A brutal day, no matter which side of the market you were on.
The only thing that amazes me is that we haven't hit any major circuit breakers yet.
The ride isn't over by a long shot, we think. Late futures trading is not looking optimistic and after a break while the CME decides how best to get their shit together, it looks like traders will continue to hammer index futures come Sunday. At least now we can all go home (or for a stiff drink or three).
The Dow ranged over 1000 points today. Let me say that again. The Dow ranged over 1000 points today.
We'll just see how the CDS auctions impact life, and what surprises are waiting over the weekend.
As usual during Periods Of CrisisTM we will be bringing you news flashes all weekend. You've got your iPhone, or your Blackberry. You can tune us in from the Hamptons (that last serious Middle-Eastern buyer is doing that walk-through tomorrow, you better be there).
Posted by guest , Oct 10, 2008 4:32PM
fight at 6pm. Be there. Broad and Wall.
Posted by guest , Oct 10, 2008 4:32PM
Hamptons
Fo shizzle
Posted by guest , Oct 10, 2008 4:51PM
EP, you suck...
Posted by guest , Oct 10, 2008 4:52PM
this is far from over
Posted by guest , Oct 10, 2008 4:52PM
webcast of the fight?
Posted by guest , Oct 10, 2008 4:54PM
Pricing in this market = crazy, esp. equities.
Posted by guest , Oct 10, 2008 4:55PM
Dick Fuld is going to fight against Angelo Mozilo??
Posted by guest , Oct 10, 2008 4:59PM
Hank "the Spank" Greenburg v. Dick Fuld
Dickie boy eceived an e-mail from CV Starr saying "Bring a baggie for ya teef"
Posted by guest , Oct 10, 2008 4:59PM
BL is going to fight a salami.
Posted by guest , Oct 10, 2008 5:01PM
Two bankers fighting. Do we have to attach metal spikes to their hands to make blows painful?
Posted by guest , Oct 10, 2008 5:02PM
"Market crash in progress. Over."
"Whew, thank heaven THAT'S over!"
Posted by guest , Oct 10, 2008 5:03PM
Are they going to shave their heads in deference to the new overlords of Wall Street (Hank and his mini-me)?
Posted by guest , Oct 10, 2008 5:08PM
Cash-and-carry's going to run this TARP program for a few months and then head back to Wall Street where he will make
a K I L L I N G!
Mark my words...
Posted by Anal_yst , Oct 10, 2008 5:10PM
6:10pm broad & exchange by the Statue/steps/tourists
Posted by guest , Oct 10, 2008 5:19PM
I've said this about the Hamptons before, but it's so good that I think DB needs a replay...
It won't be long before the homeless vagrants and other vermin move in to replace the once-proud, former WallStreeters who have fallen on hard times and who've had their Hampton treasures taken from them. There will be so many bums there that Bridgehampton will be forced to consider changing its name to BroHampton. Wouldn't that be dandy.
Just think, free bus trips for all the Bros from the city straight out to the Hamptons. They need fresh salt air, sunshine and a place to stay too.
The Guy from Delaware
p.s. With the passing of Wall St, all those dreams of a place of one's own in the Hamptons suddenly seem somehow, curiously remote and forever beyond reach. How Sad.
Posted by guest , Oct 10, 2008 5:26PM
Bloomberg is predicting Dow will bottom at 7000.
http://www.bloomberg.com/apps/news?pid=20601109&sid=amX076XhpyXk&refer=home
What's a trend line?
@15 This isn't a bad thing. Do you know hard it is to get ripple in the Hamptons?
Posted by guest , Oct 10, 2008 5:27PM
@13 elaborate please...
Posted by guest , Oct 10, 2008 5:37PM
You guys all issue capital calls to your LP's to get the capital in for margin calls?
Hope there is still dry powder out there.
Posted by guest , Oct 10, 2008 5:48PM
@#16...
"Ripple in the Hamptons", Just for you:
There's a take-out package store on the side of the Huntting Inn on Main St. in East Hampton. They have Ripple there, but you have to ask for it. There's plenty of Rapper Bros in EH already, so Ripple is available at Huntting.
You can also find some at the Lobster Roll right on Montauk Hwy in nearby Amagansett.
The Guy from Delaware
Posted by guest , Oct 10, 2008 5:55PM
Dow will bottom when they suspend all trades, close the banks, call in the gold and impliment a Fascist form of Corporatism.
http://yourmortgageoryourlife.wordpress.com/2008/10/10/are-these-the-forging-fires-of-the-nwo-we-feel/
I really doubt there will be a peaceful transition of power in January.
Posted by guest , Oct 10, 2008 5:55PM
TGFD...I called out some other guy for being you and mentioned that he had a real natty light sensibility about him. Now you go off and tell people where to get ripple. I have new found respect. Thanks for coming back. This is news I can use. Now, anyone live-blogging the fight at wall and broad?
Posted by guest , Oct 10, 2008 6:00PM
Merideth Whitney just downgraded / lowered target on Citi (C).
Hahahahaha
Posted by guest , Oct 10, 2008 6:00PM
Not a brutal day if you're writing both put and call options.
Posted by american bandersnatch , Oct 10, 2008 6:08PM
#18 - What the hell are you talking about?
Posted by guest , Oct 10, 2008 6:09PM
@20
You forgot to mention involvement of The Trilateral Commission and The Illuminati.
Posted by guest , Oct 10, 2008 6:35PM
All I know is that I felt very good after my president said that this crisis will be solved.
I'll sleep much better this weekend knowing that the best minds in the world are working on the problem.
See all you Patriots on Monday. It'll be glorious!!
Posted by Anonymous , Oct 10, 2008 8:47PM
I suggest everyone watch Escape from New York this weekend and prepare.
(In Charlotte I suggest Road Warrior.)
Posted by Goldman Sachs Neophyte , Oct 11, 2008 12:45AM
Why did I not short SPY before today's close? Why?!? PS: I bought put options on CVX yesterday before their earnings announcement and I had a GREAT day today. What about you guys?
-that guy from Goldman Sachs
Posted by Goldman Sachs Neophyte , Oct 11, 2008 12:49AM
@ 12, screw you man. Lloyd C. Blankfein is the man (I know this is who you are referring to).
-that guy from Goldman Sachs
Posted by StupidEquityGuy , Oct 11, 2008 11:34AM
Here is a great chart of the last week. It shows a week that hopefully will never be replayed again in our life time... IT gives last weeks results with a 52 week results from the WSJ via TBP...
http://bigpicture.typepad.com/comments/images/2008/10/11/hotnot_ns_20081010.gif
Posted by Novice , Oct 11, 2008 1:06PM
@25
Bad news, the Illuminati were heavily tied up in Hypo equity. Silly Germans. However Uqbar's SWF expressed an interest in stepping in.
Posted by StupidEquityGuy , Oct 11, 2008 1:30PM
If we have reached the stage that we are waiting for Uqbar's SWF to ride to the rescue like the proverbial Calvary, we sir/ma'am are completely and utterly fucked.
They have always been speculative at best, and very very hard to pin down their real source or substance of their funds.
It's been years since I visited their kingdom, but I doubt anything has changed.
~SEG
Posted by Goldman Sachs Neophyte , Oct 11, 2008 2:23PM
The NWO is about to seize power. Be ready. Lol.
Posted by diablo , Oct 11, 2008 2:38PM
@33
No, it's the Opus Dei. The devil knows.
Posted by guest , Oct 11, 2008 2:42PM
@Goldman Sachs Neophyte
Go back to Yahoo Finance you dipshit. Who the fuck still plays single stock? It's all about leveraged ETF now bitch.
Posted by guest , Oct 11, 2008 3:10PM
No worries, when the Obama Revolution comes, we'll all have a good laugh at what silly Capitalist Pigs we all were back in the old days of "Wall Street."
Who's ready for "Socialist Finance?"
I know I am.
Burn your worthless paper now Bougies. It's all over for you once Obama becomes HNIC.
Posted by guest , Oct 11, 2008 6:44PM
No diablo, I know.
Baby Jesus
Posted by guest , Oct 12, 2008 1:11AM
"October 11, 2008
IMF Says Markets Could Drop Another 20%
AngrybearThe people who run the International Monetary Fund probably don't have any money in the stock market. They as the bond-owner, conservative sorts.
Their risk aversion has not taken away their pessimism, and it may have made it worse. The IMF's chief economist says that markets could drop another 20% if things get very bad.
According to Reuters, "In a worst-case scenario, governments will need a few more weeks to take the correct measures and the markets could fall another 20 percent. Then, we'll turn around," the IMF's chief economist Olivier Blanchard was quoted as saying.
One rumor say that the IMF is short the major country equity indexes.
Douglas A. McIntyre"
http://www.247wallst.com/
Posted by StupidEquityGuy , Oct 12, 2008 12:57PM
"Wachovia Corp. won't seek shareholder approval for its deal to be acquired by Wells Fargo & Co. because delaying the transaction to get shareholder approval would seriously jeopardize the financial viability of the bank.
The New York Stock Exchange approved the decision to forgo a vote..."
http://online.wsj.com/article/SB122367422405224151.html?mod=testMod
Mergers with out votes now... it appears the rule book is pretty much gone now... equity ownership is just a sham (no wow joke here)...