I will do this all week to my other funds and have 3 Bank checks being mailed today from other Banks and a Credit Union.

The lesson is be prepared and they have a script it seems where they want you to keep your money in.

Maybe I will buy Silver, maybe Gold that is what real money is - right now I have a bunch of paper. My wife & kids come first if these banks go under anything can happen.

Trust No One and Take Care of Your Family First !!!!

The Sharks are in the water - Braveheart

 

[Corepuncher]

Imagine went to Bank of America and said I would like to close this account. You would think I asked them to empty the vault. This regular account had 47K in it. We keep our money in several different banks CD's, etc here is how this went down !!

Hey, they were going to loan that money to AIG! Now you've SUNK the market!

 

[Braveheart]

Hey, they were going to loan that money to AIG! Now you've SUNK the market!

LMAO - We have a good amount of cash on hand but until it's actually in my hand we have nada. There is no doubt if things get worse over night there will be a run on the banks.

 

[350zCommTech]

Trust No One and Take Care of Your Family First !!!!

The Sharks are in the water - Braveheart

Yup, scary stuff. The Feds forced marriage between BAC and MER might come back to screw us all. :worried:

But how does one know what's a clean bank nowadays?

 

[Braveheart]

Yup, scary stuff. The Feds forced marriage between BAC and MER might come back to screw us all. :worried:

But how does one know what's a clean bank nowadays?

The only clean bank is an empty one and there will be many of those in the next few months.

 

[alevin]

Yup, scary stuff. The Feds forced marriage between BAC and MER might come back to screw us all. :worried:

But how does one know what's a clean bank nowadays?

Try this. You can check situation with your own bank(s). Make sure you understand the CAEL rating system definitions.

http://www.bankrate.com/brm/safesound/ss_home.asp

 

[350zCommTech]

CNBC "Hank Paulson's comments on AGI still stand-no Fed money-, but the policy is on an as needed basis"

Or something to that affect.

Like I said before, It sounds like they are saving their ammo for something bigger(WM?).

Deadline for AIG is Wednesday.

Birch,

I hope you got out when it got back up to $4.57.

 

[fabijo]

ouch. Birch, that's almost -50% in one day! Are you buying more?

 

[Birchtree]

I plan to buy more AIG if they live - it's a long way back to $80.

 

[350zCommTech]

I plan to buy more AIG if they live - it's a long way back to $80.

AIG currently at $2.04, unless the housing market turns around in 6 months, AIG is dead. Hope you got out.


As for the market, IMO, we are getting close to some kind of a bottom(short term maybe, before we go much lower).

Looking at TNX, I see a good chance for a bounce in the USM tomorrow. Unfortunately, I'm out of IFTs. Tracy Ray, I hate you!

View attachment 4701

 

[WIND_HUNTER]

Markets falling hard. Would like to make a short term play but would be a risky move. But I guess any day in the market is a risky move. Hummm Should I stay or should I go....:nuts:

 

[350zCommTech]

Markets falling hard. Would like to make a short term play but would be a risky move. But I guess any day in the market is a risky move. Hummm Should I stay or should I go....:nuts:

See my comments in the I fund.