Wow, look at those dung piles. Both bull and bear.

HUI closes at the highs. Up over 8% from its low for the day.

PST SAN FRANCISCO -- Foreclosures and default notices skyrocketed to record peaks in California and the Bay Area in the fourth quarter of 2007, according to a report released Tuesday. The information was a fresh reminder that the slumping real estate market is continuing to have a serious impact on homeowners, particularly those with risky subprime mortgages.

Lenders repossessed 31,676 residences in California in the October-November-December period, according to DataQuick Information Systems, a La Jolla research firm. That was a dramatic 421.2 percent increase from 6,078 in the year-ago quarter.

In the Bay Area, foreclosures rose an equally stunning 482.5 percent to 4,573 in the fourth quarter, compared with 785 a year ago. Contra Costa County, with 1,558 foreclosures, up 533.3 percent from a year ago, had the most, followed by Alameda County with 1,026 (a 514.4 percent increase) and Solano County with 704 (up 528.6 percent).

"Foreclosure activity is closely tied to a decline in home values," DataQuick President Marshall Prentice said in a statement. "With today's depreciation, an increasing number of homeowners find themselves owing more on a property than its market value, setting the stage for default if there is mortgage payment shock, a job loss or the owner needs to move."

http://www.sfgate.com/cgi-bin/article.cgi?...UJN7I.DTL&tsp=1

Beautiful! $10b and 75 bps and we end the day down. Added to RIO short in last 15 minutes. Today was a victory for bears.

Is there a historical precedent where the Fed cut loose a big one, with the implied promise of more, and still the markets tanked?

Insana is BEGGING for bailout of MBI/AMBAC..he looks, well, weepy. I wonder if his fund is imploding.

I think you all just witnessed blackmail.

These assholes could have sold off in an orderly way, but they decided to trigger a crisis to get what they wanted with a lower rate cut.

That's my story, and I'm sticking to it.

At least some of his BUDs' funds are.

bullvision, in the last hour, had a caption indicating "buying opportunity." but they forgot to tell me when to eat, sheet, and breathe.

In Campbell CA I am starting to see the marginal borrowers blow up and are trying to sell their homes. This is going to be an interesting selling season coming up. Silicon Valley has been pretty strong but the cracks are starting to show up everywhere.

instead of lowering interest rates to zillo or close to zillo, why not lower them to sub-zillo? that way the banks would have a legal right to extract money from your account every day of the year. solvency problems (well, the pigmen's, anyway) solved!

No crash....

[attachmentid=94936]

Crapple just took one.

AAPL meets/beats but warns for Q2.

Edit: guiding down by 500 to 750 million depending on analyst estimate

Bombs away boys. Anybody see the QQQQ here? down .88 since the bell.

So with the Fed lowering interest rates again to 3.5%, does that mean there is less inflation right now?


I saw another jump in food prices at the grocery store last weekend. The real world is becoming far different than the FedWorld.

I wish there could be an honest discussion of inflation on the MSM. I've seen bits and pieces but nobody comes close to getting it right.

Grapple down 18 bucks 12% on gloomberg tv.

Wow!


At some point GOOG is going to take a huge hit as their business model meets reality.

Ah. it's all apple, all the time. was down 20, only 15 now.

Added some shorts at the close with the NDX unable to attain support at 1810....I'm so excited I'm starting to drool....

[attachmentid=94937]

Crapple took out today's low.

Chuckle.

now 13.

what a crazy market. There's just no depth.

bought UNG on 12/28 for 35.09. got stopped out today @ 37.86. should've sold when it failed to crack resistance in the 40-41 range, but my stops were loose.

o, vell. a profit's a profit.

One of my favorite's, Dr. Marc Faber, said (in 2007) that when he sees the high fliers like AAPL down 70, 80 or 90 percent from their high, then he will consider that a buy signal for the overall US market.

Boy, don't you know when he said that he got lots of laughs from a good many folks. And maybe a few tomates thrown at the Boob Tube.

They saved the CRASH today...but I still hear that hissing sound of the air being let out of the market...

I wonder how Paulson/Bernanke will feel tomorrow???

[attachmentid=94938]

S&P futures are indicated at 1301.
I guessed a close for today of 1301.
I want some Fig Newtons.

[attachmentid=94939]

On the PEI chart, 2008.225 is marked as a low. What does the fractional date .225 stands for?

[attachmentid=94940]

It stands for a fraction of a year....so 82 days or the 22nd of March. This chart may paint a BIG PICTURE...but the details seem to have little correlation....

.225 puts the low at late March.
I don't know which calendar Armstrong used to calculate the exact dates (that's why PEI cycle dates that people cite don't always match).

As you can witness on this board.

.225 * 365 Days = 82.125 Days.

January = 31
February = 28
Ergo, March 23rd, you want to buy.
But not hold into 2011.

Louise Yamada on CNBS. I think we are a long way from the bottom, It looks like 2000 after the first break. They won't have her back any time soon.

David Tice said similar things on Gloomberg.

The talking heads on Gloomberg and Crapvision really flounder when the markets tank.

It is so funny to watch.

We need our sugar coated, rose coloured view of the world all day,everyday otherwise we would all be on Prozac..

"Mmmm! Goddamn, Jimmie! This is some serious gourmet shit! Usually, me and Vince would be happy with some freeze-dried Taster's Choice right, but he springs this serious GOURMET shit on us! What flavor is this?"

and Jimmy said: "it's CRAPPLE!"

Here's an article you might want to read!

"The Greatest Bait And Switch Of All Time."

A "HORROR SHOW" Of Epic Proportions


http://www.decisionpoint.com/TAC/DUARTE.html

If this is true then we have a ways to go.......

I liked Tice's "several thousand points" correction claim.

OMG, Cramer is absolutely in heaven right now. He is so smug i can barely stand it...lol.

"all those people who are stuck in reset mortgages will be able to refinance now"...

Uh, yaaaah, about that theory.

He also just, literally, laughed saying

"today, the banks will now make more money due to this cut which means they will have EARNINGS. YOU will make less from having your money in a savings account"

It's leap year. Feb. has 29 days, FWIW.

David Mack posted that original Bass letter this past summer.

nice article!

I think that oil will collapse and with it all those alt energy crap stocks. The solar stuff is the dot.bomb bubble of today, some will even go out of business, others will trade as penny stocks.

Heath Ledger is dead. RIP.

http://www.imdb.com/name/nm0005132/bio

the question is this.(in keeping with the stool flavour...lol)

Does the market need an enema,colonic irrigation or a tummy tuck operation?

Great cleansing after 20 years

THIS is the great cleansing.

Every 20 years or so we need one to hose away all the crud that's built up in the market - the excess, the over-ripe values built on sand and fantasy - to de-spiv, albeit inevitably and, sadly, only temporarily - the financial system and to teach another generation of young masters of the universe that greed and slickness do not add to substance and sustainability.

http://www.news.com.au/couriermail/story/0...76-3122,00.html

HORROR SHOW!



HORROR SHOW!



LIPS! I WANT LIPS! GIVE US LIPS!

The original

http://www.dealbreaker.com/images/pdf/HaymanJuly07.pdf

I am surprised no one picked up on this......

For the Pigmen, how could they kill the markets while at the same time keep the US public from panicking....

answer:
destroy Europe on a US holiday, cream the S&P futures but before the open on Tuesday come in with a FED announement and assblast this market from the open.

Results:

If you are the investing public and you happened to miss the first 1/2 hour of trading there was no need to panic or be concerned. The market ended down a fraction of what it should have and at the same time the public has no reason to worry.

AMAZING

its all about confidence and perception

hey, I heard Crapple had good earnings!

everybody loves the iPod

and the iPhone is so very very cool

just so damn cool

lemme pull up a stock quote here and see how much that CONpany stock is soaring after hours, probably up Big-Time, it's such a popular Winner, gotta be rockin', it's so cool.......lemme see.....here it is....



what an absolute POS!

Interesting chart. It shows how far price moved in relation to its 9 week average. It's at level not seen since 2001-2002, form which SnP500 bounced.

[attachmentid=94942]

shorty last night you were saying that you had got reamed by your longs I am hoping you recovered some.

yup, held 'em all

bought TASR at the close, it could rocket to 20 when they get huge order

maybe 30