With BAC at 6.40 after hours I am seriously worried about him. I hope he hasn't done anything foolish, or at least anything more foolish than marrying that dog of a stock.
I hope most of you escaped reasonably unscathed. I lost a little current revenue as oil has been dropping, but I have been out of equities for a while now.
I don't know about the rest of you, but this doesn't feel anywhere near like a bottom yet, I think there is more selling to come. I think any rally's should be considered selling opportunities, and further dips should not be considered buying opportunities until we have reached full capitulation, and I just don't feel we have reached that point yet. Sorry Mari, but I don't think you are out of the woods yet. I think there is more to come.
what's important in life, right?
but all the things you can do with it are. lol
I hate to beat a dead horse, but B oF A' s problems are far from over. A friend of mine is just one of hundreds of ex mortgage brokers hired as contractors to uncover mortgage fraud at Countrywide which as you well know is now BOAs problem.
He expects to be doing this for at least the next year or so, and who better to uncover mortgage fraud that people who spent the last decade or two committing it?
I really feel too bad for you to really rub it in today, but this is a lesson that others, Willy, are you listening?, should take to heart. Sometimes in life, you just need to take your losses, before they become catastrophic.
Mari, if it makes you feel any better I had to take a million dollar haircut on a deal earlier this year, but unlike you I just swallowed the loss, painful as it was and moved on with business determined not to let the same thing happen to me ever again. I could have drawn it out, tried to make the best of a bad situation, fought it out in court, but the results more than likely would have been no better than just taking my lumps and moving on with business, and my life.
My main point to all of this is that we all make mistakes, it's how we deal with them that makes all the difference at the end of the day.
gambler "My main point to all of this is that we all make mistakes, it's how we deal with them that makes all the difference at the end of the day."
People that don't make mistakes are doing nothing.
People that don't learn from mistakes are average.
Never have understood guys who let someone else manage their portfolio, or in it for the long term.
At the best that's like riding a roller coaster while playing video poker, or at its worst, dog paddling trying to keep the Titantic afloat.
I'm changing my strong buy position on BOA to
$ 4.50. {subject to change}
Down 14 cents after hours
http://classic.theeroticreview.com/discussion_boards/viewmsg.asp?BoardID=39&SortBy=DateCreated%20desc&SearchType=1&Author=Stock&DayFrom=30&DayTo=0&MessageID=152105&frmSearch=1
Govt spending and taxing american people, programs like,health insurance how is,obama good for usa.
I have a good guy who manages my accounts, which are all in very large and diverse funds. The managers of those funds trade based on their own info and the portfolio is continually re-balanced based on high-priced research. Does this mean I am unscathed? Probably not. I have no idea. I refuse to watch on anything but a monthly basis. I'd be surprised if I wasn't down six figures so far, but when the Dow rebounded from 6500 (and, yes, I rode it all the way down) to 10,000 I went much more conservative in terms of stocks to bonds. So I hope the damage is somewhat limited. I also hope you're wrong about more pain to come, but I am in for the long haul and will let others capitulate. I plan to drown my trouble in pussy. Too bad I couldn't find anyone I wanted to be with tonight. But I'm seeing my ATF on Wednesday. She's a major squirter, so "drowning in pussy" becomes a real possibility. lol!
Not because of anything wrong in my life, I was just having fun. lol
Not to critique your high priced fund managers, but you might consider getting out of bonds, and shifting that money to either cash or anywhere else. Interest rates are not going to stay low forever today was proof of that, bonds are the worst possible place to be in a rising interest rate environment, cash isn't much better, but it is a place to "keep your powder dry". Just a suggestion, and a very general one at that.
and yes if you survived DOW 6500, you will survive this as well. There will be another catalyst for another boom cycle, there always is. I think one of the next booms in this country will be in the energy sector, but it won't be oil. I think natural gas will create the next boom as we have trillions of cubic feet in this country, what we need is a distribution system to allow us to switch cars to running on natural gas instead of gasoline. T Boone Pickens has been the leader on this and while I don't think much of him as a person, I think he is on to something here.
I also see companies spending billions of dollars drilling gas wells that are not economically feasible at todays gas prices, either these multi billion dollar companies are idiots, or they know something is coming. A transition from gasoline to natural gas would create literally millions of good paying jobs, not to mention the environmental benefits and the ability to tell the ME countries that hate us to FUCK OFF!!! lol
two of the ten were overnights. lol
I thought you subscribed to my view that "I don't pay anybody to sleep next to me." OTOH, if they're cheap enough, WTF!
she was "Free", Don't worry, it won't happen again, she showed up drunk the next day with all sorts of drama and I sent her packing.
but hey, I like overnights, it gives me something to do with my morning wood. It used to be unnecessary at the Del Rey as you could get up first thing in the morning and find a dozen PYTs to take care of you, but as of late sometimes there isn't a single chica worth fucking in the whole place until almost noon. lol
Just for the record, the going rate for "todo de la noche" is between three and four hundred bucks. Yeah, I am not exactly sweating the money. lol
$300-$400 for "todo de la noche" is $300-$400 more than I would pay. As for morning wood, have you tried just taking a piss? Works for me.
lol..did they "screen you"?
GaG, I've wondered about this for a while. I think anything to get us off of oil would be a positive step. Especially since we wouldn't have to import a shit ton of the stuff. What I wonder is if the transition costs would make it unworkable. How feasible is it to transition to natural gas, given the infrastructure costs?
Jesus jumping Christ, I never thought I'd say this, but it is a relief to have a few folks here who know what they're talking about on these subjects instead of the perpetual pant shitter.
the extraction method is called "fracking," which injects high-pressure water into the ground and can fuck up the aquifer and ruin wells in the area. The industry tries to defend this but the jury is out.
But regardless, there is a transition cost that we'll have to eventually make, no matter what direction we go in.
but all hell broke loose last week and this week. Plus I do feel for mari. There are only about 4 or 5 guys on this board that I only wish the best for, be it pussy or money, and 3 of them have already responded.
We're not at the bottom, but we are close. We're close to saying "uncle". There is plenty of fear in the market, plus I really don't think we will go into a recession, though it will be close. Nevertheless, I'm getting my list together of stocks I want to buy, and since Apple has more cash than the U.S. Treasury, and trading at 12X earnings, it's a good bet.
Obama had a press conference today, probably his worst press conference to date. He was pathetic. He was mumbling the whole time. When he started the DOW was down 280. When he got done it was close to being down 500. The market has absolutely no confidence in his ability. He is still blaming Bush and rich people. If was a CEO, or a head coach, he would be fucking fired. Add the fact that the White House continues to fight with S&P. Jesus H. Christ, S&P telegraphed their intention back in April. This whole downgrade has been beyond embarrassing.
Mari, hang in their dude. Money is not the most important thing in life. Pussy is the most important, but money is a close second. UCLA football is at 328.
http://www.youtube.com/watch?v=tgKnnfw_kkE&feature=related
Glad mari is well, as well. Not good to see anyone losing money but a lot of people have lost a lot of money since 07-08.
My first mentor had to declare Ch 11 this week. The most generous guy I know. He could have sold units several years ago and saved himself but did'nt want to let his staff go. So his savings is gone and home is being sold to cover debt.
I was finally in the position of reminding him to look for the silver lining. There are things FAR more important than $.
-- Modified on 8/8/2011 4:53:45 PM
without money there IS no pussy! LOL!
Well...at least no pussy I'D want to fuck!
-- Modified on 8/8/2011 8:33:44 PM
spending a lot of money. Now wait a minute inicky, I'm not talking about toothless crack hoes at 2:00AM. There is still civilian pussy that can be had. We choose professionals because of a certain look, age, discretion, and most importantly, willingness to do things that might be against the law in at least 49 states (lol).
P.S. I was just trying to make mari feel a bit better. We've been going back and forth on BAC for at least a couple of years now.
"no pussy I'D want to fuck."
good day, that is not good. You know my stand on the stock market. For the last two years I have taken the philosophy the stock market is a sucker's bet. Bank of America is bloated by "countrywide" liabilities, companies are relunctant to hire and the President is standing up before the cameras lecturing us and blaming the Tea Party for all our problems. Pathetic. Obama does not know how to lead.
The President and our government are not credible. When your not credible you have a poor credit rating.
similar to Vegas (lol). There are so many basic things Obama can do to influence the market and economy. I realize he has significant ideological views about the size and role of govt. I also realize he doesn't understand how companies operate, but where is his staff? Are they all this clueless? I mean Geithner and Obama are still arguing with S&P. They ain't changing their rating. They need to move on, but blame is part of how Washington (Repubs and Dems) operates.
Well today Obama is still playing the Keynesian model again. Extend unemployment and extend payroll tax cut. It hasn't worked the past 2 years. What makes him think it's going to work again.
U.S. corporations are sitting on $2 TRILLION dollars outside the U.S. They are also sitting on another $1T inside the U.S. If that is the not the easiest stimulus I don't know what is, and it's fucking free. Work with the companies on repatriating the offshore money. Tie it to building plants/factories and hiring.
And just to be fair, I am OK with an increase in taxes as long as they are tied to specific contractually agreed upon (in blood) cuts that include entitlements. If it's not in blood, tax increases will happen, but the govt cuts won't. Re Medicare/Medical, there is about $75B a year in fraud. Does Aetna, Cigna, Humana, Wellpoint have these levels of fraud? Why not use their processes, technology, and systems?
I realize I'm barking up the wrong tree. Nothing's going to happen. The partisan bullshit between the Tea Party Republicans and the Progressives is to deep to fix.
P.S. Has anybody viewed these MSNBC Lean Forward commercials? They have them on CNBC. What is the purpose? What is the purpose of Lawrence O'Donnell's commercial on a Global Health Care solution. What the fuck is that shit? Get Rachel, Ed, Lawrence, & Chris off of my business channel.
I'm done ranting.
-- Modified on 8/8/2011 7:52:08 PM
plant in Arizona, Apple is about to build in Cupertino a $1 billion dollar state of the art facility. So as you said, the money is there. Private companies have the cash, but many are holding onto it. Bernake, Geithner, Clinton, Napitalano et al are perhaps the worst set of cabinet officers since the Grant adminstration.
as rants go, one of the better.
as rants go, one of the better.
I thought he handled the transition to the death of the Navy Seals quite well.
And the market dropping while Obama is speaking is nonsense. They used to pull the same crap on Bush.
-- Modified on 8/8/2011 7:38:11 PM
you're confusing me.
I don't even remotely know enough about this stuff GaG, but my gut tells me that you're right. We're no where close to the bottom. How much farther south do you think the Dow will go?
I'm wondering just how much of this has to do with S&P's downgrade, and how much of it is Europe.
If things couldn't be worse, riots are breaking out all over England. Anarchy in the UK, eh?
That's what makes it so much fun. All the bad news out there is already known. From Europe, i.e. now Italy, slowdown in the U.S. and European economies, i.e. revised GDP, consumer sentiment numbers, slowdown in manufacturing, etc, etc, etc. S&P downgrade is a factor, but not to this level of selling. I do think the bullshit in Washington is contributing to the selling. Also contributing is HFT (high frequency trading), margin calls, hedge funds liquidating positions. Mix all the above with panic, fear, and voila you have a correction.
The futures point to a steep decline tomorrow morning. Maybe this is the final capitulation. Who knows, but I will be buying tomorrow. Not all at once.
The riots in England have nothing to do with this. The area is like our version of South Central LA, the south side of Chicago, or most of Oakland. It's an immigrant area and they've had riots before. I'll never understand why they torch their own neighborhood. Think about it, it's pretty stupid. They did the same in LA back 1994.
I don't try to pick the top or bottom.
The middle usually works better for me.
The best of luck to you on your tomorrow picks.
When Mari finally dumps his BAC stock, that will be the bottom. lol
Actually, I am saying this only half in jest. When John Q Public has finally had enough, and everything looks its bleakest, AND when the pundits start talking about Dow 6,000 THAT will be the bottom. Always has been, always will.
As StC has said, all the bad news is already out there. The market has been looking for a reason to correct for some time now. The only thing surprising to me is that it took so long for stocks to sell off. There is nothing wrong with this selloff, it's actually healthy to wring the excesses out of the market, and I see that this is what's happening now. Unfortunately I don't see any return to market confidence unless and until we get some kind of handle on spending, and I don't see that anywhere in the near future.