What else can you say but,

SCHWANNNNNNGGGGGGGG!

Subprime is contained. It will not "spill over" into the economy.

In response to increasing unemployment, mainly due to the national subprime mortgage crisis and housing slump, the California Employment Development Department (EDD) will be extending hours of operation at several offices to assist unemployed workers. Offices owned or operated by the EDD are determining those hours of operation, and Californians are encouraged to call the list of phone numbers below and to continue checking the EDD Web site for the most up to date information. In person services are available for workers who need assistance looking for employment or access to computers for filing unemployment claims.

http://www.edd.ca.gov/onestopextendedhrs.htm

so did that schwang bury a chance for the next week huge rate cut?
so we will be dropping after the FED disappoints?

Very well contained to a sphere of radius 5 light years surrounding the Earth. And we support a strong dollar, so that when you wipe, it does not tear.

When my wife was coming out of Home Depot today with her paint a painter stopped her and asked her for work. He said he has absolutely no work.

Really sad. And like I said, her business is drying up also. Her clients are terrified. These people live off a lifetime of accumulated savings. Stocks, bonds (mostly munis), and savings. They are being savaged on all fronts.

CNBSers going crazy over Monoline bailout. Whose is going to pay for it?

ABK had a great day, up 68% What a little bailout rumor will get you.
It looks like the downside gap was filled.

Enjoyed my trades today.....

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I have received an invitation to hear Richard Fisher president of Dallas FED speak at a private luncheon next month.You can bet your A$$,that I am going to ask him what old folks who have saved all their lives are supposed to do as the FED destroys their savings.

Soros talking to Marie in Davos, government needs to bail out big banks now.

She is really a big operator [in her own mind], calls them by their first name.
Talking to George Soros and Larry Summers.

Who gives a damn phack, if they gonna save AMBAC or not? This phacking phack stock went phacking down! Since it lost its phacking uptrendchannel you could have gone short, or you short the test from below to regain the channel, or you short it once it went below 50. When you short a stock at 80 and you are convinced that it is an completely overpriced peice of shit and you see that the stock collpases where is your target? Yes, single digit. Once it reaches that levels you cover your shorts, clap yourselve on your shoulder and say "Im a good stoolie". Then you loose complete interest in that stock, cause YOU have shown him that you are the best phacker in town, because YOU shorted it all the way down. YOU are the hero, not those how caught the falling knife all the way down, burned their fingers and now claim vicotry cause they baught it at 7 and closed at 10, but overall lost almost everything.

AMBAC weekly chart

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Funny thing is, most realistic bail out plans include wiping out the common. I love how stocks that are headed to zero if either of two likely scenario happen can still trade up.

Soros should give her the middle finga and call her hungarian names.

It's like a modern day Logan's Run.

I'll bet he'll give you some bogus academic answer that doesn't amount to squat.

But I'd be interested in hearing your report.

Here's the bottom-line, people:

Less savings + bigger government intervention = expropriated real wealth back to the federal government.

You want to stop it, but you can't.....

And speaking of Dallas and Logan's Run in proximity, the Fort Worth water gardens are where the exterior scenes were filmed.

They're doing a remake.

"A young man at odds with his society's mandatory death sentence for all those turning 21 plots a daring escape on the eve of his fateful birthday."

Wasn't it 30 in the original? Times change.

Can I get an Amen...

Wow. I was out when this hit the wires. Wow. The news itself may or may not have any real impact, but it definitely was the trigger for the coiled up Dover Sole technicals and extreme sentiment measures we'd been seeing. Bear market rally #1 began today.

Those bear market rallies from 2000 - 2003 were f*-in vicious.

Congrats to Shorty and Sudsy, who predicted this Schwang-- Suds after Cramer turned bearish and Shorty after the Fed cut rates by .75!

We've got some really smart cats on this forum!

Yup, only people under 21 one using their parent's allowance will pay $100 for a date at the movies.

NO! Don't go in there! You don't have to die! No one has to die at 30! You could live! LIVE! Live, and grow old! I've seen it! She's seen it!

On a side note, never having read TS Eliot much, I thought the idea "...that each cat's got three different names" speech was rather deep and original to the movie when I first saw it. Only much later did I find out it was TS Eliot.

Geez, today's 28-bill auction came in at 1.75%.

Today was my most profitable one day trading.
I rode that afternoon YM a$$blast from 11,700 to 12,080 and again from 12,130 to 12260...
I added to my C March 25 calls at 1.04 shortly after Tuesday's open. Sold that batch at 2.50 towards the close and still holding my original batch at 1.80s.
Simply an amaz'n 2 days...

I got $8K of that crap.
at least it beats my 0% checking account.

Im reminded of accompanying my father years ago,during the latter years of the depression, on a subway trip to nowhere....While standing on the platform waiting for the Seabeach express(?)He would approach a complete stranger and ask,"Pardon me Mister, Vood you happen to have an extra cigarette?

And this from a man wwho when he did happen to have the extra cash for purchasing his own, smoked that famous brand called Bugler...you know the one, with the side pocket for papers that you rolled yourself.. I never stoppped admiring his ability to roll them one-handed...

The other memory was his never buying a newspaper, but always getting a discard..Along with two paint stores that went bankrupt,and inadvetently using a member of murder incorporated to collect a fifteen desparately needed dollars owed to him, and heroically working as an amateurish steeplejack endangering his life for a sixpence, I can sympathasize with the jackleg appealing to the Mrs for a days worth of employment...

I have no ideas what straitened, unmoneyed people will do for a dime in the near future but I do know that a wild series of adventures and misadventures await them...

Now that so many years have passed, whenever I tune in to Turner Movie classics, the only films that seem to get my attention, are those that were made in the thirties, that portray how Happy,comfortable, even plutocratic families, lived in their parallel universe next to mine so long ago.....

beardrech Although ,as if ethically obligated, i do revisit Henry Fonda in Grapes of Wrath.... I wonder if these ancient films wil someday be found in a cave lookin as if they were made out of aprchment.

Jus got off the phone with a bank of america credit card rep.

I asked for a lower interest rate because this card got jacked from 10% to 15%.

My request was denied. First time that I have asked and not had an interest rate immediately lowered.

I lost some nice coin in SRS today. Didn't have a stop on, since I am always a victim of pigman stop runs. Big mistake! My profit has been cut in half.

I feel your pain....and have felt the same on many an occasion..

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Expectations for the bounce? Is it customary to bounce to the 20DMA? Time? One to two weeks? Thanks in Advance...

What a killer. Down 40% from Tuesdays open. It's one volatile mother that's for sure. They've run every stop imaginable now I think.

Covered my short ZB position for now. Too early actually - I am not good at timing intraday moves and rarely trade on short scale but still captured half of the swing from the last night.

Funny you mention this. Commenters on a housing bubble blog were saying that BOA was raising rates on credit cards as well. One commenter said that the rep they spoke to mentioned BOA was raising credit card rates across the board.

apart from some very savvy stoolies,I doubt anyone is making any money in these volitile times.

In OZ, the markets are virtually impossible to trade.Even if your online broker does stay on air.

The average smuck would have panic sold near the lows after 13 days of unbearable water torture.

Some would have tried to trade the bottom only to see the markets sell off huge after every failed rally.

Then most would have been broke or too scared to ride this rally.

I suspect most people are pulling their hair out.

The 'sit and hold thru anything brigade' will probably be breathing a tad easier today but for how long is anyones guess.

They are being set up beautifully to sit and hold for the real bear market that should commence soon.

The psychology of bear markets is fascinating.

It seems that they are trying to get the banks to bail out the bond insurers. 5 billion immediately and 15 ultimately. Too funny.

This might have been the shortest bear market ever.

Aug '07 - Jan '08.

Still, some stocks not yet cheap.

Crapple says .94 next quarter.

4 X .94 = 3.76

reasonable P/E 15

that figgers out ta 56 bucks a share

I for one plan on shorting the 1350 area and up. I have no idea how high we go but, I believe we are in a bear market so...

How so? I'm all ears....

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Check out the bear market action from 2000-2001. If Yesterday was the bottom, we might have a few weeks to the upside.
I'm thinking we move back above the 50 week moving average which is above 13K.

I am going to put forth the notion that in some sectors, and most certainly many individual issues, which I've been sorting from percent losers over the last month or so, may have reached a 5-year cycle bottom and are a MAJOR opportunity sililar to the '02-'03 lows.

There has been much yak about 4-year cycles, but history has shown that this cycle can alternate, either randomly or orderly, between actual durations of 3 years and/or 5 years.

I have no interest in the indices or the previous leading stick-arm supermodels as none of them are displaying what I would call good technicals for the long term, but some of these thoroughly beaten up and left for dead issues may well surprise in a very major way.

I have been selectivley collecting some and am quite happy indeed.

symbol list please?

$10 gold pop so far in night session

I think $25 and $50 pops will become commonplace soon

with a few $75 pops sprinkled in

THE NEXT BUBBLE IS GOLD 2,000

The long term indicators and trend structures suggest that it will be among the longest, if not the longest. But it will be volatile with plenty of huge rallies. A trader's paradise.

For everybody else, not so good.

Left a crap load of cash on the table when i sold the GS Feb 190 Puts last week.
Getting close to another short opportunity....or is this move going to break that downtrend. Time to smash the shorts?

The 2000-2003 bear had seven 20% rally's.

Seconded....in return I'll share my pool on hot days....

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The indicators timed for those cycle lengths and longer suggest precisely the opposite. But since most of us aren't buy and hold types anyway, it doesn't much matter.

Shorty, U think we R N a new bull market now, and that the Bear has ended for now? What indicators are U using? I know that PEI said a low in early 2008 (March I think but it is not that precise at predicting) and then a high in early 2009 and then hard down into 2011. Is that what U R looking at?

Congrats on your great call yesterday, advising folks to cover shorts for the FOMC rate cut rally today!

For goldmember,

The GD house on Ashbury.

http://i97.photobucket.com/albums/l239/the...er2008CA061.jpg