tag:blogger.com,1999:blog-1258979445050968882.post7112552684748834348..comments2023-11-26T06:55:42.401-05:00Comments on [ The Financial Ninja ]: You Don't Put in THE Bottom With a Spike in LiborBen Bittrolffhttp://www.blogger.com/profile/12465978905157927856noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1258979445050968882.post-18679925588263825362009-03-12T09:47:00.000-04:002009-03-12T09:47:00.000-04:00none is right - how can this be legal?none is right - how can this be legal?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-70712294259321733012009-03-11T11:56:00.000-04:002009-03-11T11:56:00.000-04:00...maybe...but always remember just about the time......maybe...but always remember just about the time you're absolutely sure an indicator is going to make you rich...well, that's also about the time it puts you in the poorhouse.raytayzmdhttps://www.blogger.com/profile/12367072144208770261noreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-72118766988648756322009-03-11T01:04:00.000-04:002009-03-11T01:04:00.000-04:00Ben,Great blog!Does this mean that there will be a...Ben,<BR/><BR/>Great blog!<BR/><BR/>Does this mean that there will be another rush into gold by the Europeans and that it will spike to $1000/oz again?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-44809212981106379742009-03-10T23:19:00.000-04:002009-03-10T23:19:00.000-04:00Ben,Thanks as well as to all those who commented. ...Ben,<BR/><BR/>Thanks as well as to all those who commented. I'm short as well and all this helps a lot. We may have to hold our noses a bit but it shouldn't last too long. For the mutual fund public this has got to be an opportunity to sell,so beyond short covering and hedge funds in on the game I don't see much pushing the market hgher.<BR/><BR/>SSAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-8863129386251333652009-03-10T22:00:00.000-04:002009-03-10T22:00:00.000-04:00Citi could have counted the reduced market value o...Citi could have counted the reduced market value of its debt as part of "other income" - this is what Barclays did just a few weeks ago<BR/>http://blogs.ft.com/maverecon/2009/02/accounting-according-to-barclays-declining-creditworthiness-as-a-source-of-profits/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-18426761187078028952009-03-10T20:07:00.000-04:002009-03-10T20:07:00.000-04:00From Bill Murphy's site tonight:This Citgroup "rel...From Bill Murphy's site tonight:<BR/><BR/>This Citgroup "release" is the biggest farce since Bear and Lehman said they didn't need any new capital. It is also illegal to "pre announce" earnings in this manner and has set up Citigroup to be pummeled with lawsuits if the tide turns for them in March. Did you notice that the news said the earnings excluded one-time charges?<BR/><BR/>"Pandit declined to say how large credit losses and other one-time items have been that would at least partially offset profit."<BR/><BR/>The latest housing decline has pummeled the value of Mortgage Backed Securities...are they not counting these? How many Credit Default Swaps did they have riding on GM? GM has already stated that they will run out of cash in March and it has already been agreed that a bankruptcy would be the likely outcome. For years GM has been the poster child for CDS bets with estimates running in the multi $TRILLIONS of bets placed on GM. Counterparty failures are already stressing the derivatives market but a GM failure will surely set off the Weapon Of Mass Financial Destruction blowing the big banks out of the water.<BR/><BR/>So why did Citigroup do it?<BR/><BR/>That's easy....next week starts the Stock Black-out Period for most of the financial institutions before their 1st quarter earnings release. During the black-out period company employees are not allowed to trade (or dump) their own stock until after their earnings release. With the banking sector about to implode any day this will be the insiders last gasp at cashing out.<BR/><BR/>Yes. This is a complete fraud but the SEC is in on the game.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-83345440677348541202009-03-10T18:39:00.000-04:002009-03-10T18:39:00.000-04:00Well others also note some stress in the system:ht...Well others also note some stress in the system:<BR/><BR/>http://www.bloomberg.com/apps/news?pid=20601109&sid=aumXaf7Eh7Ec&refer=news<BR/><BR/>If bondholders get a haircut, the shareholders usually get a body shave.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1258979445050968882.post-51245901222965318312009-03-10T18:33:00.000-04:002009-03-10T18:33:00.000-04:00While LIBOR may be spiking, the market can be irra...While LIBOR may be spiking, the market can be irrational longer than a trader can be solvent. 18B shares traded today with $NYUPV:$NYDNV going absolutely berserk. There has to be a retrace, but who knows if the clowns will take this to the 740 to 760 area like they did last Oct and Nov after bottoming. If you noticed the new lows were set on very divergent distribution. <BR/><BR/>In short, I'm short and extremely cautious about a further rebound. Hopefully we do a DAX and retrace all the gains tomorrow.ARAKhttps://www.blogger.com/profile/12126260445601610687noreply@blogger.com