Screwball

Bloomberg is reporting shareholders will get $54.20 and will go private. No reports on who will replace them, so we have the S&P 499?

Jim Cramer cried on TV today so I hear. How pathetic is that. This is where we are in this shit show. Looks like some FAANGS got some teeth pulled.

Funny. We all walk around with more computing power in our pocket than NASA had in 1969 when our machines landed on the moon. We didn't have computers, mice, CNC machines, robots, and the internet (as we know it today). But we had drawing boards, pencils, rulers, and slide rules. That's pretty wild when you think about it. Technology is a wonderful thing.

Some of the FANGS don't look so FANGy.

If Musk takes TWTR to zero, good. I hope FB says, hold my beer. But I digress... If that dream would happen, and it won't, there would be another taking their place in the not too distant future. So it don't (sic) matter. I give him credit (or someone working for him) for the sink thing, and then enough gonads to do it. I respect that; but I'm just a fucking screwball myself. 🙂 I would go to work for Musk, but not a Bezos. I don't think he would bust your ass if you did your job, and besides, he's too busy trying to be Crocodile Dundee.

This could go in the investment thread, but I don't want to do that. I don't care if you love or hate the guy, he is, without a doubt, a real hoot.

FTA: Natural gas on the open market is up %5.5 today. Related; IEA: The Current Energy Crisis Is Unprecedented There Is Only 25 Days of Diesel Supply, the Lowest Since 2008 - Mish & Bloomberg Cost of living protests and strikes across Europe might spell political trouble Yea, it's all good. Fucking idiots.

I'm guessing Paul and Nancy are not quite as giddy as you are, nor all the people who have Vanguard accounts, but hey, it's great losing money as long as it's people you hate and it makes you feel good. Pelosi Exercises Tesla Stock Options To Buy $2 Million In Shares - from March TSLA Institutional Holdings - from the NASDAQ Or maybe you forgot to disclose you were short, but I doubt that is the case. Up over 7% today.

Off topic, but wild stuff in NASCAR today. Those dirt guys.

Another visual.

I watched this from before the 8:30 print. The e-minis (S&P futures) were up then. Took the huge shit when the print hit. Then of course the S&P was going to open gap down at 9:30, which it did, and not long after it was off to the races. Wild. I have no clue what to think.

I was wondering about exactly this today. Happen to cross my Twitter. I remember 4 of those. One in 2008, a buddy of mine sold over a million bucks worth of stock in the morning - a total capitulation - only to watch it go nuts just after he sold. We met and had beers later that day. He didn't look well.

Around 171 S&P points in 2 hours 15 minutes. This is not a normal market. I'm guessing some pain was felt by some.

Overlooked data point today; US Jobless Claims Reach Six-Week High in Wake of Hurricane Ian

Still down, but the market is recovering nicely so far. *** Good thing we didn't make that SPY trade - talk about getting smoked

I don't remember the exact numbers, but we (those on SS) got an X% raise (like this one) last year but our supplemental insurance went up enough to eat all our gains and then some. Thanks assholes.

Consumer Price Index Summary Ouch! Your move Jay.

Thinking later about this. A few pages ago Del brought up the "Flash Boys" book, which is about HFT (high frequency trading). The price of servers close to the exchange. Millions spent running fiber optic across oceans. All to save milliseconds. The couple "impulse" trades I just documented happen each and every day by retail traders, or those who run their own money. Just not quite as fast. But that is how trading works - millions of times a day - for billions and billions of dollars. While we can trade billions of dollars of stocks in milliseconds, it takes 3 days to settle those trades (tracked by CUSIP #). How fucked up is that? It gets better. When our trade clears, and we get our confirmation, the $357.04 buy price is $357.04XX. Apparently scalping XX part of a penny millions and millions of times a day makes Wall Street money. Of course it does. And somehow legal.

That's only half of the trade.

I had a chance to look this over. Chart porn incoming. I'll start with this one from before. I have now done the math. If you were looking to get into this trade on Tuesday, what price will you get? The first issue is we are looking at the S&P 500 and not the SPY ETF as the means to make the trade. We can't buy the S&P. I'm looking to trade off the 3588.11 level, to the lower end of the gap at 3739.22. Around a 4% yield if you get the breaks. That in and of itself isn't very tempting. We are looking at the S&P to give us buy/sell points, which would look like this if we bought out of the gate on Tuesday; The problem is - we are not, and can't, buy the S&P, so we have to use an ETF. In this case, SPY. A derivative of the index. Below is a chart with the same buy/sell point except it is a chart of the ETF. I based the values on a buy in point on Tuesday, and the low of the day the gap would close on 10/6. Buy at $357.04 with a gap close of $371 ish. So you might make $400 bucks on a 10 grand trade. The SPY chart; Hard to see anything here, which is why I prefer to use the index for timing instead of the ETF. We knew enough on Monday to not make this trade. Some of the best trades ever, are the ones you don't make.

I was busy with school all day so I haven't looked at the charts yet. I expected a bounce here. Mostly because some Fed people (not only here) were getting dovish the other day. Then there is that $3588.11 level thing. Intraday on Monday it hit that level right to the penny, and the rest of the day went up. A bullish sign. I haven't done the math, but a gap fill looks like it might be worth it. I don't know what you could have paid for the SPY ETF (I would use SPY because it is the most liquid) that morning, but I think there was still room to get in the trade.

This interests me because I'm an oil guy. Disclosure; I'm long oil. I don't know what all this jawboning is going to do, but there seems to be some "issues" to jawbone about. What do we think is going to happen here? I don't want to get into a political pissing match, only what might happen as far as the results of this current spat with the kingdom. Simple answers please.

I'm having a hard time finding any good news out of anything. So I watch the charts - human behavior you might say. First, if we were still in our oil trade it might be time to dump that and take the grand or so we made - or maybe not. Let's take a peek at some chart porn. 9 month 1 day chart of the S&P. Notice the 3588.11. The other day the market reversed in the middle of the day and the pundits blamed it on some Fed dick jawboning. I don't think so. It bounced off that 3588.11 to the penny (shown on a daily chart). This level goes back to the last week of August of 2020. Things are getting dicey. Next stop 3393.52 if shit doesn't change. Will the money printers of the world capitulate? Don't know. But there might be a trade here.

It's not interesting, it's fucking illegal. But nothing is illegal for these pukes. The people at the Fed were doing the same thing. We get lip service they are going to fix this but that's all it ever is - lip service. They are corrupt to the core and laws only apply to us serfs. Fuck all these pieces of shit.